#### Market Performance on Thursday
The Indian stock market ended lower for the fifth consecutive session on Thursday, despite strong buying in banking stocks. The Nifty 50 index fell by 216 points, closing at 22,488, while the BSE Sensex dropped 617 points, finishing at 73,885. In contrast, the Bank Nifty index gained 181 points, closing at 48,682. However, the mid-cap and small-cap indices experienced significant declines, falling by 1.21% and 1.33% respectively.
#### Nifty 50 Outlook
Rupak De, Senior Technical Analyst at LKP Securities, noted that the Nifty 50 index remained volatile with a predominant bearish trend. The sentiment in the short term is weak as the index slipped below its critical 21-day Exponential Moving Average (21EMA). Significant call writing activity was observed at the 22,500 level, indicating that Nifty needs to sustain above 22,500 to initiate a meaningful recovery. Failure to move above this level might lead to further selling pressure, potentially driving the index down to 22,300 or 22,100.
#### Bank Nifty Outlook
Neeraj Sharma, AVP Technical and Derivatives Research at Asit C Mehta, reported that the Bank Nifty index opened negatively but recovered strongly, closing positively at 48,682. The index defended the 48,000 support level and found resistance near 49,000-49,050. If Bank Nifty sustains above 49,050, it could rally towards 49,690 and potentially reach 50,000.
#### Broader Market Outlook
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, highlighted nervousness in the market ahead of the exit polls on June 1, coupled with weak global cues. Rising bond yields and diminishing hopes of a rate cut have pressured global markets. Market volatility is expected to increase as the general election outcome approaches.
#### India VIX Index Analysis
Sumeet Bagadia, Executive Director at Choice Broking, pointed out that the India VIX Index has breached the immediate hurdle at 23 and is now facing resistance at 25. If the index closes above this resistance, we could see increased volatility in the Indian stock market, with the VIX potentially reaching the 28 mark in the near term.
### Stock Recommendations for Today
#### Sumeet Bagadia’s Buy Recommendations
1. **Dixon Technologies**
– **Buy at:** ₹9308
– **Target:** ₹9900
– **Stop Loss:** ₹9000
– **Analysis:** Dixon Technologies is trading at ₹9308, showing strong bullish momentum. It recently broke out above the ₹9000 level, now a solid support. The stock is trading above its 20-day, 50-day, and 200-day EMAs, indicating overall strength and a positive trend.
2. **Ujjivan Small Finance Bank**
– **Buy at:** ₹589.50
– **Target:** ₹630
– **Stop Loss:** ₹568
– **Analysis:** Trading at ₹589.50, Ujjivan has formed a Rounding Breakout pattern on the daily chart with increased volume, suggesting a potential breakout. If it sustains above ₹590, it could reach ₹630. Immediate support levels are at ₹575 and ₹568, providing buy-on-dip opportunities.
#### Ganesh Dongre’s Buy Recommendations
3. **PNB Housing Finance**
– **Buy at:** ₹748
– **Target:** ₹780
– **Stop Loss:** ₹720
– **Analysis:** PNB Housing Finance has strong support at ₹720. A reversal pattern at ₹748 suggests it may rally to its next resistance at ₹780. Traders can buy and hold with a stop loss of ₹720.
4. **BEL (Bharat Electronics Limited)**
– **Buy at:** ₹290
– **Target:** ₹305
– **Stop Loss:** ₹282
– **Analysis:** BEL is showing a short-term bullish reversal pattern. Holding support at ₹282, the stock could rise to ₹305. Traders can buy with a stop loss of ₹282.
5. **Escorts**
– **Buy at:** ₹3856
– **Target:** ₹4050
– **Stop Loss:** ₹3780
– **Analysis:** Escorts has significant support around ₹3780. A reversal pattern at ₹3856 indicates potential rally continuation to ₹4050. Traders can buy and hold with a stop loss of ₹3780.
