The Sensex and Nifty 50, key benchmarks of the Indian equity market, concluded Saturday’s trading session with continued upward momentum, extending their three-day rally. Buoyed by fresh inflows of foreign investments and favorable signals from international markets, Indian stocks maintained their positive trajectory.
In the second special trading session, the 30-share BSE Sensex closed at 74,005.94, registering a modest gain of 88.91 points, or 0.12%. Similarly, the NSE Nifty 50 climbed to 22,502.00, marking an increase of 35.90 points, or 0.16%. The broader market indices also witnessed gains, with the Nifty Midcap 100 rising by 0.51% and the Nifty SmallCap 100 by 0.82%. However, the India VIX, indicating market volatility, recorded a 3.67% increase by the end of Saturday’s session.
Here are three stocks to watch on May 21:
Hindalco: With a current trading price of ₹660.35, Hindalco demonstrates strong performance, supported by robust support levels at ₹635 and minor resistance at ₹666. Trading above significant moving averages and with an RSI of 67.79, the stock shows bullish momentum, presenting an attractive buying opportunity with a target price of ₹710.
GAIL: Currently trading at ₹208.75, GAIL exhibits positive momentum, supported by strong resistance at ₹200 and minor resistance at ₹212. With a bullish outlook indicated by its position above key moving averages and an upward trending RSI of 60.16, GAIL presents a potential target price of ₹225.
Ashok Leyland: Trading at ₹210.60, Ashok Leyland demonstrates robust upward momentum, with strong support at ₹200 and a breakout target of ₹228. Trading above crucial moving averages and supported by technical indicators, Ashok Leyland offers a promising target price, making it an attractive investment opportunity.
Investors are advised to monitor these stocks closely and consider their entry and exit points based on the provided analysis. While bullish sentiments prevail, it’s essential to remain vigilant and adjust strategies accordingly to mitigate risks effectively.
