Buy or sell stocks: The Indian stock market resumed its downward trajectory on Tuesday, April 28, following a short-lived rally, as persistent Middle East tensions kept crude oil prices high and banking stocks faced pressure after the Reserve Bank of India’s final credit-loss norms.
The ended 0.40% lower at 23,995, while the S&P BSE Sensex declined 0.54% to settle at 76,886 compared to Monday’s close.
Stock market today
Nifty 50
On Friday, the Nifty 50 opened on a flat-to-negative note at 24,049.90 and traded within a defined range throughout the session, marking an intraday high of 24,181.80 and a low of 23,957.05. The index faced selling pressure at higher levels and eventually closed at 23,995.70, registering a decline of 97.00 points or 0.40% over the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, on the daily timeframe, the formation of a double inside bar candlestick pattern indicates consolidation and contraction in volatility, reflecting market indecision and suggesting that a breakout on either side may determine the next directional move.
“From a technical perspective, immediate support is placed in the 23,750–23,800 range, while resistance is observed between 24,150 and 24,200 levels. The Relative Strength Index (RSI) stands at 50.50, hovering around the midpoint of 50, indicating neutral momentum with no clear directional bias. In the derivatives segment, notable call writing was seen at the 24,100 strike, followed by 24,200, while significant put writing was observed at 24,000 and 23,900 levels, indicating near-term support zones,” Bagadia said.
Bank Nifty
The index opened with a significant gap-down at 55,862.50 and attempted a recovery during the session, marking an intraday high of 56,138.05. However, it failed to sustain at higher levels and slipped to an intraday low of 55,263.75. The index eventually closed at 55,400.35, declining by 863.95 points or 1.45% for the day.
Bagadia noted that on the daily timeframe, the formation of a bearish candlestick pattern reflects sustained selling pressure and continued weakness in the banking space.
“From a technical standpoint, immediate support is placed in the 54,900–55,000 range, while resistance is seen in the 55,850–56,000 zone. The Relative Strength Index (RSI) stands at 48.44, slipping below the midpoint level of 50 and indicating weakening momentum. Sustaining above this level would be important to avoid further downside,” he added.
Bagadia further recommended investors to wait for a decisive breakout from the current range and rely on price confirmation before initiating fresh positions, as the recent price action suggests a range-bound yet negative session, with consolidation in the Nifty and sustained weakness in the banking index. While the broader undertone remains cautious, weakening momentum and negative market breadth indicate limited buying interest, he said.
Sumeet Bagadia’s stocks to buy
Amid ongoing tensions in US-Iran, Sumeet Bagadia recommends five to buy on Wednesday, April 29: Carborundum Universal, SJVN, Kirloskar Oil Engines, Lloyds Metals And Energy, and JSW Energy.
1] Carborundum Universal: Buy at ₹968.15, Target ₹1050, Stop Loss ₹934
Carborundum Universal share price is showing a strong upward trend, trading nearly 9% above its 200 DEMA, which indicates sustained bullish momentum. The stock has also delivered a breakout from a brief consolidation phase, accompanied by a strong bullish candle, signaling potential for further upside.Technically, the RSI is at 70.99, highlighting strong buying momentum and approaching overbought territory. On the downside, the 940 level is likely to act as immediate support in case of a minor correction.For short-term trading, one may consider buying at the current level of 968.15, with a stop loss at 934 and an upside target of 1050.
2] SJVN: Buy at ₹81.79, Target ₹88, Stop Loss ₹78.98
SJVN share price is currently trading at 81.79. On the 1-hour timeframe, the stock has reversed from its 50 EMA, showcasing a positive shift in short-term momentum. Additionally, it has recently closed above its 200 DEMA with the formation of a bullish candle, reflecting strengthening price action and potential continuation of the uptrend. The stock had earlier corrected nearly 63% from its all-time high and has now rebounded almost 30% from its major support level of 63, accompanied by the formation of a bullish divergence. This indicates a potential trend reversal and improving buying interest at lower levels. For short-term trading, one may consider buying at the current level of 81.79, with a stop loss at 78.98 and an upside target of 88.
3] Kirloskar Oil Engines: Buy at ₹1724.4, Target ₹1850, Stop Loss ₹1660
Kirloskar Oil Engines share price is currently trading at 1724.4, near its all-time high. The stock is maintaining an upward trajectory by forming a pattern of higher highs and higher lows, reflecting a strong and sustained uptrend. Additionally, the stock has broken out above its recent swing high, showcasing renewed buying interest and potential for further price expansion. The RSI is trading at 72.19, suggesting strong bullish momentum while also indicating that the stock is approaching overbought territory.For short-term trading, one may consider buying at the current level of 1724.4, with a stop loss at 1660 and an upside target of 1850.
4] Lloyds Metals And Energy: Buy at ₹1751.9, Target ₹1900, Stop Loss ₹1690
LLOYDSME has shown a strong reversal from the 100-week EMA, signaling a shift toward bullish momentum and strong long-term support. The stock is currently trading around ₹1751.9, near its all-time high, and has recently marked a new high of 1761, which reflects sustained buying strength and continuation of the uptrend.
A sustained move above the ₹1750 level, which is a major resistance zone, would suggest a confirmed breakout and potential for further upside. The RSI is at 68.67, indicating strong momentum and increasing buying interest, while approaching overbought territory.
For short-term traders, the current price levels may present a potential buying opportunity. A stop loss can be placed at ₹1690 to manage downside risk, with an upside target of ₹1900, while maintaining strict risk management discipline.
4] JSW Energy: Buy at ₹580.9, Target ₹630, Stop Loss ₹558
JSW Energy share price is moving in an upward trend, forming a consistent pattern of higher highs and higher lows on the daily timeframe, indicating sustained buying interest and a strong bullish structure. The stock has also broken out above its previous swing high and successfully crossed a downward sloping resistance trendline, signaling a shift in trend from consolidation to bullish momentum with potential for further upside. In addition to this, the stock has witnessed a golden crossover of the 50 and 100 DEMA levels, indicating strengthening momentum and a positive trend confirmation supported by moving average alignment.The current setup suggests accumulating the stock at CMP, with a stop loss placed around 558 to manage downside risk, while aiming for a potential upside target of 630.
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.