On May 5, 2026, the Indian stock market saw a decline, with the 30-share Sensex dropping 252 points (0.33%) to close at 77,017.79 and the Nifty 50 falling 87 points (0.36%) to 24,032.80. This decline was primarily due to profit booking in banking and financial stocks. Sumeet Bagadia, Executive Director at Choice Broking, noted a hammer-like candlestick pattern in the Nifty 50, indicating potential buying interest at lower levels and suggesting immediate support between 23,850 and 23,900. He also highlighted the importance of waiting for a decisive breakout above resistance levels before initiating new positions.

Bagadia recommends five stocks for investors to consider buying on May 6, including Manorama Industries, Aditya Birla Capital, Apollo Micro Systems, Syrma SGS Technology, and Gravita India Limited. Each stock shows strong bullish momentum and has specific buy targets and stop-loss levels. For instance, Manorama Industries is recommended to buy at ₹1,594 with a target of ₹1,715 and a stop-loss at ₹1,515. Overall, the market's cautious sentiment continues, and investors are advised to proceed with caution.