Buy or sell stocks: Benchmark indices BSE Sensex and Nifty 50 extended their losing streak for a fourth straight session on Tuesday, May 12, weighed down by mixed global market signals.
The 30-share tumbled 1,566 points, or 2%, to hit an intraday low of 74,449, while the Nifty 50 also slipped 2% to touch the day’s low of 23,348. By the close, the Sensex had settled 1,456 points, or 1.92%, lower at 74,559.24, while the Nifty 50 ended down 436 points, or 1.83%, at 23,379.55.
Stock market today
Nifty 50
On Friday, the Nifty 50 opened with a gap-down at 23,722.60, indicating continued weakness in market sentiment. The index registered its intraday high of 23,757.55 within the first few minutes of trade, following which sustained selling pressure dragged it steadily lower towards an intraday low of 23,348.40. The index eventually settled near the day’s low at 23,379.55, registering a sharp decline of 436.30 points or 1.83% over the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, on the daily timeframe, the formation of a strong bearish candlestick pattern reflects sustained selling pressure throughout the session and continued weakness in the broader market structure.
“From a technical perspective, immediate support is placed in the 23,150–23,200 range, while resistance is observed between 23,550 and 23,600 levels. The Relative Strength Index (RSI) stands at 39.86, slipping below the 40 mark and indicating weakening momentum with a bearish undertone. In the derivatives segment, notable call writing was seen at the 23,500 strike, followed by 23,600, while significant put writing was observed at 23,400 and 23,300 levels, indicating lower support zones with a broader bearish bias,” Bagadia said.
Bank Nifty
The index opened with a gap-down at 54,178.40 and witnessed weakness right from the opening bell. The index touched its intraday high of 54,365.45 in the initial phase of the session but failed to sustain at higher levels. Continuous selling pressure throughout the day dragged the index sharply lower towards an intraday low of 53,457.50. The index eventually closed near the day’s low at 53,555.20, declining by 884.70 points or 1.63% for the day.
Bagadia noted that on the daily timeframe, the formation of a bearish candlestick pattern indicates strong dominance of sellers and continued weakness in the banking space.
“From a technical standpoint, immediate support is placed in the 53,000–53,100 range, while resistance is seen in the 53,900–54,000 zone. The Relative Strength Index (RSI) stands at 39.45, indicating weakening momentum and a negative bias. Sustaining above key support levels will be important to avoid further downside pressure,” he added.
Bagadia further advised to remain cautious and closely monitor key support zones, as sustained weakness below these levels could trigger further downside pressure in the near term, as recent price action suggests another highly weak and volatile trading session, with both benchmark indices extending losses throughout the day after gap-down openings.
Sumeet Bagadia’s stocks to buy
Amid ongoing tensions in the US-Iran war uncertainty, Sumeet Bagadia recommends five to buy on Wednesday, 13 May: R R Kabel, V2 Retail, Bajaj Consumer Care, Onesource Specialty Pharma, and Bliss GVS Pharma.
1] R R Kabel: Buy at ₹1938, Target ₹2070, Stop Loss ₹1850
R R Kabel share price has entered a strong momentum phase after delivering a decisive breakout above its previous consolidation range and has surged into uncharted territory after registering a fresh all-time high, signalling exceptional bullish strength on the daily chart, currently hovering near 1938. The stock has witnessed aggressive bullish candles accompanied by a sharp rise in trading volumes, signalling strong institutional participation and sustained buying momentum.
From a technical perspective, RRKABEL is trading firmly above all its key exponential moving averages, including the key EMA, which highlights a well-established bullish trend. The recent rally has also pushed RSI into a strong zone, reflecting robust price strength and positive sentiment across the counter.
The 1850 level is expected to provide immediate downside support and should be considered as a crucial stop-loss zone. If the stock continues to sustain above support levels, it may extend its upward trajectory towards the 2070 target in the coming sessions.
2] V2 Retail: Buy at ₹220, Target ₹235, Stop Loss ₹210
V2 Retail share price is gradually gaining bullish traction after witnessing a steady recovery from its recent consolidation phase above 210 levels, currently trading near the 220 mark. The stock has started forming higher highs and higher lows on the daily chart, indicating improving price structure and strengthening momentum. Recent buying activity near support zones reflects growing investor confidence at current levels.
On the technical front, V2RETAIL has reclaimed its key short-term and medium-term moving averages, with the price now trading above the key EMA. This alignment suggests a positive shift in overall trend direction. Additionally, RSI is moving upward with healthy strength, supporting the possibility of continued upside momentum.
The 210 level is expected to act as a crucial support and stop-loss zone for the trade. If the stock manages to sustain above support zone, it may witness fresh momentum buying that could push the price towards the 235 target in the near term.
3] Bajaj Consumer Care: Buy at ₹547, Target ₹600, Stop Loss ₹520
Bajaj Consumer Care share price has entered a strong price discovery phase and is hovering near its record high zone around 547, highlighting sustained bullish momentum. The stock has shown an impressive vertical rise in recent sessions, backed by strong candles and steady buying interest, which indicates confidence among market participants.
From the chart structure, BAJAJCON is trading well above all major moving averages, with the 20-day EMA sharply rising above the 50-day EMA, while the 100-day and 200-day EMA continue to trend upward. This positive alignment reflects a powerful medium-term uptrend and healthy price strength.
The 520 zone now becomes an important near-term support level and a key stop-loss point. Any healthy pullback towards this area may offer fresh entry opportunities. If BAJAJCON manages to sustain above the support zone and gives a fresh breakout, the next upside move could extend towards 600. Continued volume support may further strengthen the bullish outlook.
4] Onesource Specialty Pharma: Buy at ₹1830, Target ₹1950, Stop Loss ₹1740
Onesource Specialty Pharma share price is showing a strong recovery pattern and is currently trading around 1830 after a sharp rebound from lower levels. The stock has regained momentum with a steady rise in recent sessions, indicating renewed buying interest and improving market sentiment. The recent move suggests the corrective phase may be over and a fresh upward leg could be developing.
From a technical perspective, ONESOURCE has reclaimed its major moving averages and is now trading above the key EMA levels. This positive crossover structure signals strengthening trend momentum and improving price stability.
The 1740 zone acts as immediate support and remains an important stop-loss level. Holding above this area may keep the bullish structure intact.
If ONESOURCE sustains above support and clears nearby resistance levels, it could witness further upside towards 1950 in the coming sessions. Rising volumes may add confidence to the breakout move.
5] Bliss GVS Pharma: Buy at ₹274, Target ₹300, Stop Loss ₹264
Bliss GVS Pharma share price is displaying impressive relative strength and is currently consolidating near its lifetime high zone around 274, indicating sustained bullish momentum. After a strong rally from lower levels, the stock is now witnessing healthy sideways movement near the top, which often signals accumulation before the next directional move.
Technically, BLISSGVS continues to trade firmly above its key moving averages, with the key EMA all trending upward. This positive alignment reflects a well-established uptrend and confirms that the broader structure remains strong.
The 264 zone acts as immediate support and a crucial stop-loss level. As long as the stock holds above this area, the bullish bias is likely to remain intact.
If BLISSGVS sustains above the support zone and attracts fresh buying interest, it could open the gates for an upside move towards 300 in the near term. Strong volume participation may further support the rally.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.