Stocks to trade: Raja Venkatraman recommends three stocks for 12 May

The 30-share pack Sensex crashed 1,313 points, or 1.70%, to end at 76,015.28, while the NSE counterpart Nifty 50 plunged 1.50% to close the day at 23,815.85. The BSE 150 Midcap and 250 Smallcap indices declined 1.26% and 0.96%, respectively.

Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:

JKLAKSHMI (Cmp ₹683.15)

JKLAKSHMI: Buy above ₹688, stop ₹650 target ₹735 (Multiday)

• Why it’s recommended: JK Lakshmi Cement Ltd (JKLCL) is a prominent Indian cement manufacturer and a part of the esteemed JK Organisation. They are known for manufacturing a variety of cement, ready-mix concrete (RMC), and AAC blocks. After spending the last 9 months in a declining phase the stock lost the momentum till the Pharma sector picked up once again. In the recent U and V shaped recovery, a strong thrust with volumes sparks a revival above the value area at 650 zone. The long body candle with volumes signals the onset of a new trend in 2026. A promising long body candle to end the previous trading session suggest us to go long.
• Key metrics:
  • P/E: 81.36
  • 52-week high: ₹564.83,
  • Volume: 136.12K
• Technical analysis: Support at ₹630, resistance at ₹750.
• Risk factors: Declining profitability, margin shortfall and increased debt.
• Buy : above ₹688.
• Stop loss: ₹650.
• Target price: ₹735 (2 Months)

HINDUNILVR (Cmp 2307.20)

HINDUNILVR: Buy above ₹2310, stop ₹2250 target ₹2525 (Multiday)

• Why it’s recommended: Hindustan Unilever Ltd (HUL) is India’s largest fast-moving consumer goods (FMCG) company, operates primarily in the Home Care, Beauty & Wellbeing, Personal Care, and Foods & Refreshment segments. As FMCG reports better Q4 numbers across the board we can see the steady upward revival. This counter has been in an extended declining phase and is now looking to come out of its constant downward pressure. The steady hold above the cloud region has now created a possibility of heading into a strong upward traction. On successive days we have noted that the trends continue to retreat from higher levels. Look to go long now.
• Key metrics:
  • P/E: 49.19,
  • 52-week high: ₹2779.70,
  • Volume: 1.9M.
• Technical analysis: Support at ₹2200, resistance at ₹2600.
• Risk factors: Raw material price volatility and cyclicality and competition.
• Buy : above ₹2310
• Stop loss: ₹2250
• Target price: ₹2525 (2 Months)

FORTIS (Cmp ₹974.15)

FORTIS: Buy above ₹980, stop ₹935 target ₹1098 (Multiday)

• Why it’s recommended: Fortis Healthcare Ltd is a leading Indian private, for-profit hospital network headquartered in Gurugram, providing integrated services including quaternary care, orthopedics, cardiology, and oncology. The robust volumes seen in the last two days despite uncertain market conditions highlights the strong potential in the prices. As prices are forming higher lows is indicating that the long bias continues to hold. A long body candle seen in the last session is now helping the rise sustain the uncertain environment. With the momentum favouring the long side , consider going long.
• Key metrics:
  • P/E Ratio: 450.14
  • 52-week high: ₹1105
  • Volume: 2.57M
• Technical analysis: Support at ₹900, resistance at ₹1200.
• Risk factors: Regulatory and Legal Risks High Leverage and Financial Liabilities.
• Buy : above ₹980.
• Stop loss: ₹935.
• Target price: ₹1098.

Stock Market Recap

On 11 May 2026, Indian equities witnessed a sharp sell-off as surging crude oil prices and weak global cues rattled investor sentiment. The Nifty 50 slipped 360 points to close at 23,815.85, while the Sensex tumbled 1,312 points to 76,015.28. Sectoral indices reflected broad weakness, with consumer durables plunging over 4% and banks, autos, and financial services losing more than 1%.

The rupee added pressure, ending at a record low of 95.31 against the US dollar. Heavy selling was seen in Titan, IndiGo, SBI, and Bharti Airtel, while Sun Pharma, TCS, and Infosys managed modest gains. Vodafone Idea defied the trend, surging 8% on massive volumes amid reports of capital infusion plans. Analysts noted that geopolitical tensions, crude volatility, and PM Modi’s austerity appeal weighed on sentiment, leaving markets vulnerable to further downside. Overall, the session highlighted fragility in investor confidence and heightened sensitivity to global developments.

Outlook for Trading

From a technical perspective, the Nifty appears to be in a consolidation phase. A look at the charts below we can see that the play of resistance continues to hold its weight over the trends in the last few sessions as we near the very important force that will contain the upmove. As ressitance and support zones have been defined for the month of February. The gap on the charts around the 23850 did create some volatility , however the higher levels remain pressured. Looking at charts the Relative Strength Index is witnessing some decline breaching the neutral zone with the dip in the RSI levels. With lot of shorts in the system in the wake of the recent decline the possibility of range bound action cannot be ruled out between 23600 and 24200 leading us to play a wide range.

The index has formed a near-term resistance around 24,500, coinciding with the 20-day moving average. Momentum indicators such as RSI have cooled off from overbought territory, suggesting that the recent rally has lost steam and markets may remain range-bound in the short term.

In summary, May 11 marked a pause in the three-day rally, with profit booking dominating trade. Traders should watch the 23,500-support zone closely, as a breakdown could accelerate selling, while a rebound above 25,850 may revive bullish momentum.

A look at the Option data reveals that the Max Pain point has now slid to 23900 as market is now indicating that the uptrend is now sealed until . With mixed reactions on the floor the traders are remain supressed as the trends are seen hesitating. As PCR has now slipped to 0.94 with more room to the downside indicating a probable OI support is only near 23500 as clarity on the war front remains uncertain. Bank Nifty however will still be a preferred index as the trends in this index seems to be much stronger. As index debates, stock specific action continues.

Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.

Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.