Buy or sell stocks: A renewed wave of buying lifted the Indian stock market on Wednesday, April 15, pushing benchmark indices up by over 1.5% each.
The Sensex climbed 1,264 points, or 1.64%, to end at 78,111.24, while the Nifty 50 advanced 389 points, or 1.63%, to close at 24,231.30. Meanwhile, the Nifty Midcap 100 and Smallcap 100 indices each posted gains exceeding 2%.
Stock market today
Nifty 50
On Wednesday, the opened with a strong gap-up at 24,163.80 and witnessed early volatility, marking its intraday low of 24,145.80 and high of 24,280.90 in the initial phase of the session. Thereafter, the index traded in a narrow range, indicating a phase of consolidation for the rest of the day. The index eventually closed at 24,231.30, registering a gain of 388.65 points or 1.63% over the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, on the daily timeframe, the formation of a small-bodied bullish candlestick pattern with consolidation characteristics indicates a pause after the recent up move, suggesting that the market is currently digesting gains while maintaining a positive bias.
“From a technical perspective, immediate support is placed in the 24,000–24,070 range, while resistance is observed between 24,400 and 24,450 levels. The Relative Strength Index (RSI) stands at 55.86, sustaining above the midpoint of 50, indicating strengthening bullish momentum. In the derivatives segment, notable call writing was seen at the 24,300 strike, followed by 24,500, while significant put writing was observed at 24,200 and 24,000 levels, indicating near-term support zones,” Bagadia said.
Bank Nifty
The Bank Nifty index opened with a gap-up at 56,343.45 and witnessed early volatility, marking its intraday low of 56,109.20 and high of 56,786.25 during the initial phase of the session. Thereafter, the index traded in a range-bound manner, consolidating its gains through the day. The index closed at 56,301.95, gaining 696.90 points or 1.25% for the day.
Bagadia noted that the formation of a bullish candle with a long upper wick in today’s session indicates rejection at higher levels and suggests the presence of resistance overhead.
“From a technical standpoint, immediate support is placed in the 55,800–55,900 range, while resistance is seen in the 56,600–56,800 zone. The Relative Strength Index (RSI) stands at 55.18, holding above the midpoint level of 50 and indicating continued positive momentum. Sustaining above this level would be important to confirm further strength,” said Bagadia.
He further noted that the recent price action suggests a gap-up opening followed by consolidation, indicating stability after the recent rally. While the undertone remains positive, the presence of resistance at higher levels warrants caution.
The sustainability of the ongoing uptrend will depend on a decisive breakout above key resistance zones. Bagadia recommended traders to stay selective and look for buying opportunities on dips while monitoring price action near crucial levels,
Sumeet Bagadia’s stocks to buy
Amid the renewed optimism on US-Iran ceasefire talks, Sumeet Bagadia recommends five to buy on Thursday, April 16: Graphite India, Finolex Cables, Sonata Software, MM Forgings, and Sharda Cropchem.
1] Graphite India: Buy at ₹666.35, Target ₹720, Stop Loss ₹639
Graphite India share price is currently trading at 666.35, demonstrating a strong bullish breakout on the daily chart, moving past a recent consolidation zone with a significant price jump. The stock is trading comfortably above its 20, 50, 100, and 200-day exponential moving averages, confirming a robust uptrend. This positive price action is backed by a surge in volume, indicating strong buying interest at current levels. The RSI has climbed toward 58, showing increasing momentum and room for further upside before reaching overbought territory. With the stock reclaiming its short-term EMAs decisively, the technical structure remains favourable for a continued rally. The outlook is positive with a target of 720, while a stop loss should be maintained at 639 to protect against a reversal below the immediate support cluster.
2] Finolex Cables: Buy at ₹883.60, Target ₹950, Stop Loss ₹845
Finolex Cables share price is currently trading at 883.60, the stock indicates a strong bullish reversal after forming a base around the 700-720 zone. The stock has decisively cleared its 20, 50, and 100-day exponential moving averages, and is currently challenging the 200-day EMA with a powerful bullish candle. This price action suggests a structural shift from a downtrend to an emerging uptrend. The RSI is trending upward at 58.70, reflecting healthy momentum without reaching overbought levels. With volume support accompanying the recent bounce, the technical outlook remains highly positive. The stock is positioned to reach the target of 950 as it sustains above the moving average cluster. To manage risk effectively, a stop loss should be maintained at 854, providing a safety net just below the recent breakout level.
3] Sonata Software: Buy at ₹253.80, Target ₹275, Stop Loss ₹243
Sonata Software share price is currently trading at 253.80, showing a promising recovery setup on the daily chart, having formed a solid double bottom pattern near the 207 level. The stock has recently staged a sharp bounce, reclaiming its 20-day exponential moving average and currently testing the 50-day EMA with positive price action. The RSI has surged above 55, breaking out of its bearish territory and signalling a significant shift in near-term momentum. With a noticeable increase in buying interest at lower levels, the technical outlook suggests further upside potential as the stock attempts to mean-revert toward higher moving averages. This constructive setup aligns with a target of 275, while a stop loss should be maintained at 243 to protect against any breakdown below the immediate support zone.
4] MM Forgings: Buy at ₹464.40, Target ₹505, Stop Loss ₹444
MM Forgings share price is currently trading at 464.4 and has given a short-term range breakout on the daily timeframe, indicating a continuation of the bullish trend and potential for further upward movement backed by an improving price structure. The intraday low for today’s session remained equal to the opening price, indicating strong buying interest from the start of the session and the absence of significant selling pressure, reflecting positive intraday sentiment. Additionally, the momentum indicator RSI is above the midpoint, indicating strength in momentum and suggesting potential for continued upside. Based on this setup, traders may consider accumulating the stock at the current market price (CMP), with a stop loss placed at 1040 for risk management and an upside target of 1180.
5] Sharda Cropchem: Buy at ₹1092.70, Target ₹1180, Stop Loss ₹1040
Sharda Cropchem share price is trading around 1092.70, the stock is moving upwards, forming a higher high–higher low structure on the hourly timeframe, indicating a continuation of the short-term uptrend supported by consistent buying interest. The stock is also seen trading above all its crucial exponential moving averages on the daily chart, including the 20, 50, 100, and 200 EMA, reflecting strong trend alignment and underlying bullish strength across multiple timeframes. The RSI on the daily timeframe is at 60.95, which is hovering above the midpoint, indicating positive momentum and scope for further upside in the near term. Based on this setup, the stock can be accumulated at the current market price (CMP), with a stop loss placed appropriately for risk management and a potential upside target, maintaining a favourable risk-reward ratio.
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.