by Mr. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
🕗 Last Updated: 18 May 2026, 8.00 PM
Analysis for 19 May 2026
Nifty witnessed high volatility on the back of weak global cues on Monday and settled the day on minor gains. Nifty opened on a weak note and slipped into further weakness soon after the opening. Sharp recovery has emerged from near 23300 levels from the early part of the session and the bounce back continued till mid to later part of the session.
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A long green candle was formed on the daily chart after a lower opening. Technically, this market action indicates counter attack of bulls from the lower levels.
Nifty is currently moving within a broader high low range of 23800-23200 levels. Having bounced back from near the lower range of 23200 levels on Monday, the chances of Nifty moving up further and retesting the crucial hurdle again around 23800-23850 levels in the short term. Immediate support is placed at 23300.
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Stock recommendations by Nagaraj Shetti
Stock Recommendations by Nagaraj Shetti (HDFC Securities)
Senior Technical Analyst Nagaraj Shetti has identified a select group of stocks showing strong chart setups and momentum for short-term traders.
According to him, the near-term market structure remains supportive for selective long positions, especially in scrips showing breakouts above key resistance levels and higher-high formations on the daily chart.
Shetti recommends traders focus on stocks with rising volumes and bullish crossover patterns on the short- and medium-term moving averages.
He advises maintaining strict stop-loss levels and booking partial profits near resistance bands.
These recommendations are part of his latest weekly outlook published in Chanakya Ni Pothi, providing guidance on potential outperformers for the coming sessions.