Source: LIVEMINT
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Market trends remained subdued on 21 May, as attempts to push higher ultimately yielded to a mildly positive close. This continued struggle at elevated levels clearly signals persistent uncertainty, setting a challenging tone for the days ahead.
Here are two stocks to buy or sell as recommended by Raja Venkatraman of NeoTrader for Thursday, 22 May.
Also read: DLF’s Q1 launches to set the tone for FY26 pre-sales trajectory
The Nifty 50, after opening at 24,744, quickly staged a sharp rally early in the 21 May session, reaching a day's high of 24,946. However, momentum swiftly reversed in the second half, dragging the index to an intraday low of 24,685.
The market was caught in a tug-of-war between bulls and bears, resulting in a volatile and ultimately directionless close. On the sectoral front, realty, pharma, auto, healthcare, and financial services showed strength. Conversely, consumer durables, private banks, and media stocks were pressured to the downside, weighing on overall sentiment.
With global markets currently lacking clear direction, we should anticipate a few more lacklustre sessions. The broader market indices appear uncertain about their next move, leading to this prevailing lack of clarity.
Market enthusiasm has noticeably evaporated, and we continue to await significant triggers to propel the market higher. Given the clear sector rotation evident today, it's prudent to temper expectations, as the overall trend remains uncertain about a sustained upward move.
As we've repeatedly mentioned, the market continues to be characterised by intent but a lack of catalysts. While charts indicate a strong inclination to move higher, there's still resistance from both Nifty and Bank Nifty as far as Option data is concerned.
Also read: IDFC’s growth hits a speed bump. Is the stock’s bounce-back at risk?
The Put/Call Ratio (PCR) for Nifty is at 0.64, and for Bank Nifty, it stands at 0.76, both continuing to show hesitation from the options segment. However, the inability of bearish forces to breach support levels can also be interpreted as a positive sign. While the market awaits clear triggers, we should continue to focus on stock-specific action.
Source: TradingViewCANFINHOME (Cmp 751.05)
Also read: Zomato vs Swiggy: The food fight has cooled. The quick commerce war is heating up
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
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