Trade Spotlight: Concord Biotech, Max Healthcare Institute, Laurus Labs, Bank of Maharashtra, Castrol India Among Stocks to Watch on May 5

Market Gains Half a Percent After Correction

The Indian equity benchmarks experienced a moderate bounce back on May 4, with a half a percent gain, following a day of correction. Market breadth turned positive, with approximately 1,914 shares advancing against 1,084 declining shares on the National Stock Exchange (NSE). Despite this, the market is expected to remain range-bound until the previous week's high is convincingly taken out.

Trading Ideas

Castrol India

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Castrol India has completed a classic alternate wave price projection pattern, with the AB=CD structure highlighting symmetry in the ongoing move. This measured move aligns with the 61.8 percent internal Fibonacci retracement, reinforcing the importance of this zone as a potential reversal area. The external retracement near the 1.27 extension strengthens the bullish setup. Momentum indicators further validate this view, as the Relative Strength Index (RSI) breakout above the 50 mark indicates improving strength and positive momentum.

Concord Biotech

Concord Biotech has established a strong base in the Rs 1,000–1,100 zone, supported by a clear bullish divergence, indicating accumulation at lower levels. The RSI has successfully crossed above the 60 mark for the first time since August 2025, reflecting a pickup in positive momentum and a strengthening trend bias. The alignment of these technical factors points toward improving sentiment and increasing buying interest.

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

Intellect Design Arena

Intellect Design Arena has formed a strong base in the Rs 600–700 zone, supported by a clear bullish divergence, indicating accumulation at lower levels. The RSI has moved above the 50 mark for the first time since December 2025, signaling improving momentum and a strengthening trend. The confluence of these technical factors reflects improving sentiment and rising buying interest.

Dalmia Bharat

Dalmia Bharat has undergone a long consolidation phase, within which it has formed a symmetrical triangular pattern. The overall sectoral outlook is positive, and the stock appears to have formed a solid base, as it has reversed from the lower end of the consolidation. Since the leverage is relatively lower, there is a higher probability of a bounce-back.

Max Healthcare Institute

Max Healthcare Institute had witnessed significant short buildup since its inclusion in the Nifty 50. However, during the recent recovery, there has been clear short covering, and the stock appears to have formed a short-term base. In anticipation of further short covering, one can expect additional upside from current levels.

Force Motors

Force Motors has broken down from a long-term uptrend line support, and open interest has increased in the futures segment, indicating a clear short buildup, which is a negative sign for the stock in the near term. The stock also appears to have formed a bearish head-and-shoulders pattern, which will be negated only above Rs 20,500 levels.

Laurus Labs

Laurus Labs had significant resistance around the Rs 1,140–1,145 zone in the past. However, in Monday's trading session, the stock broke this resistance zone on a closing basis, supported by a significant surge in volumes, indicating that bulls are back in action.

Coforge

Coforge saw a meaningful upward move from the March lows but failed to sustain above key daily averages. The stock has now slipped below these averages and has been trading below key weekly moving averages for some time.

Kirloskar Oil Engines

Kirloskar Oil Engines has been exhibiting a robust bullish trend since 2022. In the current phase, the stock has shown a positive polarity shift, where the prior resistance zone (the 2024 swing high) acted as strong support during April 2026, from which the stock resumed its upward move.

Bank of Maharashtra

Bank of Maharashtra has exhibited a breakout above the multi-year resistance zone of the 2012 swing high on the monthly chart, indicating that the stock has entered bullish territory and signaling a strong long-term uptrend.