Buy or sell stocks: The Indian stock market ended Thursday’s session on April 16 with modest losses, as key indices failed to hold on to their opening gains after touching their highest levels since early March. After a 1.6% surge in the previous session, the Nifty 50 closed 0.14% lower at 24,196, while the Sensex settled at 77,988, down 0.16% from the previous close.
Stock market today
Nifty 50
Sumeet Bagadia, Executive Director at Choice Broking, said that the opened on a strong bullish note, registering a gap-up of nearly 155 points, indicating positive sentiment at the start of the session. It moved higher to touch an intraday high of 24,400.95; however, this momentum was not sustained as the index witnessed a sharp decline afterward.
Despite attempting to hold above the 24,300 level, it failed to do so, leading to further selling pressure. The index eventually dropped nearly 300 points from its day’s high, hitting a low of 24,102.80 before closing at 24,196.75, posting a marginal decline of 34.55 points (-0.14%). This reflects intraday volatility along with profit booking at higher levels, while the price action indicates rejection near resistance zones.
From a technical perspective, Bagadia noted that the 24,350–24,400 range is acting as an immediate resistance band, while strong support is placed between 24,000 and 24,070. The daily RSI stands at 55.40, indicating neutral momentum with a slight bullish bias. Meanwhile, India VIX declined by 3.12% to 18.08, suggesting easing volatility and relatively stable market conditions.
In the derivatives segment, he added that notable put writing at the 24,200 strike along with aggressive call writing at 24,300 suggests that the index may consolidate within a narrow range in the near term. Traders are therefore advised to remain cautious.
Bank Nifty
Commenting on the banking index, Sumeet Bagadia said the Nifty Bank began the session on a strong note, opening with a gap-up of around 355 points at 56,657.25 and extending gains to touch an intraday high of 56,834.25. However, the upward momentum could not be sustained, and the index witnessed a decline, thereafter, slipping to a low of 55,898.25. It eventually closed the session at 56,086.40, registering a loss of 215.55 points (-0.38%), suggesting selling pressure at higher levels and profit booking after the initial rise.
From a technical perspective, he noted that the 56,400–56,500 zone is acting as an immediate resistance level, while the 55,700–55,800 range serves as a key support area. The daily Relative Strength Index (RSI) stands at 54.23, reflecting neutral momentum with a mild positive bias. Traders are advised to remain cautious near support levels and avoid aggressive positions unless the index decisively breaks above the resistance zone.
Sumeet Bagadia’s stocks to buy
Amid the renewed optimism on US-Iran ceasefire talks, Sumeet Bagadia recommends five shares to buy on Frisay, April 17: Neogen Chemicals, Astra Microwave, Senores Pharmaceuticals, Allied Blenders & Distillers, and IFCI.
1] Neogen Chemicals: Buy at ₹1502, stop loss at ₹1440 and target ₹1610
is currently trading at 1502 and displays a strong bullish breakout on the daily chart, successfully clearing a major resistance zone and all key exponential moving averages. The stock has decisively crossed above the 20, 50, 100, and 200-day EMAs with a powerful bullish candle, indicating a structural shift from consolidation to a potential uptrend. The RSI has surged above the 66 level, confirming sharp positive momentum and significant buying interest. With the price now trading above the critical 200-day EMA, the technical setup is highly constructive for further gains. This alignment suggests a move toward the target of 1610. To manage risk, a stop loss should be maintained at 1440, providing protection just below the recent breakout and EMA support levels.
2] Astra Microwave: Buy at ₹1074, stop loss at ₹1026 target at ₹1150
is currently trading at 1074 and demonstrates a powerful bullish breakout on the daily chart, recently clearing a significant resistance zone with a large expansionary candle. The stock has decisively reclaimed its 20, 50, 100, and 200-day exponential moving averages, signalling a major trend reversal from a period of consolidation. This move is supported by a noticeable spike in trading volume, confirming institutional interest at current levels. The RSI has jumped to 68.76, indicating strong positive momentum as it approaches the overbought threshold.
With the price now sustaining above the entire EMA cluster, the technical outlook is highly optimistic for further gains. The stock is well-positioned to reach the target of 1150, while a stop loss should be maintained at 1026 to protect against any short-term pullback below the immediate support.
3] Senores Pharmaceuticals: Buy at ₹890, stop loss at ₹847 and target ₹955
is currently trading at 890 and exhibits a strong bullish momentum on the daily chart, recently breaking out of a consolidation phase to reach a new swing high. The stock is trading well above its 20, 50, 100, and 200-day exponential moving averages, which are aligned in a positive slope, confirming a robust primary uptrend. The RSI has surged to 72.92, indicating powerful buying velocity and a shift into an aggressive bullish zone. With the price action clearing previous resistance levels on steady volume, the technical structure remains highly constructive for further expansion. This positive outlook supports a move toward the target of 955 as the trend persists. To manage risk effectively, a stop loss should be maintained at 847, providing a necessary buffer just below the recent breakout candle’s base.
4] Allied Blenders & Distillers: Buy at ₹540, stop loss at ₹515 and target ₹575
is currently trading at 540 and demonstrates a sharp bullish reversal on the daily chart, having recovered significantly from its recent lows near 382. The stock has decisively breached its 20, 50, 100, and 200-day exponential moving averages with a strong bullish candle, signalling a shift in the long-term trend. The RSI has surged to 70.84, confirming robust buying momentum as the stock exits its consolidation phase. With a notable increase in volume supporting this breakout, the technical outlook remains highly positive for further gains.
The stock is well-positioned to reach the target of 575 as it maintains its upward trajectory above the EMA cluster. To manage risk, a stop loss should be maintained at 515, providing a safety net just below the recent breakout level.
5] IFCI: Buy at ₹60.73, stop loss ₹57.6 and target ₹65.5
is trading around 60.73 and shows a promising bullish breakout on the daily chart, having successfully cleared its recent consolidation phase. The stock has decisively crossed above the 20, 50, 100, and 200-day exponential moving averages, signalling a positive shift in the long-term trend. This move is supported by a significant spike in trading volume, indicating strong buying conviction. The RSI has climbed to 63.95, confirming strengthening upward momentum as the stock gains traction.
With the price now sustaining above the entire EMA cluster, the technical structure remains highly constructive. This positive outlook supports a move toward the target of 65.5. To manage risk, a stop loss should be maintained at 57.6, providing protection just below the immediate support of the moving average breakout zone.
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.