Top Stock Picks: Sumeet Bagadia Recommends Five Trades for Active Investors

Indian Stock Market Closes Lower Amid Global Worries and US-Iran Conflict Tensions

The Indian benchmark indices, the Sensex and Nifty 50, closed lower on Tuesday, May 19, amidst profit booking triggered by mixed global signals and ongoing worries over the US-Iran conflict, high crude oil prices, and weakness in the rupee.

The Sensex declined 114 points, or 0.15%, to settle at 75,200.85, while the Nifty 50 slipped 32 points, or 0.14%, to end the session at 23,618.

Nifty 50 Index Performance

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The Nifty index started the session on a mildly positive note, opening nearly 25 points higher at 23,675.30. However, the momentum faded during the early half of the session, leading to profit booking that dragged the index lower to an intraday low of 23,587.20. Nifty eventually settled at 23,618.00, down by 31.95 points or 0.14%, indicating a cautious and range-bound undertone in the market.

Bank Nifty Index Performance

The banking benchmark index, Nifty Bank, started the session on a slightly positive note, opening nearly 17 points higher at 53,553.75. However, selling pressure at higher levels triggered profit booking, leading to a sharp decline of nearly 434 points from the day's high, with the index slipping to an intraday low of 53,337.05. Nifty Bank eventually settled at 53,409.15, registering a marginal loss of 127.85 points or 0.24%, indicating a cautious undertone and lack of sustained buying momentum at higher levels.

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

Stock Recommendations from Sumeet Bagadia

Choice Broking's Executive Director, Sumeet Bagadia, recommends five shares to buy on Wednesday, 20 May:

1. Vishnu Chemicals: Buy at ₹598, Target ₹640, Stop Loss ₹570 Vishnu Chemicals share price is witnessing strong price action after recently breaching its all-time high zone. Following the breakout, the stock underwent a healthy pullback and gradually corrected towards its 20-day EMA, where buying interest once again emerged. In the latest trading session, the stock bounced sharply from the moving average support and gained more than 3%, indicating renewed bullish momentum at lower levels.

2. Deepak Fertilisers & Petrochemicals Corporation: Buy at ₹1324, Target ₹1425, Stop Loss ₹1256 Deepak Fertilisers & Petrochemicals Corporation share price has shown a strong recovery from lower levels after witnessing prolonged weakness in previous months. The stock is now gradually regaining bullish momentum and continues to maintain a healthy higher high–higher low formation on the daily chart, indicating strengthening price structure.

3. Thyrocare Technologies: Buy at ₹470, Target ₹505, Stop Loss ₹444 Thyrocare Technologies share price has displayed a strong reversal setup after taking immediate support near its 20-day EMA on the daily timeframe. The stock recently witnessed profit booking from higher levels, but the correction remained shallow as buyers quickly emerged near the short-term moving average support zone.

4. Power Mech Projects: Buy at ₹2480, Target ₹2660, Stop Loss ₹2360 Power Mech Projects share price has shown a notable recovery after witnessing a strong rebound from its 200-day EMA support zone, indicating fresh buying interest at lower levels. The stock had remained under pressure for several months, but recent price action suggests that the broader trend may now be turning positive.

5. Kirloskar Pneumatic Company: Buy at ₹1581, Target ₹1700, Stop Loss ₹1515 Kirloskar Pneumatic Company share price has witnessed strong bullish momentum after successfully crossing above its 20-day EMA, indicating renewed buying interest in the stock. Following a sharp rally in recent sessions, the stock experienced minor consolidation near higher levels, but the latest trading session confirmed a strong rebound with fresh upward momentum.