Buy or sell stocks: The Indian stock market ended its recent rally on Monday, April 13, as investor sentiment turned cautious again due to a rise in crude oil prices. The increase in oil prices followed the failure of US-Iran peace talks over the weekend to reach an agreement, rekindling regional concerns.
The closed nearly 1% lower at 23,842, while the S&P BSE Sensex settled at 76,788, also down 1% from Friday’s close. Broader markets mirrored the muted sentiment, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices declining by over 0.46%.
Stock market today
Nifty 50
On Monday, the opened with a sharp gap-down at 23,589.60 and witnessed initial weakness, marking its intraday low of 23,555.60 within the first few minutes of trade. However, strong buying interest emerged thereafter, leading to a steady recovery throughout the session, pushing the index to an intraday high of 23,907.40. The index eventually closed at 23,842.65, registering a loss of 207.95 points or 0.86% over the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, on the daily timeframe, the formation of a strong bullish recovery candlestick pattern indicates buying interest at lower levels and absorption of selling pressure, suggesting a potential shift in short-term sentiment.
“From a technical perspective, immediate support is placed in the 23,650–23,690 range, while resistance is observed between 23,950 and 24,000 levels. The Relative Strength Index (RSI) stands at 51.70, sustaining above the midpoint of 50, indicating underlying strength despite the negative close. In the derivatives segment, notable call writing was seen at the 23,900 strike, followed by 24,000, while significant put writing was observed at 23,800 and 23,700 levels, indicating near-term support zones,” Bagadia said.
Bank Nifty
The Bank Nifty index opened with a significant gap-down at 54,646.00 and witnessed early selling pressure, marking its intraday low of 54,356.20 in the initial phase of the session. However, strong buying interest thereafter led to a sharp recovery, pushing the index to an intraday high of 55,752.65. The index closed at 55,605.05, registering a loss of 307.70 points or 0.55% for the day.
Bagadia further noted that the formation of a strong bullish recovery candle reflects resilience in the banking space and indicates sustained buying interest at lower levels.
“From a technical standpoint, immediate support is placed in the 55,300–55,350 range, while resistance is seen in the 55,800–55,900 zone. The Relative Strength Index (RSI) stands at 52.68, holding above the midpoint level of 50 and indicating continued positive momentum. Sustaining above this level would be important to confirm further strength,” he added.
He further opined that the recent price action suggests a volatile session marked by a gap-down opening followed by a strong intraday recovery, indicating buying interest at lower levels. While the indices ended on a negative note, the undertone remains constructive.
“The sustainability of this recovery will depend on follow-through buying and a move above key resistance levels. Traders are advised to stay selective and rely on price confirmation around crucial levels before initiating fresh positions,” he said.
Sumeet Bagadia’s stocks to buy
Amid the renewed optimism on US-Iran ceasefire talks, Sumeet Bagadia recommends five to buy on Wednesday, April 15: Akums Drugs and Pharmaceuticals, HBL Engineering, Sona Blw Precision Forgings, Emcure Pharmaceuticals, and NLC India.
1] Akums Drugs and Pharmaceuticals: Buy at ₹524.40, Target ₹566, Stop Loss ₹506
Akums Drugs and Pharmaceuticals share price has rebounded from its support zone and is forming a rounding bottom pattern, indicating a potential bullish reversal. The stock has also created a higher high and higher low structure and recently broke above its previous swing high, signaling continued upward momentum. Additionally, it is holding strong above the 200-day exponential moving average (200 DEMA), which reflects sustained strength in the trend. For short-term traders, the current price level of ₹524.40 may present a buying opportunity. A stop loss can be placed at ₹506, with a target of ₹566, while adhering to disciplined risk management.
2] HBL Engineering: Buy at ₹751.95, Target ₹812, Stop Loss ₹725
HBL Engineering share price has witnessed a strong reversal of nearly 22% from its support level, indicating a potential trend reversal. The stock is now showing strength by closing above its 20, 50, 100, and 200-day EMAs, which highlights a sustained bullish trend. Additionally, it has formed a bullish divergence near the support zone, and the RSI is currently trading at 63.36, suggesting increasing buying momentum. For short-term traders, the current price level of ₹751.95 may present a buying opportunity. A stop loss can be placed at ₹725, with a target of ₹812, while adhering to disciplined risk management.
3] Sona Blw Precision Forgings: Buy at ₹569.30, Target ₹615, Stop Loss ₹549
Sona Blw Precision Forgings share price is showing a strong bullish reversal by forming a higher high and higher low pattern, suggesting an uptrend continuation. The stock has also successfully retested the 200 DEMA and broken above its recent swing high, reflecting strong buying interest and momentum. Additionally, it is sustaining above the 200-week EMA, which highlights long-term strength in the trend. The RSI is currently at 66.36, indicating healthy bullish momentum.
For short-term traders, the stock is trading at ₹569.30, which may act as a buying opportunity. A stop loss can be placed at ₹549, with a target of ₹615, while adhering to disciplined risk management.
4] Emcure Pharmaceuticals: Buy at ₹1630.40, Target ₹1745, Stop Loss ₹1573
Emcure Pharmaceuticals share price is currently trading near its all-time high and has taken support at the 20-day EMA, indicating continued strength in the prevailing trend. The stock’s ability to sustain above the ₹1600 support level highlights strong buying interest and reinforces a positive outlook. Additionally, the RSI is positioned at 61.75, suggesting steady bullish momentum without entering overbought territory.
For short-term traders, the current price of ₹1630.40 may present a favorable buying opportunity. A stop loss can be maintained at ₹1573 to manage downside risk, while a target of ₹1745 can be considered on the upside. Traders are advised to follow disciplined risk management practices while executing this trade setup.
5] NLC India: Buy at ₹271.80, Target ₹292, Stop Loss ₹262
NLC India share price is showing signs of a reversal after breaking out of a falling trendline and successfully retesting it, indicating a shift in trend from bearish to bullish. The stock has formed a strong bullish candle above this level, which highlights buying strength and confirms the breakout. It is now trading above its 20, 50, 100, and 200-day EMAs, reflecting a sustained uptrend and overall strength in price action. The RSI is currently at 55.22, suggesting improving momentum with further upside potential. For short-term traders, the current price of ₹271.80 may present a favourable buying opportunity. A stop loss can be maintained at ₹262, with a target of ₹292, while following 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.