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The Indian stock market's key indices, Sensex and Nifty 50, maintained a stance of cautious trading on Tuesday, May 21st, as the majority of stocks experienced declines.
The Sensex concluded the day with a marginal decrease of 53 points, or 0.07 percent, settling at 73,953.31, while the Nifty 50 saw a slight uptick of 27 points, or 0.12 percent, closing at 22,529.05.
According to data on the BSE website, the market capitalization of companies listed on the BSE reached a new high of $5 trillion, surpassing the $5 trillion mark for the first time this year and increasing by over $633 billion from the starting of this year.
On the Nifty outlook, Rupak De, Senior Technical Analyst, LKP Securities, said, "The index remained within the range of 22,400 and 22,600. Strong put writing at 22,400 and 22,500 might provide support to the Nifty. On the higher end, a decisive move above 22,600 might induce a rally towards 22,800 in the near term. Till then the index might continue consolidating as long as it remains within the range of 22,400 to 22,600."
On the Bank Nifty outlook, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said, "The Bank Nifty index failed to surpass the mark of 48,400, where the 20DMA is placed. A break above this level will lead to a fresh move on the upside. The lower-end support is placed at 48,000, where the highest open interest is built up on the put side. The index needs to break these levels decisively on either side to have trending moves in the near term."
Prabhudas Lilladher's Shiju Koothupalakkal, and Choice Broking's Sumeet Bagadia have suggested a total of five buy or sell stocks for today. These stocks are arranged and explained further under the names of the experts.
Sumeet Bagadia's shares to buy:
1] Vedanta Ltd: Buy at ₹ 491.7, target ₹ 515, stop loss ₹ 475
2] Tech Mahindra Ltd: Buy at ₹ 1,323.90, target ₹ 1,415, stop loss ₹ 1,280
Shiju Koothupalakkal's buy or sell stocks:
3] Railtel Corporation of India Ltd: Buy at ₹ 433, target ₹ 455, stop loss ₹ 422
4] UCO Bank: Buy at ₹ 56.55, target ₹ 60, stop loss ₹ 55
5] Madras Fertilizers Ltd: Buy at ₹ 91.40, target ₹ 96, stop loss ₹ 89