Stock market recap: The Indian equity benchmarks snapped their four-day losing streak on Wednesday, closing marginally higher after a volatile session. The market saw strong buying interest in metals, oil-linked counters, and select heavyweight stocks, which helped offset persistent weakness in IT and auto shares.
The Sensex edged up 49.74 points, or 0.07%, to finish at 74,608.98, while the Nifty advanced 33.05 points, or 0.14 percent, to settle at 23,412.60.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
NLCINDIA (Cmp ₹325.70)
NLCINDIA: Buy above ₹328, stop ₹313 target ₹358 (Multiday)
- Why it’s recommended: NLC India Ltd (NLCIL), a Navratna CPSE under the Ministry of Coal incorporated in 1956, is a major player in fossil fuel mining and power generation. After spending the last 9 months in a consolidation phase the stock has gained some strong momentum in the last few days. In the recent upmove we can observe that the trends have been consistent, with strong thrust with volumes sparks a revival above the value area at 320 zone. The long body candle with volumes signals a strong rebound after a pullback. Look to go long.
- Key metrics:
- P/E: 81.36
- 52-week high: ₹336.45,
- Volume: 5.35M
- Technical analysis: Support at ₹290, resistance at ₹425.
- Risk factors: Declining profitability, margin shortfall and increased debt.
- Buy : above ₹328.
- Stop loss: ₹313.
- Target price: ₹358 (2 Months)
ROSSARI (Cmp ₹533.25)
ROSSARI: Buy above ₹534, stop ₹503 target ₹589 (Multiday)
- Why it’s recommended: Rossari Biotech Ltd is a leading Indian specialty chemical manufacturer established in 2003, focusing on high-performance products for textiles, home/personal care, performance chemicals, and animal health and nutrition. Q4 and FY 2026 saw record revenue and Ebitda, with 15% annual growth driven by all segments and strong exports. This counter has now come out of its declining phase and is now looking to start a new upward phase. A steady follow-through on RSI is now signalling that the trends could now persist. Look to go long now.
- Key metrics:
- P/E: 20.46,
- 52-week high: ₹767.55,
- Volume: 297.26K.
- Technical analysis: Support at ₹470, resistance at ₹598.
- Risk factors: Raw material price volatility and cyclicality and competition.
- Buy : above ₹534
- Stop loss: ₹503
- Target price: ₹589 (2 Months)
GNFC (Cmp ₹489.95)
GNFC: Buy above ₹492, stop ₹467 target ₹550 (Multiday)
- Why it’s recommended: Gujarat Narmada Valley Fertilizers & Chemicals Ltd(GNFC), specializing in fertilizers, industrial chemicals, and IT services, operating one of the world's largest single-stream ammonia-urea complexes. 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: 11.70
- 52-week high: ₹573.25
- Volume: 425.98K
- Technical analysis: Support at ₹440, resistance at ₹580.
- Risk factors: Regulatory and Legal RisksHigh Leverage and Financial Liabilities.
- Buy : above ₹492.
- Stop loss: ₹467.
- Target price: ₹550.
Stock Market on Wednesday
On May 13, Indian equity benchmarks halted their four-day losing streak, closing marginally higher after a volatile session. The market saw strong buying interest in metals, oil-linked counters, and select heavyweight stocks, which helped offset persistent weakness in IT and auto shares.
The Sensex edged up 49.74 points, or 0.07%, to finish at 74,608.98, while the Nifty advanced 33.05 points, or 0.14 percent, to settle at 23,412.60. Market breadth remained supportive, with 2,328 stocks advancing against 1,690 declines, reflecting underlying resilience.
Metals led the rally with sharp gains, signalling sectoral strength, while broader indices outperformed the benchmarks, highlighting investor preference for mid- and small-cap opportunities. Despite intraday volatility, the recovery in select sectors provided stability, suggesting that market sentiment is gradually improving after recent weakness. The session’s close underscored cautious optimism, with sectoral rotation driving momentum even as IT and auto counters weighed on overall performance.
Outlook for Trading
Despite the strong undercurrent from global markets, the price action on Wednesday saw a relief rally that helped the Nifty survive the volatility of the market and ensured that the rise sustained above critical support zones. As the market was whipped around quite a bit the moment the global trends remain the key drivers of the sentiment. There really isn’t much by way of local news flow to contain the volatility induced.
A follow-through seen to the long body candle seen on Monday to close on the positive side ensured that the bullish vibes extended into the next day. Trading therefore was quite difficult thru the week and it would have been a wonder if one came out largely unscathed in the week. As one can see the Daily charts the prices have tread into strong supports and with the encouraging newsflow would look to seek help of at the current close and will need more tailwinds that can fuel more upside.
Post a strong decline a possibility of a sideways action could forced us to reconsider the trends as market still struggles to hold on to the higher levels since the start of the month. The supplies at higher levels continue to test the confidence, but the recovery that is emerging swiftly from lower levels is signalling that the recent highs could once again be challenged. The attempts continue to emerge as the market tries to carve out a bullish possibility.
Nifty has managed to hold itself above the 23300 zone and is now attempting to survive an important support at 23180, failing which could open door towards 25900 which acts as the next big hurdle as the immediate resistance for some bullish moves. With the open interest data clearly indicating a revival one should keep tracking a 30-minute range breakout on trading continues to be an important metric for creating some longs. One should keep looking at every dip as a buying opportunity.
A look at the Option data reveals that the Max Pain point has now slid to 23500 as the market is now indicating that the uptrend is limited, as it is waiting for some triggers. With mixed reactions on the floor the traders are remain supressed as the trends are seen hesitating. As PCR has now moved to 1.22 with more room possible to the upside, indicating a probable OI support is only near 23300 and 23400, as clarity on the war front remains uncertain. Bank Nifty, however, will still be a preferred index, as its trends seem much stronger. As the 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.