Buy or sell stocks: Indian indices—the Sensex and —extended their gains for a second straight session on Thursday, April 2, closing in positive territory. The late-session buying helped lift markets despite weak global cues and a sharp rise in crude oil prices.
The Sensex settled 185 points, or 0.25%, higher at 73,319.55, recovering 1,774 points from its intraday low of 71,545.81. Similarly, the NSE’s Nifty 50 rebounded 531 points from its day’s low of 22,182.55 to finish at 22,713.10, up 34 points, or 0.15%.
Stock market today
Nifty 50
On Thursday, the Nifty 50 opened on a weak note with a sharp gap-down at 22,383.40 and declined further to an intraday low of 22,182.55 during the first half of the session. In the latter half, strong buying interest emerged, driving the index higher to an intraday high of 22,782.30.
Despite the negative start, the index managed to recover and closed in positive territory at 22,713.10, registering a marginal gain of 33.70 points or 0.15% over the previous close. On the daily timeframe, the complete filling of the initial gap-down indicates sustained demand at lower levels.
“From a technical perspective, immediate support for the index is placed in the 22,450–22,500 range, while resistance is observed between 22,840 and 22,900 levels. The Relative Strength Index (RSI) is currently at 37.56, remaining below the midpoint of 50, which suggests that the momentum lacks strong conviction. In the derivatives segment, notable call writing was observed at the 22,800 strike, followed by the 23,000 strike. On the put side, significant writing activity was seen at the 22,500 and 22,600 strike levels, highlighting key support zones,” said Sumeet Bagadia, Executive Director at Choice Broking.
Bank Nifty
The index remained volatile throughout the trading session. It opened with a sharp gap-down at 50,625.65 and extended its decline in early trade, touching an intraday low of 49,954.85 due to continued selling pressure.
Subsequently, strong buying interest at lower levels led to a sharp recovery, pushing the index to an intraday high of 51,731.95. The index eventually closed at 51,548.75, registering a gain of 100.10 points or 0.19% for the day. On the daily timeframe, the formation of a bullish candlestick reflects improving sentiment and buying interest in the index.
On the Bank Nifty outlook, Bagadia further added, “From a technical standpoint, immediate support is placed in the 51,000–51,150 range, while resistance is seen in the 51,860–52,000 zone. The Relative Strength Index (RSI) stands at 35.13 and continues to remain below the midpoint level of 50, indicating that the momentum is yet to strengthen meaningfully. Sustaining above this level would be important to signal improvement in strength.”
He recommended investors maintain a cautious stance, considering the prevailing geopolitical uncertainties. Market participants should keep a close watch on important support and resistance levels and prefer to act only after clearer signs of stability emerge, he said.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five to buy on Monday, April 6: Infosys, Kalyan Jewellers India, Supriya Lifescience, MM Forgings, and Vedanta.
1] Infosys: Buy at ₹1300.80, Target ₹1400, Stop Loss ₹1240
Infosys share price is trading around ₹1300.80 and showing strength after forming a strong bullish candlestick with a bullish engulfing pattern, indicating renewed buying interest. The stock has recently consolidated near lower levels and taken support, suggesting base formation and improving price structure on the daily chart.
On the hourly timeframe, it has broken above its previous lower high, signalling short-term bullish momentum. RSI on the daily chart shows a bullish divergence and is trending higher, indicating strengthening momentum. Based on this technical setup, traders may consider initiating long positions at the current market price, with a stop-loss placed at ₹1240 for a potential upside target of ₹1400, while adhering to disciplined risk management practices.
2] Kalyan Jewellers: Buy at ₹394.35, Target ₹430, Stop Loss ₹374
Kalyan Jewellers India share price is currently quoted near ₹394.35 and exhibiting improving price action after a confirmed breakout above a falling trendline on the daily chart. The stock has successfully retested the breakout zone and is now moving higher, indicating strong price acceptance and a potential continuation of the uptrend.
On the weekly timeframe, the recent retracement appears healthy, with the stock sustaining above the 200-week EMA, reinforcing a strong long-term demand zone. Based on this constructive setup, short-term traders may consider buying at CMP with a stop-loss at ₹374 for a target of ₹430, while adhering to disciplined risk management.
3] Supriya Lifescience: Buy at ₹394.35, Target ₹430, Stop Loss ₹374
Supriya Lifescience share price is showing strength after delivering a sideways range breakout on the daily timeframe, supported by a bullish divergence in RSI, indicating improving technical momentum and potential for upside continuation.
On the weekly chart, the stock has witnessed strong accumulation near lower levels and has rebounded from key support zones, suggesting a strengthening base. Based on this constructive technical setup, traders may consider accumulating at CMP with a stop-loss at ₹580 for a target of ₹675, while maintaining disciplined risk management.
4] MM Forgings: Buy at ₹412.05, Target ₹460, Stop Loss ₹390
MM Forgings share price is currently trading around ₹412.05 and showing signs of accumulation near the 200-day EMA support, followed by a gradual recovery, indicating an improving price structure. The stock had earlier formed a lower high pattern during consolidation, but the recent strong bullish candlestick suggests a potential shift in momentum.
This evolving technical setup indicates accumulation at current levels. Traders may consider buying at CMP with a strict stop-loss at ₹390 for a potential target of ₹460, while maintaining disciplined risk management.
5] Vedanta: Buy at ₹687.65, Target ₹755, Stop Loss ₹650
Vedanta share price is exhibiting renewed strength after finding support within the 50–100-day EMA confluence zone, where notable buying interest was observed. The stock has rebounded from this demand area and is gradually moving higher, indicating continuation of the prevailing uptrend, supported by upward-sloping key EMAs.
Currently trading around ₹687.65, the recent daily price action remains constructive, with a bullish engulfing candlestick reflecting strong demand and improving momentum. Considering the overall technical setup, short-term traders may consider buying at CMP with a stop-loss at ₹650 for a target of ₹755, 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.