Buy or sell stocks: India’s benchmark equity indices, the Sensex and Nifty 50, closed marginally lower on Thursday, May 21, amid profit booking in heavyweight stocks such as Reliance Industries, Bharti Airtel, and Infosys.
The declined 135 points, or 0.18%, to finish at 75,183.36, while the Nifty 50 slipped 4 points, or 0.02%, to close at 23,654.70.
Stock market today
Nifty 50
On 21st May 2026, the Nifty 50 opened with a strong gap-up at 23,830.05, reflecting positive sentiment at the start of the session. The index registered its intraday high of 23,859.90 within the first few minutes of trade. However, selling pressure emerged from higher levels thereafter, dragging the index steadily lower throughout the session. The weakness persisted through the day as the index slipped to an intraday low of 23,596.60 before eventually settling at 23,654.70, registering a marginal decline of 4.30 points or 0.02% over the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, on the daily timeframe, the formation of a bearish candlestick pattern along with rejection near the 20-DEMA indicates selling pressure emerging at higher levels and cautious undertones in the broader trend.
“From a technical perspective, immediate support is placed in the 23,350–23,400 range, while resistance is observed between 23,900 and 23,950 levels. The Relative Strength Index (RSI) stands at 45.55, indicating neutral-to-weak momentum in the near term. The volatility index, India VIX, declined by 3.35% to close at 17.82, suggesting easing volatility and slightly improving market stability. In the derivatives segment, notable call writing was seen at the 23,700 strike, followed by 23,800, while significant put writing was observed at 23,600 and 23,500 levels, indicating immediate support near lower levels while resistance remains firm at higher strikes,” Bagadia said.
Bank Nifty
The Bank index opened with a sharp gap-up at 53,963.10, indicating positive sentiment in the banking space at the opening bell. The index registered its intraday high of 54,109.15 within the initial few minutes of trade. However, profit booking emerged from higher levels thereafter, resulting in sustained selling pressure through the session. The weakness dragged the index to an intraday low of 53,156.15 before it eventually settled at 53,439.40, declining by 122.80 points or 0.23% for the day.
Bagadia noted that on the daily timeframe, the formation of a bearish candlestick pattern reflects weakness after failing to sustain at elevated levels and indicates cautious sentiment prevailing in the banking space.
“From a technical standpoint, immediate support is placed in the 52,800–52,900 range, while resistance is seen in the 54,250–54,350 zone. The Relative Strength Index (RSI) stands at 40.53, indicating weak momentum in the index though support-based buying interest may continue near lower levels. Sustaining above key support zones will remain important to avoid further downside pressure,” he said.
Bagadia further recommended traders to closely monitor immediate resistance and support zones, as sustained movement beyond these levels will be crucial in determining the next directional trend in the market, as recent price action suggests a volatile trading session with both benchmark indices opening sharply higher but failing to sustain gains due to persistent profit booking from elevated levels.
Sumeet Bagadia’s stocks to buy
Amid ongoing tensions in the US-Iran war uncertainty, Sumeet Bagadia recommends five to buy on Friday, 22 May: Dr. Agarwal’s Health Care, Knowledge Marine & Engineering Works, Jammu and Kashmir Bank, Lincoln Pharmaceuticals, and Aarti Industries.
1] Dr. Agarwal’s Health Care: Buy at ₹481, Target ₹520, Stop Loss ₹460
Dr. Agarwal’s Health Care share price is witnessing a strong breakout after a prolonged consolidation phase between the 435–465 zone, signalling renewed bullish momentum. The stock closed around 481, decisively moving above the consolidation range with strong price action and improving sentiment. Technically, the stock is now trading above all its key moving averages, including the 20, 50, 100 and 200-day EMA, which reflects a strong trend continuation setup.
The chart structure also indicates a higher high–higher low formation, confirming sustained buying interest at every decline. Volume participation has also improved near breakout levels, adding credibility to the move. If the stock sustains above the support zone, it may continue its upward momentum towards 520 in the near term. On the downside, 460 remains a crucial support and stop-loss level to watch.
2] Knowledge Marine & Engineering Works: Buy at ₹2161, Target ₹2300, Stop Loss ₹2065
Knowledge Marine & Engineering Works share price is showing strong signs of trend continuation after witnessing a healthy rebound from its previous all-time high swing zone. The stock is currently trading around 2161 and has managed to hold firmly above its short-term support levels, indicating that buyers are actively accumulating at lower levels. Technically, the price structure remains bullish as the stock continues to trade above all major moving averages, while taking support near the 20-day EMA during recent pullbacks.
This indicates that the broader uptrend remains intact. The recent recovery candle formation also suggests renewed momentum after a brief consolidation phase. RSI remains in bullish territory, supporting positive price strength. If the stock sustains above the support zone, it could witness fresh momentum towards 2300 in the coming sessions. On the downside, 2065 should act as an important support and stop-loss level.
3] Jammu and Kashmir Bank: Buy at ₹140, Target ₹150, Stop Loss ₹135
Jammu and Kashmir Bank share price is showing strong bullish momentum after delivering a decisive breakout above its major resistance zone near 127–135 levels. The stock has been consistently outperforming with strong price action and is currently trading around 140, indicating sustained buying interest at higher levels. Technically, the stock has formed a fresh breakout from a multi-month consolidation range, which generally signals the beginning of a new upward leg.
The price is also comfortably placed above all its key moving averages, reflecting strength across short-term and long-term trends. Rising volumes during the breakout phase further confirm active participation from buyers. Momentum indicators remain supportive, suggesting that the ongoing trend may continue in the near term. If the stock sustains above support zone, it could witness further upside towards 150, while 135 should act as an immediate support and important stop-loss level.
4] Lincoln Pharmaceuticals: Buy at ₹732, Target ₹785, Stop Loss ₹700
Lincoln Pharmaceuticals share price has witnessed a strong momentum-driven breakout after spending several months in a broad accumulation phase. The stock is currently trading around 732 and continues to attract buying interest after decisively crossing its recent resistance zones. Technically, the stock has given a clean breakout above its prior swing highs along with a sharp rise in volumes, indicating strong participation from market participants.
The price action also reflects a strong bullish continuation setup as the stock continues to trade above all key moving averages, reinforcing the strength of the ongoing uptrend. Recent candles suggest sustained demand at higher levels with buyers maintaining control throughout the session. Momentum indicators remain firmly positive, supporting the possibility of further upside in the coming sessions. If the stock sustains above the support zone, it may continue its upward move towards 785, while 700 should be considered as the immediate support and crucial stop-loss level.
5] Aarti Industries: Buy at ₹482, Target ₹520, Stop Loss ₹460
Aarti Industries share price has shown a strong bullish recovery with the stock gaining more than 4% in the current trading session and closing near the day’s high around 482. The session formed an open = low structure, indicating aggressive buying interest throughout the day. Technically, the candle resembles a bullish marubozu pattern, which generally signals strength and potential trend reversal after a consolidation phase.
The stock has also managed to reclaim and sustain above its key short-term moving averages, reflecting improving momentum in the broader trend. In addition, the recent bounce from lower support zones suggests that buyers are regaining control after a period of weakness. Momentum indicators are gradually turning positive, supporting the possibility of further upside. If the stock sustains above the support zone, it could witness fresh buying momentum towards 520, while 460 should act as an important support and stop-loss level.
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.