Sensex and Nifty ended flat while buying continued in broader markets. The Midcap Index gained nearly 1%, outperforming other indices.
Nifty registered an impressive weekly gain of 4.18%, its highest weekly close since the week ending October 4 last year. The broader markets saw big buying last week, with the Nifty Midcap 100 soaring by 7.21% and the Nifty Smallcap 100 delivering an even more robust rally of 9%.
The Nifty India Defence Index surged over 13% last week, registering its best week since July 2024. Defence stocks rose higher for the sixth straight day; Cochin Shipyard shares rose more than 12%.
Shares of Dhanuka Agritech Ltd. surged as much as 11% on May 16, in response to its March quarter results. Net profit for the quarter increased by 28.8% from last year to ₹76.6 crore, while revenue went up by 20% to ₹442 crore. EBITDA went up by 37% from the year-ago period to ₹109.8 crore, while margins expanded by 300 basis points to 24.8%.
Adding to the optimism, IMD has forecast an early monsoon onset over Kerala by May 27 and an above-normal monsoon overall—positive for agri, fertilisers, agrochemicals, rural FMCG, auto, and rural finance sectors, said Siddhartha Khemka of Motilal Oswal.
Meanwhile, focus will also remain on the ongoing March quarter earnings season, with key results expected from Divis Labs, DLF, Hindalco, BEL, Amber Ent, Zen Tech, Power Grid, Max Health, and ONGC.
Nandish Shah of HDFC Securities said the short-term technical outlook for the Nifty remains bullish, as it continues to trade above its key short-term moving averages. “The next resistance level for the Nifty is seen at 25,207. On the downside, the 24,800 level could offer immediate support.”
LKP Securities’ Rupak De said that any dips are likely to be bought into, with support placed at 25,000 and 24,800. The Nifty remained in consolidation mode today, taking a breather after Thursday’s rally. Overall sentiment continues to stay firm, with sectoral themes playing out.
“On the higher side, a move above 25,120 could take the index towards 25,250/25,350,” the analyst added.
Nifty Bank ended the session at 55,354.90, closing almost flat. The index has been consolidating within a downward-sloping flag pattern, a typical continuation structure after a sharp rally. Friday’s session saw a flat close, yet the price managed to stay near the upper boundary of the flag, hinting at a potential breakout.
The Nifty Bank index ended the week at 55,354.90, posting a strong 3.28% gain.
According to Om Mehra of SAMCO Securities, a decisive breakout above 55,500 could resume the prior rally, with the next resistance zone placed near 56,100-56,500. The immediate support is placed around 54,800, followed by 54,500, which aligns with the median of the channel.
Here are the stocks to watch ahead of Monday’s trading session:
– Bharat Electronics Limited (BEL) secures additional orders worth ₹572 crore since April 7, 2025. Orders include Drone Detection and Interdiction System.
– Divi’s Labs‘ net profit rose 23% to ₹662 crore, and revenue rose 12.20% to ₹2,585 crore. EBITDA rose 21.20% to ₹886 crore, while margin stood at 34.27%.
– Sun Pharma: US FDA approves company’s next generation BLU-U blue light photodynamic therapy (PDT) for actinic keratosis.
– JSW Steel to consider raising long-term funds on May 23.
– NBCC sells 446 residential units of Noida-based Aspire Silicon City, PH-IV For ₹1,467.93 crore. The company will get marketing fee @ 1% of sale value.
– US FDA issues form 482 with 2 observations for Dr Reddy’s API Middleburgh facility in New York, inspection at the facility was conducted from May 12-16, 2025 (US EST time).
– Bajaj Auto arm Bajaj Auto International Holdings BV executes loan agreements worth Euro 566 million (approx ₹5,431.08 cror) with JP Morgan, DBS Bank & Citigroup Global Markets Asia, unsecured loan for a term of one year.
– Max Health arm CRL executes sale deed to acquire 4,000 sqm land adjacent to Max Super Speciality Hospital, Vaishali (“MSSH, Vaishali”) for approx. ₹120 crore.
– Gensol Engineering CFO Jabirmahendi Mohammedraza has resigned from the company, says, the disorganisation of critical data across various departments is hindering our ability to effectively respond to the ongoing inquiries due to a lack of a cohesive support system.
– KEC International bags new orders worth ₹1,133 crore for transmission and distribution projects in India.
– RPP Infra gets LoA for a contract worth ₹154 crore.
