Stock market recommendations for May 5, 2026, from Somil Mehta, Head of Retail Research at Mirae Asset ShareKhan, include buy calls on Lupin and KEI Industries, and sell calls on Bharat Forge and Punjab National Bank. Here are the detailed technical analyses and trading levels.
Buy Call: Lupin
Somil Mehta recommends buying Lupin in the range between Rs 2349 and Rs 2350, with a stop loss at Rs 2230 and a target price of Rs 2530. On the weekly chart, the stock has been moving sideways within a wide range for the past eight weeks but remains above a rising trendline. The daily chart shows multiple supports at the 50-day exponential moving average (EMA), indicating a potential upward breakout. Momentum indicators have crossed above the zero line, signaling bullish strength. Key resistance is at Rs 2400, while support is at Rs 2250.
Buy Call: KEI Industries
For KEI Industries, Mehta suggests buying in the range between Rs 5056 and Rs 5057, with a stop loss at Rs 4750 and a target of Rs 5470. The weekly chart reveals that the stock has closed above a significant resistance area and is now taking support from those levels, forming reversal candlestick patterns. The daily chart shows a breakout from a consolidation zone above the 10-day EMA. Momentum indicators are giving a positive crossover, suggesting continued strength. Key resistance is at Rs 5300, and support is at Rs 4870.
Sell Call: Bharat Forge
Mehta recommends selling Bharat Forge in the range between Rs 1846 and Rs 1845, with a stop loss at Rs 1925 and a target of Rs 1730. On the weekly timeframe, the stock is displaying a double top chart pattern accompanied by a negative divergence on the Relative Strength Index (RSI). The daily chart shows a shooting star reversal pattern at a rejection area. The price is trading below the 10-day EMA, and momentum indicators are giving a negative crossover, indicating weakness. Key resistance is at Rs 1870, and support is at Rs 1790.
Sell Call: Punjab National Bank
Punjab National Bank is recommended as a sell in the range between Rs 110 and Rs 109, with a stop loss at Rs 115 and a target of Rs 102. The weekly chart shows the stock facing rejection from the 20-week and 40-week EMAs. On the daily chart, it is forming a lower top and lower bottom pattern below the 200-day EMA, along with a range breakdown on the downside. Momentum indicators are below the zero line, signaling weakness. Key resistance is at Rs 111, and support is at Rs 105.
Disclaimer: The recommendations and views on stock market investments, other asset classes, or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.
