Buy or sell stocks: Domestic equity benchmarks—the Sensex and Nifty 50—posted solid gains on Tuesday, April 7, marking their fourth straight session of advances amid the ongoing US-Iran conflict, elevated crude oil prices, and continued selling by foreign institutional investors (FIIs).
The ended at 74,616.58, up 510 points or 0.69%, while the Nifty 50 climbed 155 points, or 0.68%, to close at 23,123.65.
Stock market today
Nifty 50
The benchmark index Nifty 50 demonstrated strong support on the daily timeframe, closing in the green for the third consecutive session after recovering from lower levels. The index opened at 22,838.70 with a gap-down of nearly 120 points and extended its decline to an intraday low of 22,719.30 during early trading hours. However, it witnessed a sharp recovery thereafter, not only filling the intraday gap but also breaking above the 23,000 mark. It touched a day’s high of 23,153.85 and eventually closed at 23,123.65, registering a gain of 155.40 points (+0.68%), reflecting buying interest at lower levels.
On the Nifty 50 outlook, Sumeet Bagadia, Executive Director at Choice Broking, said, “From a technical standpoint, the 23,250–23,300 zone has emerged as an immediate resistance, while a strong support base appears to be forming in the 22,900–22,940 range. The daily RSI stands at 43.46, indicating a gradual recovery from weaker momentum while still remaining below the neutral zone. Meanwhile, India VIX declined by 3.03% to 24.69, reflecting a slight easing in market volatility and improved investor sentiment.”
Bank Nifty
The banking benchmark index, , began the trading session on a negative note with a gap-down of nearly 285 points. The index extended its decline to 51,868 in the early phase and remained in a consolidation range for some time. However, it later witnessed a strong breakout above the 52,300 resistance level, leading to a sharp upward move. The index formed a day’s high at 52,778.20 and eventually closed at 52,716.25, registering a gain of nearly 107.15 points (+0.20%). It marked its fourth consecutive session of closing in the green, suggesting sustained buying interest at lower levels.
Meanwhile, on the Bank Nifty outlook, Bagadia added, “Overall, the price action indicates a gradual recovery with buying emerging on dips. From a technical standpoint, the 53,000–53,200 zone is now acting as immediate resistance, while the 52,300–52,380 range remains a crucial support area for the index.
The daily Relative Strength Index (RSI) stands at 40.99, indicating a mild recovery from oversold conditions, though it still remains below the neutral mark, reflecting cautious momentum. Traders are advised to stay vigilant near support levels and avoid aggressive positions unless the index decisively breaks above the resistance zone.”
Sumeet Bagadia’s stocks to buy
Amid US-Iran war ceasefire deal, Sumeet Bagadia recommends five to buy on Wednesday, April 8: Godawari Power and Ispat Limited, Data Patterns (India), Welspun Corp, Sarda Energy & Minerals, and DEE Development Engineers.
1] Godawari Power and Ispat Limited: Buy at ₹285, Target ₹300, Stop Loss ₹273
Godawari Power and Ispat Limited share price has recently delivered a strong consolidation breakout above the 280 zone, indicating a shift from range-bound action to directional momentum. The stock is currently trading near 285 levels, which places it close to its all-time high zone, reflecting sustained buying interest and strength in trend structure. On the technical front, price action suggests higher high–higher low formation, supported by steady volume participation. The breakout above the consolidation range signals accumulation and continuation pattern, with momentum likely to persist if levels are sustained. Immediate support is placed at 273, which also acts as a strict stop-loss level. On the upside, 300 acts as a psychological resistance and target zone, and a decisive move above current levels can drive the stock towards this mark.
2] Data Patterns (India): Buy at ₹3209, Target ₹3400, Stop Loss ₹3088
Data Patterns share price has shown a strong rebound from its 100-day EMA, indicating a key dynamic support validation and revival of bullish momentum. The stock is currently trading around 3209, with price action reflecting strength above all major EMAs, confirming a positive trend alignment. Technically, the stock has transitioned into a momentum continuation phase, supported by improving structure and sustained closing strength. The reclaim of key moving averages suggests institutional accumulation and trend resumption. Immediate support is seen at 3088, which serves as a critical stop-loss level to maintain bullish bias. On the upside, a continuation of current momentum can push the stock towards 3400, aligning with the next resistance zone and projected price expansion.
3] Welspun Corp: Buy at ₹879, Target ₹940, Stop Loss ₹837
Welspun Corp share price is currently trading at 879, the stock is showing a definitive shift in character on the daily chart as it breaks out from a protracted bottoming phase. The price action reflects a sharp bullish move that has successfully reclaimed all major exponential moving averages, with a significant green candle surging above the 200-day EMA. This breakout is supported by the stock maintaining a higher high and higher low structure over recent weeks, suggesting that institutional buying interest is returning to the counter. The RSI has jumped to 62.78 and is trending upward, signalling robust bullish momentum that remains well-positioned for further expansion. This breakout above the 860 resistance level indicates the stock is gearing up for a sustained recovery toward previous high-volume nodes. Maintain a strict stop loss at 837 to protect capital, aiming for a primary target of 940.
4] Sarda Energy & Minerals: Buy at ₹528, Target ₹565, Stop Loss ₹505
Sarda Energy & Minerals share price is currently trading at 528 and is demonstrating a constructive recovery on the daily chart as it stabilizes within a rounding bottom formation. The price action recently reclaimed its 20, 50, and 100-day EMA cluster, signalling a positive shift in short-term momentum and a move away from the recent consolidation phase. Currently, the stock is trading comfortably above its 200-day EMA, which serves as a long-term bedrock of support near the 505 level. The RSI is trending upward at 53.20, indicating that buying pressure is gradually building without reaching overbought levels. This stabilization above the immediate resistance zone suggests the stock is preparing for a fresh leg toward its previous swing high. Maintain a strict stop loss at 505 to protect capital, aiming for a primary target of 563.
5] DEE Development Engineers: Buy at ₹313, Target ₹335, Stop Loss ₹295
DEE Development Engineers share price is trading around 313 and displaying a sharp “V-shaped” recovery on the daily chart, characterized by a massive breakout from a long-term bottoming phase. The price action reflects a high-conviction move, supported by a significant volume surge and a reclaim of all major exponential moving averages. Currently, the stock is trading comfortably above its 20, 50, 100, and 200-day EMA lines, indicating that the long-term trend has turned decisively bullish. The RSI is currently at 63.03, showing strong upward momentum that has successfully cooled from overbought levels, suggesting there is still room for further appreciation. This breakout above the 300 level signals that the stock is entering a high-momentum phase toward its previous resistance zones. Maintain a strict stop loss at 295 to protect capital, aiming for a primary target of 335.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.