The market participants are expected to remain cautious on the Nifty 50 given the rising volatility index from 10 to 17 levels in just nine trading sessions. Hence, unless and until, the volatility cools down, the rangebound trade with negative bias is likely to continue with the support at 22,150, which coincides with the lower end of the rising channel, but if the volatility stabilizes or falls from current levels, then possibility of short-covering-led uptrend can take the Nifty towards 22,500-22,600 levels, experts said.

On May 7, the Nifty 50 dropped 140 points to 22,303 and formed a long bearish candlestick pattern on the daily charts, while the BSE Sensex was down 384 points at 73,512.

The broader markets hit quite hard on Tuesday as the Nifty Midcap 100 and Smallcap 100 indices fell nearly 2 percent each on weak breadth.

Stocks that bucked the trend and were supported by bulls included Hindustan Unilever, Dabur India, and TCS. Hindustan Unilever was the biggest gainer in the Nifty 50, rising 5.5 percent to Rs 2,379 and forming a robust bullish candlestick pattern on the daily charts. The stock, in fact, went closer to its 200-day EMA (exponential moving average) after climbing above 50 and 100-day EMAs in a single session, with a multi-fold jump in volumes over the previous day.

Dabur India also acted in a similar fashion, up 5.2 percent at Rs 558.5, and formed a strong bullish candlestick pattern on the daily timeframe with significantly higher volumes. Now, the stock traded well above all key moving averages, which is a positive sign.

TCS maintained higher highs, and higher lows formation and rallied for a second consecutive session on Tuesday. The stock rose 1.5 percent to Rs 3,979, and formed a bullish candlestick pattern on the daily charts, while it traded above all key moving averages now.

Here's what Riyank Arora of Mehta Equities recommends investors should do with these stocks when the market resumes trading today:

Hindustan Unilever

The stock has given a strong breakout above its 21-day EMA (exponential moving average) and 50-day SMA (simple moving average) managing to give a bullish closing above its recent swing high resistance mark of Rs 2,306.75 as well.

With the RSI (relative strength index 14) being around 70 and seeing a good uptick, the overall momentum looks strong and the stock should likely head higher towards Rs 2,600 and above. We suggest investors hold their positions with a trailing stop-loss of Rs 2,250 on Hindustan Unilever.

Tata Consultancy Services (TCS)

The stock has touched an important resistance mark of Rs 3,980.00 on the daily charts. With the price hovering around its 21-day EMA and 50-day SMA, this level should serve as a crucial resistance mark for the stock.

Any move above Rs 4,000 should push the rally towards Rs 4,100 and Rs 4,150 on TCS. We advise investors to hold on to their positions in TCS with a trailing stop-loss of Rs 3,900.

Dabur India

The stock has touched the upper end of the triangle consolidation pattern on its daily time frame charts. With the RSI (14) being around 60 and witnessing a good uptick, it appears that the stock should likely pick up momentum in the upcoming few trading sessions.

Any breakout above Rs 567.50 should be considered as a strong bullish sign for the stock and we can expect the rally to push further towards Rs 600 as FMCG stocks continue to outperform. We suggest investors to hold on to their positions with a trailing stop loss of Rs 540 on Dabur.