Rajesh Palviya of Axis Sec suggests Deepak Fertilisers, Samvardhana Motherson, Goodluck shares to buy today - 22 May

Stock market today: Indian benchmark indices opened little changed on Friday, 22 May as crude oil prices hovered near $ 105 per barrel, while investors closely tracked developments in the ongoing US-Iran peace negotiations.

The benchmark Nifty 50 edged up 0.07% to 23,671.20, while the BSE Sensex gained 0.1% to 75,260.39 as of 9:15 IST.

Market sentiment remained cautious after the US and Iran maintained opposing positions on Tehran’s uranium stockpile and control over the Strait of Hormuz during talks on Thursday. However, US Secretary of State Marco Rubio said there had been “some good signs” in the negotiations.

Broader markets outperformed the benchmarks, with small-cap and mid-cap indices rising 0.2% and 0.3%, respectively. Fourteen of the 16 major sectoral indices traded in positive territory.

Market experts said the decline in Brent crude below $105 per barrel and the rupee’s recovery to 96.20 against the US dollar from 96.96 levels offered some relief to investors. Meanwhile, foreign institutional investors (FIIs) remained sellers, offloading equities worth ₹1,891.21 crore on Thursday, according to exchange data.

Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP - Technical and Derivatives Research, Axis Securities

Nifty 50

For the past six to seven trading sessions, the index has consolidated within the 23,800-23,300 levels, indicating a short-term sideways trend, and hence any breakout on either side may indicate further direction. The crucial support zone lies around the 23,300-23,100 levels, and a violation of this zone may trigger further downside toward the 23,000-22,500 levels.

Stocks to buy today

Deepak Fertilisers & Petrochemicals Corporation Ltd Cmp: ₹1,392

On the daily chart, Deepak Fertilisers share price decisively surpassed the "multiple resistance" breakout around the ₹1,320-1,340 levels on a closing basis, with heavy volume indicating bullish sentiment. The stock is well placed above its 20-, 50-, 100-, and 200-day simple moving averages (SMAs). The daily, weekly and monthly Relative Strength Index (RSI) is in favourable territory, indicating rising strength across all time frames. The daily "Bollinger Band" buy signals indicate increased momentum.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹1,460-1,520, and its downside support zone is ₹1,350-1,320.

Samvardhana Motherson International Ltd Cmp: ₹137

On the daily chart, Samvardhana Motherson share price confirmed a downtrend line breakout at the 133 level, accompanied by huge volumes, indicating bullish sentiment. The stock is well placed above its 20-, 50-, 100-, and 200-day simple moving averages (SMAs). And these averages are also inching up alongside rising prices, indicating a sustained uptrend. The daily "Bollinger Band" buy signals indicate increased momentum. The daily, weekly and monthly Relative Strength Index (RSI) is in favourable territory, indicating rising strength across all time frames.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹143-152, and its downside support zone is ₹133-129.

Goodluck India Ltd Cmp: ₹1,423

Goodluck India share price is in a strong uptrend across all time frames, indicating sustained upward movement. This buying was observed around the 20-day SMA support at ₹1,300. A large volume on every rally indicates increased momentum. The daily, weekly and monthly Relative Strength Index (RSI) is in favourable territory, indicating rising strength across all time frames. The weekly and monthly "band Bollinger" buy signal shows rising momentum on the larger time frames.

Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹1,500-1,580, and its downside support zone is the ₹1,360-1,310 levels.

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.