Stocks to buy or sell: Benchmark equity indices—the Sensex and Nifty 50—extended their gains for a second straight session on Thursday, April 2, closing in positive territory. The late-session buying helped offset weak global cues and a sharp rise in crude oil prices.
The settled 185 points, or 0.25%, higher at 73,319.55, after surging 1,774 points from its intraday low of 71,545.81. Meanwhile, the Nifty 50 rebounded 531 points from its day’s low of 22,182.55 to close at 22,713.10, up 34 points, or 0.15%.
“The Nifty 50 ended the holiday-shortened week on a negative note, extending its losing streak for the sixth consecutive week. The index declined roughly 0.50% on a weekly basis, closing around the 22,700–22,800 zone, after witnessing a highly volatile trading range of nearly 750–1000 points during the week,” said said Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi.
Ganesh Dongre’s market outlook for next week
Nifty 50
Going forward, is attempting to hold near its previous monthly low around 21,700, making the 22,000 level a critical support for the coming weeks, according to Dongre.
“Sustaining above this level could open the door for a potential recovery toward the 23,400–23,800 range. On the downside, immediate support is seen in the 21,800–22,500 zone, which coincides with previous lows of 2025. Nifty is expected to trade within a broad range of 22,000–23,500. Derivatives data supports this view, with the highest call open interest at the 23,500 and 23,000 strike levels, indicating key resistance, while the highest put open interest at 22,000 and 23,000 suggests strong support,” Dongre added.
Bank Nifty
Similarly, Bank Nifty also ended the week lower, declining 1.39%, with strong support placed in the 50,000–49,500 zone and resistance in the 52,000–53,000 range.
Dongre further opined that market sentiment remains cautiously optimistic but fragile. A decisive breakout above 24,500 on the Nifty and 54,500 on the Bank Nifty will be crucial to confirm a continuation of the upward trend.
“Until then, traders are advised to follow a disciplined strategy in selective stocks, while closely monitoring global cues and geopolitical developments for clearer directional signals,” he said.
Weekly stocks to buy or sell
Ashok Leyland: Buy at ₹145-150, target price of ₹165, stop loss of ₹135.
Asian Paints: Buy at ₹2160-2170, target price of ₹2240, stop loss of ₹2120.
Kaynes Technology India: Buy at ₹3530-3550, target price of ₹3620, stop loss of ₹3500.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.