Indian markets recovered losses of the previous trading session on May 16, but Nifty failed to reclaim 11,300 for the third consecutive day in a row.
The final tally on D-Street – the S&P BSE Sensex rallied 278 points to 37,393 while the Nifty50 rallied 100 points to close at 11,257.
Among sectors, the S&P BSE Oil & Gas rose 1.5 percent, followed by the S&P BSE realty that gained 1.3 percent, and the S&P BSE Power that was up 1.3 percent.
Also Read- Technical View: Nifty forms bullish candle; short Nifty if it goes below 11,100
We have collated a list of six stocks that remained in focus May 16 trading session:
Amit Gupta, Co-Founder, and CEO, Trading Bells.
Sun Pharma: Stock is in a major downtrend, can see a pullback
Sun Pharma recovered after falling over 7 percent in intraday trade on May 16. The stock is in a major downtrend but the past few days’ price action is indicating that it is making a strong bottom around Rs 390. We can expect a pullback rally towards 50-DMA of Rs 460 but a closing below Rs 390 would change the structure to bearish.
Lupin: Level of Rs 730 is acting as a strong base
Lupin recovered after falling about 6 percent in trade on May 16. The stock has been under pressure since it posted its Q4 results. It looks like Rs 730 level is acting as a strong base for Lupin and there is a very high probability that it can move higher from here.
On the upside, Rs 840-880 is still a strong supply zone; above which it may start a strong bull run.
Bajaj Finance: Stock in a strong uptrend remain invested
Bajaj Finance rallied after Q4 results to reclaim Rs 3,100. It closed with gains of nearly 4 percent and was among the top Nifty gainer.
Bajaj Finance is in a strong uptrend where it is consolidating after a strong bull run. Going forward, a move above the all-time high of Rs 3,160 can lead another 500 points rally while a break below Rs 2,800 could lead to profit taking.
Tata Chemicals: May face resistance around Rs 620-650
Tata Chemicals closed 8 percent higher on merger announcement. The stock has created a strong base at Rs 555. On the upside, it has a strong supply zone at Rs 620-650 band. A close above these levels could take the stock towards the Rs 700-725.
Tata Global Beverage: Stock could hit a target of Rs 280 in the coming week
Tata Global Beverages rallied about 10 percent on the merger announcement. Tata Global is bottoming with a bullish inverse head and shoulder pattern where we can expect a target of Rs 280 in the coming week.
On the upside, Rs 235 would act as an immediate hurdle for the stock while Rs 210 would act as immediate and strong support for the stock.
YES Bank: Stock looking weak on charts; support at Rs 130-120
Yes Bank fell over 4 percent on May 16. The private sector bank is looking very weak after it witnessed a closing below strong support of Rs 145.
On the downside, Rs 130-120 zone would be the next target for this counter while only a close above Rs 145 can lead to any positive momentum.
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