Stock market experts have identified Ashok Leyland, Bikaji Foods International, and Waaree Energies as the top stocks to buy on May 20, 2026. These recommendations are based on strong technical support levels and favorable chart patterns.
Ashok Leyland: Fibonacci Confluence Support with Harmonic Completion
Buy: ₹153–150 | Stop Loss: ₹145 | Target: ₹165
ASHOKLEY is showing signs of stability near the crucial ₹150 support zone. On the 3-hour chart, this area holds strong technical importance as it coincides with the 78.6% Fibonacci retracement level, completion of the AB=CD pattern at 100%, and the 1.618 external retracement level. Additionally, the MACD indicator is gradually losing downside momentum, indicating fading selling pressure and improving price stability. The overall setup suggests the possibility of a fresh upside move in the coming sessions.
Bikaji Foods International: Retracement Support with Momentum Improvement
Buy: ₹660–650 | Stop Loss: ₹635 | Target: ₹700
BIKAJI is witnessing stability near the important ₹640–650 support zone. On the 2-hour chart, this area aligns with the 61.8% Fibonacci retracement level, completion of the AB=CD pattern at 100%, and the 1.27 external retracement level, creating a strong confluence support setup. In addition, both MACD and DMI indicators are showing positive signals, reflecting improving momentum and strengthening price structure. The technical setup indicates the possibility of a fresh upside move in the coming sessions.
Waaree Energies: Fibonacci Support with Long-Term EMA Confluence
Buy: ₹3050–3000 | Stop Loss: ₹2800 | Target: ₹3500
WAAREE ENERGIES has witnessed a healthy correction after the recent rally and is now approaching a crucial support zone near ₹3000 levels. Technically, this area coincides with the 50% Fibonacci retracement level along with the 200 EMA support on the daily chart, creating a strong confluence demand zone. Momentum indicators have cooled off significantly, with RSI slipping near the 40 mark, indicating that selling pressure may be easing gradually. The broader trend structure remains positive, and the current correction appears to be a healthy pullback within the larger uptrend, suggesting the possibility of a fresh recovery move in the coming weeks.
(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.)
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