May Set for Stock-Specific Moves After April Rally
May Set for Stock-Specific Moves After April Rally
Analysts preview May with stock-specific bets after April’s short-covering rally, spotlighting Sun Pharma, Adani Ports, ONGC, Bharti Airtel and more.
April’s short-covering rally has set the tone for May, with analysts predicting stock-specific moves will persist even if the overall gains aren’t as large.
Bullish bets for May include Sun Pharmaceutical Industries (Sun Pharma), Adani Ports and SEZ, ONGC, Sona BLW, Bharti Airtel, ITC and Kotak Mahindra Bank.
Sun Pharma posts a notable setup after announcing the Organon deal, with a price target of Rs 1,960 and a stop-loss at Rs 1,740, according to a leading research firm.
Adani Ports and SEZ has broken out of a multi-year trading range, with traders eyeing May futures in the Rs 1,640-1,620 zone for a target of Rs 1,750-1,800 and a stop-loss at Rs 1,550.
ONGC remains in focus as Brent prices rise on Middle East tensions; the stock posted a fresh 52-week high last week, with a modest uptick in open interest (0.9%) and a May price change of about -1.8%.
Tata Motors Passenger Vehicles is viewed with bearish sentiment, with a potential downside target cited by analysts.
While the May rally may not replicate April’s surge, the market is likely to see selective upside driven by stock-specific catalysts.
