Stock Market Outlook for May 21: Nifty 50 Setup & 8 Key Stocks to Watch
The correction wave will likely persist while the Nifty-50 index remains below 24850 and may revisit the 24550-24500 level. According to experts, if Nifty rises above 24850 the market sentiment may change which could push the index towards the 25000-25100 range.
Stock Market Outlook for May 21: Nifty 50 Setup & 8 Key Stocks to Watch
Stock market Today: The benchmark Nifty50 index dropped by 1.05% on Tuesday after a few days of consolidation amid mixed signals from global markets. Bank Nifty closed at 54,877.35 with a decline slightly below 1% while most sectors including pharma, auto and FMCG finished in negative territory.
Trade Setup for Wednesday
The correction wave will likely persist with the market testing the 24550-24500 zone unless the Nifty-50 index rises above 24850. According to Shrikant Chouhan from Kotak Securities when Nifty surpasses 24850 the market sentiment may switch and the index could reach between 25000-25100.
Global Markets and Q4 Results
Investors chose to secure profits and exercise caution because no significant positive factors emerged while U.S. fiscal stability remained uncertain. Market participants showed broad selling behavior while waiting for increased transparency regarding the India-U.S. trade deal.
Stocks to buy today
Executive Director Sumeet Bagadia from Choice Broking provided two stock recommendations for today. Ganesh Dongre from Anand Rathi recommended three stocks while Prabhudas Lilladher's Shiju Koothupalakkal selected two stocks for investment.
Sumeet Bagadia's stock picks
1. Chennai Petroleum Corporation Ltd : According to Sumeet Bagadia's analysis Chennai Petroleum Corporation Ltd should be purchased at ₹675 with a stop loss set at ₹651 to achieve a target price of ₹723.
2. Jubilant Pharmova Ltd- Bagadia suggests buying Jubilant Pharmova or JUBLPHARMA at ₹989.30 with a stoploss at ₹954 aiming for a target price of ₹1060 since JUBLPHARMA is trading at ₹989.30 after rebounding from a significant support level.
Ganesh Dongre's stocks to buy today
3. Dongre advises day trading guide for today of Gail (India) Ltd at ₹192 while setting a stop loss at ₹185 to reach a target price of ₹202.
4. National Aluminium: According to Ganesh Dongre's analysis, investors should purchase National Aluminium Company shares at ₹179 with a Stoploss at ₹174 aiming for a target price of ₹190.
