Analyst Recommends Buying Shares of Deepak Fertilisers, Samvardhana Motherson, Goodluck in Current Market

Indian Benchmark Indices Open Little Changed on Friday

The Indian stock market opened with a cautious tone on Friday, 22 May, as crude oil prices hovered near $105 per barrel. Investors closely tracked developments in the ongoing US-Iran peace negotiations, which maintained opposing positions on Tehran’s uranium stockpile and control over the Strait of Hormuz during talks on Thursday.

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. Despite the cautious sentiment, 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.

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Market experts noted that 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. However, foreign institutional investors (FIIs) remained sellers, offloading equities worth ₹1,891.21 crore on Thursday, according to exchange data.

Market Outlook and Recommendations

Nifty 50 has been consolidating within the 23,800-23,300 levels for the past six to seven trading sessions, indicating a short-term sideways trend. 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

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Deepak Fertilisers & Petrochemicals Corporation Ltd

• Current Price: ₹1,392
• Expected Upside: ₹1,460-1,520
• Downside Support Zone: ₹1,350-1,320

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.

Samvardhana Motherson International Ltd

• Current Price: ₹137
• Expected Upside: ₹143-152
• Downside Support Zone: ₹133-129

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.

Goodluck India Ltd

• Current Price: ₹1,423
• Expected Upside: ₹1,500-1,580
• Downside Support Zone: ₹1,360-1,310

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.