Stocks to buy or sell: The witnessed high volatility during the shortened week (Mar 30–Apr 2), impacted by geopolitical tensions, rising crude oil prices, a weakening rupee, and continued FII outflows. The market ended FY26 on a weak note, with the Sensex falling 1,635 points (2.22%) and the Nifty dropping 2.14%, led by broad-based selling across sectors.
The new fiscal year (FY27) began on a strong rebound, supported by global cues and hopes of de-escalation in the Iran-US conflict, with the Sensex gaining 1.65% and the Nifty rising 1.56%, led by banking, IT, and auto stocks. However, gains were partially reversed on April 2 as uncertainty resurfaced following US remarks on the conflict, dragging indices lower again. Overall, the week highlighted fragile sentiment, with geopolitical and oil-related risks continuing to dominate market direction despite intermittent recovery.
Outlook for the Indian stock market today
Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, believes the undertone of the Indian stock market is mixed in the short term but increasingly constructive on the broader timeframe. Mehul Kothari of Anand Rathi said that a decisive breakout by the index above 23,400 would confirm that a durable bottom is in place.
Speaking on the outlook for the index, Mehul Kothari said the index is mixed in the short term but increasingly constructive on the broader timeframe. After extending its decline toward the 22,200 zone, the index recovered sharply to 22,700, highlighting strong demand emerging at lower levels.
“This bounce, coupled with a clear bullish divergence on the daily RSI, signals that selling pressure is fading and exhaustion is setting in. However, despite these early signs of strength, confirmation is still awaited. The index continues to trade below the falling trendline resistance near 23,100, with a stronger supply zone around 23,400 — only a decisive breakout above these levels would confirm that a durable bottom is in place and open the path toward new highs,” Mehul Kothari of Anand Rathi said.
The Deputy Vice President of Anand Rathi said that the quality of the recent bounce and improving momentum structure suggests that the market is gradually preparing for a larger upside move. Until then, the market may continue to witness volatility and range-bound movement, as sentiment remains fragile and participants are still in the process of exiting.
“On the downside, 22,000–21,700 is expected to act as a strong base formation zone if tested. In essence, while the price action suggests that the worst may be behind us, the market is still in a transition phase — but one where the risk-reward is slowly starting to favour the bulls,” Kothari added.
Asked about the outlook of the Bank Nifty index, Mehul Kothari said the index witnessed an exceptional recovery towards 51,500, indicating strong demand at lower levels. The index is also showing a bullish RSI divergence, suggesting that downside momentum is weakening. However, confirmation is still awaited, with the key breakout level placed around 52,500. A decisive move above this zone would confirm that a bottom is in place. On the downside, the 50,000–49,000 range is expected to act as a strong base in the near term.
Mehul Kothari’s stock recommendations today
Regarding short-term , Mehul Kothari of Anand Rathi recommended these three buy-or-sell stocks under ₹200: UCO Bank, NBCC, and PNB.
1] UCO Bank: Buy at ₹23, Target ₹25, Stop Loss ₹21.90;
2] NBCC: Buy at ₹83, Target ₹95, Stop Loss ₹77; and
3] PNB: Buy at ₹104, Target ₹114, Stop Loss ₹99.
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.