Buy or sell stocks: A broad-based selloff weighed on the Indian stock market on Thursday, April 30, dragging the benchmark indices — Sensex and Nifty 50 — lower.
The 30-share fell 583 points, or 0.75%, to settle at 76,913.50, while the Nifty 50 declined 180 points, or 0.74%, to close at 23,997.55. The broader market also came under pressure, with the BSE 150 Midcap and BSE 250 Smallcap indices dropping 1% and 0.50%, respectively.
Stock market today
Nifty 50
On 30th April 2026, the opened with a gap-down at 23,996.95 and witnessed selling pressure in the first half, dragging the index to an intraday low of 23,796.85. In the latter half, buying interest emerged at lower levels, leading to a recovery and pushing the index to an intraday high of 24,087.45. The index eventually closed near its opening level at 23,997.55, registering a decline of 180.10 points or 0.74% over the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, on the daily timeframe, the formation of a Doji-like candlestick pattern indicates indecision in the market, reflecting a balance between buying and selling pressure.
“From a technical perspective, immediate support is placed in the 23,750–23,800 range, while resistance is observed between 24,200 and 24,250 levels. The Relative Strength Index (RSI) stands at 50.28, hovering around the midpoint of 50, indicating neutral momentum. The volatility index, India VIX, increased by 5.86% to close at 18.46, suggesting a rise in market uncertainty. 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 23,800 levels, indicating near-term support zones,” said Bagadia.
Bank Nifty
The Bank Nifty index opened with a sharp gap-down at 54,880.65 and faced selling pressure in the first half, marking an intraday low of 54,440.25. However, a recovery in the latter half pushed the index to an intraday high of 55,111.60. The index eventually closed near its opening level at 54,863.35, declining by 540.25 points or 0.98% for the day.
Bagadia further highlighted that on the daily timeframe, the formation of a Doji-like candlestick pattern indicates indecision and lack of clear directional bias.
“From a technical standpoint, immediate support is placed in the 54,300–54,400 range, while resistance is seen in the 55,400–55,500 zone. The Relative Strength Index (RSI) stands at 45.54, indicating weakening momentum and a slight bearish bias. Sustaining above this level would be important to avoid further downside,” he said.
Bagadia further recommended traders to wait for a decisive breakout above resistance or breakdown below support levels before initiating fresh positions, as recent price action suggests a volatile session with gap-down openings followed by recovery in the latter half, resulting in indecisive price structures. While the undertone remains cautious, rising volatility and weak market breadth indicate lack of strong conviction among participants, he said.
Sumeet Bagadia’s stocks to buy
Amid ongoing tensions in US-Iran war uncertainty, Sumeet Bagadia recommends five to buy on Monday, 4 May: Pondy Oxides and Chemicals, Bliss GVS Pharma, SJS Enterprises, Bharat Seats, and Rategain Travel Technologies.
1] Pondy Oxides and Chemicals: Buy at ₹1382, Target ₹1515, Stop Loss ₹1300
Pondy Oxides and Chemicals is trading around 1328, demonstrates powerful bullish momentum on the daily chart characterized by a sharp V shaped recovery from recent lows with strong volume. The stock has decisively crossed above its 20, 50, 100, and 200 days exponential moving averages confirming a solid trend reversal. Additionally, the daily relative strength index stands strong near 74 indicating robust buying interest and upward strength. Given this highly positive technical setup the stock is well positioned to reach an upside target of 1515. To manage risk a strict stop loss should be maintained at 1300.
2] Bliss GVS Pharma: Buy at ₹276.5, Target ₹300, Stop Loss ₹265
Bliss GVS Pharma share price is currently trading at 276.5, exhibits a highly encouraging technical structure on the daily timeframe characterized by a robust uptrend and a continuation pattern breakout. The stock is currently trading confidently above its key 20, 50, 100, and 200 days exponential moving averages which firmly validates the underlying bullish momentum. Moreover, the daily relative strength index is comfortably positioned near 67 reflecting strong buying interest while leaving ample room for further upside. Given this highly positive setup the stock appears well positioned to reach an upside target of 300. To manage risk a strict stop loss should be maintained at 265.
3] SJS Enterprises: Buy at ₹1808.5, Target ₹1950, Stop Loss ₹1705
SJS Enterprises share price is currently trading at 1808.5, displays an encouraging technical setup on the daily chart following a strong breakout from a recent consolidation pattern. The price has successfully rebounded and is trading comfortably above its key 20, 50, 100, and 200 days exponential moving averages which confirms the underlying bullish trend. Furthermore, the daily relative strength index has crossed above 61 signalling accelerating upward momentum and renewed buying interest. Based on this positive price action the stock is well positioned to achieve an upside target of 1950. To effectively manage downside, risk a strict stop loss should be placed at 1705.
4] Bharat Seats: Buy at ₹187.25, Target ₹205, Stop Loss ₹175
Bharat Seats share price is currently trading at 187.25, demonstrates a promising technical setup on the daily chart following a robust breakout from a double bottom formation with healthy volumes. The stock is trading confidently above its vital 20, 50, 100, and 200 days exponential moving averages which confirms the strong underlying bullish trend. Furthermore, the daily relative strength index has crossed 60 indicating accelerating upward momentum and sustained buying interest. Given this favourable price action the stock is perfectly positioned to reach an upside target of 205. To manage risk a strict stop loss should be maintained at 175.
5] Rategain Travel Technologies: Buy at ₹602.6, Target ₹660, Stop Loss ₹575
Rategain Travel Technologies share price is trading around 602.6, demonstrating a sharp technical recovery on the daily chart, successfully breaking out from a rounding bottom formation. The price action has reclaimed the 20, 50, 100, and 200-day EMA lines, with a high-conviction bullish candle closing above the long-term 200-day EMA. This move signals a significant shift in character from a downtrend to a fresh bullish phase, supported by increasing volume as the stock clears previous resistance. The RSI is currently at 65.92 and trending upward, reflecting strong bullish momentum with room to reach previous swing highs before hitting overbought conditions. This setup indicates that the stock is entering a trending phase after a period of base formation. Maintain a strict stop loss at 575 to protect capital, aiming for a primary target of 660.
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.