Buy or sell stocks: The Indian benchmark indices — Sensex and Nifty — closed the week in the red, ending a two-week rally, as rising geopolitical tensions and subdued earnings guidance from major IT firms dampened sentiment.
Following a brief initial rise, both indices faced sustained selling pressure for most of the week. As a result, the dropped 1.87% to finish at 23,897.95, while the Sensex declined 2.33% to settle at 76,664.21.
Stock market today
Nifty 50
On Friday, the Nifty 50 opened with a gap-down at 24,100.55 and witnessed selling pressure throughout the session. The index marked its intraday high of 24,206.00 in the initial minutes of trade, followed by a steady decline, leading to an intraday low of 23,813.65. The index eventually closed at 23,897.95, indicating a weak session with sustained selling bias.
According to Sumeet Bagadia, Executive Director at Choice Broking, on the daily timeframe, the formation of a bearish candlestick pattern reflects continued selling pressure and weak market sentiment.
“From a technical perspective, immediate support is placed in the 23,650–23,700 range, while resistance is observed between 24,050 and 24,150 levels. The Relative Strength Index (RSI) stands at 49.21, slipping below the midpoint of 50, indicating weakening momentum and a shift towards a negative bias. In the derivatives segment, notable call writing was seen at the 24,000 strike, followed by 24,100, while significant put writing was observed at 23,900 and 23,800 levels, indicating near-term support zones,” said Bagadia.
Bank Nifty
The opened with a gap-down at 56,170.20 and traded with volatility on both sides during the session. It recorded an intraday high of 56,460.50 in the first half, followed by a decline to an intraday low of 55,750.40 in the latter half. The index eventually closed at 56,089.75, ending near its opening level.
Bagadia further noted that on the daily timeframe, the formation of a Doji candlestick pattern indicates indecision among market participants, reflecting a balance between buyers and sellers.
“From a technical standpoint, immediate support is placed in the 55,750–55,850 range, while resistance is seen in the 56,300–56,400 zone. The Relative Strength Index (RSI) stands at 52.27, holding slightly above the midpoint level of 50, indicating a neutral to mildly positive undertone. Sustaining above this level would be important to confirm further strength,” he added.
Bagadia further recommended investors to remain cautious and rely on price confirmation before initiating fresh positions, as the undertone has turned cautious, holding above key support levels will be crucial to prevent further downside.
Sumeet Bagadia’s stocks to buy
Amid ongoing tensions in US-Iran, Sumeet Bagadia recommends five on Monday, April 27: IPCA Laboratories, Varun Beverages, Bank of Maharashtra, Titagarh Rail Systems, and Gujarat Fluorochemicals.
1] IPCA Laboratories: Buy at ₹1555.90, Target ₹1680, Stop Loss ₹1484
IPCA Laboratories share price is trading around ₹1555.90 and showing signs of strength as it continues to respect a rising trendline support, indicating sustained buying interest on dips. The stock recently witnessed consolidation near the trendline, followed by accumulation at support and a breakout from a sideways range, suggesting resumption of the uptrend. Rising EMAs further reinforce the bullish structure, while RSI has shown a strong reversal from the oversold zone and is currently at 63.38, reflecting improving momentum.
Based on this setup, traders may consider buying at CMP with a stop-loss at ₹1484 for a target of ₹1680, while maintaining disciplined risk management.
2] Varun Beverages: Buy at ₹490.45, Target ₹530, Stop Loss ₹467
Varun Beverages share price is showing strong bullish momentum after delivering a wider range trendline resistance breakout and sustaining above the breakout zone, indicating robust price acceptance. The sharp upmove post accumulation suggests continuation of the uptrend, further supported by a bullish EMA crossover. Momentum indicators also remain favorable, with RSI witnessing a strong reversal from the oversold zone and trending higher, reflecting strengthening buying interest.
Considering this constructive technical structure, traders may consider buying at CMP ₹490.45 with a strict stop-loss at ₹467 for a target of ₹530, while maintaining disciplined risk management.
3] Bank of Maharashtra: Buy at ₹77.90, Target ₹84.50, Stop Loss ₹74.50
Bank of Maharashtra is showing positive momentum after delivering a rounding bottom breakout and sustaining above the breakout zone, indicating strong price acceptance and trend continuation. Currently trading around ₹77.90, the stock is witnessing bullish traction supported by upward-sloping EMAs, reflecting a strengthening trend structure.
Momentum indicators remain supportive, with RSI holding firm near the midpoint and trending higher, signaling improving buying interest. Based on this technical setup, short-term traders may consider buying at CMP with a strict stop-loss at ₹74.50 for a target of ₹84.50, while maintaining disciplined risk management.
4] Titagarh Rail Systems: Buy at ₹756.25, Target ₹824, Stop Loss ₹720
Titagarh Rail Systems share price is showing strong bullish momentum after engulfing the previous five trading sessions’ range with a robust bullish candlestick, indicating a decisive shift in sentiment. Currently trading around ₹756.65, the stock has witnessed a sharp recovery from its recent swing low, supported by a falling trendline breakout and sustained upward movement.
The stock is holding above its 100-day EMA, reflecting short-term strength, while support is placed near the recent range lows where accumulation is visible. Based on this technical setup, traders may consider buying at CMP with a stop-loss at ₹720 for a target of ₹824, while maintaining disciplined risk management.
5] Titagarh Rail Systems: Buy at ₹3383.30, Target ₹3665, Stop Loss ₹3225
Gujarat Fluorochemicals share price is showing strength after a sustained upside move from the ₹2900– ₹3000 accumulation zone, indicating a solid base formation. Recently, the stock witnessed a minor consolidation near the EMA cluster, followed by a breakout from the range, signaling continuation of the short-term uptrend.
The stock has now moved above key short-term 50 and 100-day EMAs, reflecting improving momentum and bullish structure. Based on this setup, traders may consider buying at CMP ₹3383.30 with a strict stop-loss at ₹3225 for a target of ₹3665, while maintaining disciplined risk management.
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.