Market Outlook: Sumeet Bagadia Identifies Top 5 Buying Opportunities for May 6, 2026

Indian Stock Market Tumbles as Profit Booking Takes Over

The Indian stock market experienced a decline on Tuesday, May 5, as the benchmark indices, Sensex and Nifty 50, closed lower. The 30-share Sensex declined by 252 points, or 0.33%, to settle at 77,017.79, while the Nifty 50 fell by 87 points, or 0.36%, to close at 24,032.80.

The Nifty 50 opened with a gap-down at 24,052.60 and witnessed volatility in the first half, with an intraday high of 24,081.70 and a low of 23,882.05. In the latter half, the index traded in a range-bound manner and eventually closed at 24,032.80.

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According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a hammer-like candlestick pattern on the daily timeframe indicates buying interest emerging at lower levels, suggesting the possibility of short-term support formation. Bagadia noted that immediate support is placed in the 23,850-23,900 range, while resistance is observed between 24,200 and 24,250 levels.

The Bank Nifty index opened with a gap-down at 54,691.30 and extended losses in the first half, marking an intraday low of 54,221.65. However, a recovery in the latter half pushed the index to an intraday high of 54,888.55. The index eventually closed at 54,547.05, declining by 331.45 points or 0.60% for the day.

Bagadia noted that on the daily timeframe, the formation of a Doji-like candlestick pattern indicates indecision and a lack of strong directional conviction. He further advised to wait for a decisive breakout above resistance or breakdown below support levels before initiating fresh positions.

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Recommendations from Sumeet Bagadia

Amid ongoing tensions in the US-Iran war uncertainty, Sumeet Bagadia recommends five shares to buy on Wednesday, May 6:

1. Manorama Industries: Buy at ₹1,594, Target ₹1,715, Stop Loss ₹1,515
2. Aditya Birla Capital: Buy at ₹360, Target ₹390, Stop Loss ₹346
3. Apollo Micro Systems: Buy at ₹308, Target ₹330, Stop Loss ₹294
4. Syrma SGS Technology: Buy at ₹1,058, Target ₹1,150, Stop Loss ₹1,015
5. Gravita India Limited: Buy at ₹1,722, Target ₹1,870, Stop Loss ₹1,655

These shares have shown encouraging signs of trend reversal and are expected to continue their upward momentum in the near term.