Buy or sell stocks: Indian benchmark indices, the Sensex and Nifty 50, closed marginally higher on Wednesday, May 20, driven largely by gains in Reliance Industries shares.
The Sensex rose 118 points, or 0.16%, to finish at 75,318.39, while the Nifty 50 advanced 41 points, or 0.17%, to settle at 23,659.
Stock market today
Nifty 50
On 20th May 2026, the Nifty 50 opened with a gap-down at 23,457.25, reflecting weak sentiment at the start of the session. Selling pressure during the opening minutes dragged the index to an intraday low of 23,397.30. However, strong buying interest emerged from lower levels thereafter, helping the index recover steadily throughout the day. The recovery momentum remained intact as the index filled the morning gap-down and climbed to an intraday high of 23,690.90. The index eventually settled at 23,659.00, registering a gain of 41 points or 0.17% over the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, on the daily timeframe, the formation of a bullish candlestick pattern after recovering sharply from lower levels and filling the opening gap-down indicates improving short-term sentiment and buying support near lower zones.
“From a technical perspective, immediate support is placed in the 23,350–23,400 range, while resistance is observed between 23,900 and 23,950 levels. The Relative Strength Index (RSI) stands at 45.64, indicating gradual improvement in momentum though the index still trades below the stronger bullish zone. In the derivatives segment, notable call writing was seen at the 23,700 strike, followed by 23,800, while significant put writing was observed at 23,600 and 23,500 levels, indicating support shifting higher with resistance near upper levels,” said Bagadia.
Bank Nifty
The Bank Nifty index opened with a sharp gap-down at 53,015.70, reflecting weakness in the banking space at the start of the session. The index registered its intraday low of 52,836.10 within the opening minutes amid initial selling pressure. However, strong buying interest emerged from lower levels thereafter, helping the index recover steadily throughout the session. The recovery momentum pushed the index to an intraday high of 53,640.90 after filling the morning gap-down. The index eventually settled at 53,562.20, gaining 153.05 points or 0.29% for the day.
Bagadia noted that on the daily timeframe, the formation of a bullish candlestick pattern reflects buying support emerging from lower levels and strengthening momentum in the banking index.
“From a technical standpoint, immediate support is placed in the 52,800–52,900 range, while resistance is seen in the 54,250–54,350 zone. The Relative Strength Index (RSI) stands at 41.29, indicating weak-to-neutral momentum though signs of gradual recovery are emerging from lower levels. Sustaining above immediate support zones will be important for continuation of the recovery momentum,” he said.
Bagadia further advised traders to closely monitor immediate resistance zones, as sustained movement above these levels will be crucial to confirm stronger recovery momentum in the near term, as recent price action suggests another volatile session with both benchmark indices recovering sharply after opening on a weak note. The recovery from lower levels along with easing volatility reflects improving confidence among market participants, although broader participation remained selective across sectors, he added.
Sumeet Bagadia’s stocks to buy
Amid ongoing tensions in the US-Iran war uncertainty, Sumeet Bagadia recommends five shares to buy on Thursday, 21 May: Mankind Pharma, Chennai Petroleum Corporation, Zen Technologies, CRISIL, and Bharat Heavy Electricals.
1] Mankind Pharma: Buy at ₹2584, Target ₹2800, Stop Loss ₹2465
Mankind Pharma is showing strong bullish momentum while maintaining a higher high–higher low formation, supported by rising EMA structure that reflects sustained strength in the ongoing trend. Currently trading around ₹2584, the stock has also witnessed a bullish EMA crossover, indicating potential continuation of the uptrend. The overall price structure remains positive as the stock continues to trade with upward momentum. Based on the current setup, short-term traders may consider Buy at CMP with a strict stop loss at ₹2465 for a potential upside target of ₹2800, applying appropriate risk management.
2] Chennai Petroleum Corporation: Buy at ₹1012, Target ₹1090, Stop Loss ₹970
Chennai Petroleum Corporation is showing improving bullish momentum on the daily timeframe after forming a bullish engulfing pattern and closing above the previous two-day sideways consolidation range. Currently trading around ₹1012, the stock has also witnessed a trendline resistance breakout on the lower hourly timeframe, indicating short-term bullish strength. Additionally, the stock is trading above key EMAs, signalling strengthening price structure and sustained buying interest. Based on the current setup, traders may consider Buy at CMP ₹1012 with a strict stop loss at ₹970 for a potential upside target of ₹1090, applying appropriate risk management.
3] Zen Technologies: Buy at ₹1604, Target ₹1740, Stop Loss ₹1535
Zen Technologies is showing improving strength after delivering a sideways range breakout along with a close above crucial short-term EMAs, indicating revival in bullish momentum. Currently trading around ₹1604, the stock is witnessing strengthening price structure, while RSI is holding above the midpoint and trending higher, reflecting sustained buying interest. The current technical setup indicates potential short-term upside towards ₹1740 following the breakout. Based on the prevailing structure, traders may consider Buy at CMP ₹1604 while maintaining a strict stop loss at ₹1535 and following appropriate risk management.
4] CRISIL: Buy at ₹4214, Target ₹4550, Stop Loss ₹4025
CRISIL is showing improving bullish momentum after delivering a falling trendline resistance breakout with a strong close above the breakout zone on the daily timeframe. The stock has also moved above key short-term EMAs, indicating strengthening price structure. Momentum indicator RSI is witnessing a reversal from lower levels and is now trading above the midpoint, reflecting improving buying interest. Following the breakout, short-term traders may consider Buy at CMP ₹4214 with a strict stop loss at ₹4025 for a potential upside target of ₹4550, while applying appropriate risk management.
5] Bharat Heavy Electricals: Buy at ₹408, Target ₹445, Stop Loss ₹390
Bharat Heavy Electricals is maintaining a strong bullish structure with a consistent formation of higher highs and higher lows, indicating sustained upward momentum in the stock. The recent sharp rally reflects strengthening buying interest and signals potential continuation of the ongoing uptrend. Additionally, rising EMAs with upward-sloping direction reinforce the positive trend structure and underlying strength. Technically, the stock continues to appear bullish, and for short term, traders may consider Buy at CMP for a potential upside target of ₹445 while maintaining a strict stop loss at ₹390 as part of disciplined risk management.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
