Stock market recommendations: According to Bajaj Broking Research, NMDC and Polyplex Corp are the top stock picks for today. Here’s its view on Nifty, Bank Nifty and the top stock picks for May 23, 2025:Index View: NIFTYIndian equity markets traded with downward bias during the current week weighed down by weak global cues and profit-taking in key sectors. Investor sentiment turned cautious following Moody’s downgrade of the U.S. government’s credit outlook, which led to a spike in U.S. Treasury yields and triggered a broad-based sell-off across global equity markets. The risk-off sentiment reverberated through Asian and European bourses, with Indian benchmarks mirroring the global weakness. The India VIX rose more than 5% over the week, signaling heightened volatility and risk aversion among market participants.On the technical front, the Nifty registered a high of 25,116 last week. However, profit-booking at elevated levels over the past 4-5 sessions led to a retracement, with the index currently hovering near the 24,600 marks.In the near term, we expect the index to enter a consolidation phase within the 24,350–25,000 range, thereby alleviating the overbought conditions indicated by the daily stochastic oscillator following the recent sharp uptrend.Crucial support is seen at the 24,350–24,400 zone, which coincides with the prior week’s low, the 20-day exponential moving average (EMA), and the 61.8% Fibonacci retracement of the preceding rally from 23,935 to 25,116. On the upside, resistance is seen around 25,000–25,200 levels, aligning with the 78.6% retracement of the entire decline (26,277-21,744).NIFTY BANK
- Bank Nifty continues to consolidate in the broad range of 56,000-53,500 in the last 5 weeks.
- A key technical observation on the daily chart is that the index has been trading within a downward-sloping channel for the past 21 sessions. In the last 21 sessions it has retraced just 38.2% of the prior 9-session rally (49,157–56,098), indicating a shallow pullback that suggests underlying strength and potential higher bottom formation
- We expect the index to extend the last 5 weeks’ consolidation in the range of 53,500-56,000.
- Within the consolidation we believe dips should be used as a buying opportunity. Key support placed at 53,000-53,500 being the confluence of the lower band of the last 5 weeks range, key retracement and 50 days EMA.
Stock Recommendations:NMDCBuy in the range of Rs 70-72
The stock is at the cusp of generating a breakout above last 2 months consolidation range (71-60) signaling resumption of up move and offers fresh entry opportunity.It is currently seen sustaining above the short- and medium-term moving averages. With the 20-, 50- and 200-days EMA all placed around 265-275 highlighting strong support at lower levels. The 14 periods RSI in the daily chart is seen sustaining above its nine periods average thus validates positive bias in the stock. We expect the stock to head higher towards 78 levels in the medium term being the 161.8% external retracement of the previous decline (71-60).Polyplex CorpBuy in the range of Rs 1330-1365
The stock has recently generated a breakout above a bullish Cup & Handle formation with strong volume signaling continuation of the up move thus offering fresh entry opportunity. It is currently seen forming higher high and higher low in the daily and weekly chart thus supporting the positive bias in the stock. The daily MACD has recently generated a buy signal moving above its nine periods average thus validates positive bias in the stock. We expect the stock to head higher towards 1478 being the confluence of all time high and the measuring implication of the bullish cup & handle breakout.Disclaimer: The opinions, analyses and recommendations expressed herein are those of brokerage and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.
