The Indian stock market snapped its recent winning streak on Monday, April 13, as sentiment weakened once again amid rising crude oil prices. The uptick in oil came after US-Iran peace talks over the weekend failed to produce a deal, reviving concerns in the region.
The ended the day nearly 1% lower at 23,842, while the S&P BSE Sensex closed at 76,788, also down 1% from Friday’s finish. The broader markets echoed the subdued mood, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices posting losses of more than 0.46%.
Despite the sharp declines in the benchmark indices, they managed to recover roughly half of their early losses, suggesting buying interest at lower levels. Earlier in the session, both the Nifty 50 and Sensex had dropped as much as 2%.
Stock market outlook
Nifty 50
On Monday, the Nifty index opened gap down by around 540 points due to dampened global cues, but picked up strength right from the first tick and recovered above the 23900 zones. It consolidated towards the end but recouped most of its intraday losses.
According to Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services, the index formed a bullish candle on the daily frame and absorbed any supply pressure in the market. Now it has to cross and hold above 23900 zones for an up move towards 24100, then 24300 zones, while supports can be seen at 23700, then 23550 zones.
“On the option front, Maximum Call OI is at 24500 then 24000 strike, while Maximum Put OI is at 23000 then 23500 strike. Call writing is seen at 24500, then 24800 strike, while Put writing is seen at 23000, then 23800 strike. Option data suggests a broader trading range between 23300 and 24300 zones, while an immediate range between 23500 and 24100 levels,” Taparia said.
Bank Nifty
index opened gap down by more than 1300 points in line with weak global cues and drifted towards 54350 zones in the initial tick of the session, on April 13. However, a gradual recovery was seen from the lower levels towards the 55750 levels in the latter part of the session.
Taparia noted that the index formed a bullish candle on the daily scale as buying interest is visible at lower levels, but multiple hurdles are intact at higher zones and are hovering below its 50 DEMA. Now it has to hold above 55500 zones for an up move towards 56000, then 56500 levels, while a hold below the same could see some weakness towards 55000, then 54750 levels.
Stocks to buy
Chandan Taparia has recommended three stocks to buy tomorrow, 15 April 2026. Taparia recommends buying Multi Commodity Exchange (MCX), Sona Blw Precision Forgings, and Waaree Energies.
MCX | Buy | Target Price: ₹2,930 | Stop Loss: ₹2,680
Stock has broken out from an “Ascending Triangle” pattern with a strong bodied bullish candle on the daily scale. The RSI indicator has given a bullish crossover to confirm the up move.
Sona Blw Precision Forgings | Buy | Target Price: ₹603 | Stop Loss: ₹550
Stock has given a breakout from a consolidation zone with higher than average traded volumes to confirm the price action. The MACD indicator is rising which confirms the positive momentum.
Waaree Energies | Buy | Target Price: ₹3,535 | Stop Loss: ₹3,240
Stock has broken out from a bullish “Pole & Flag” pattern on the daily scale suggesting a continuation of the uptrend. The ADX line is rising which confirms the strength of the uptrend.
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.