Buy or sell stocks: The Indian stock market witnessed widespread buying momentum on Friday, April 17, helping the benchmark indices — Sensex and Nifty 50 — extend their rally for a second consecutive week.
The Sensex rose by 505 points, or 0.65%, to end at 78,493.54, while the Nifty 50 gained 157 points, also up 0.65%, to close at 24,353.55. Mid- and small-cap stocks, meanwhile, delivered stronger performance compared to the broader market.
Stock market today
Nifty 50
The Nifty index began the session on a slightly weak note, opening about 32 points lower at 24,165.9. It initially declined further to register an intraday low of 24,096.05. However, the index later witnessed strong buying momentum, leading to a steady upward rally that pushed it close to the day’s high of 24,371.9, indicating renewed bullish sentiment. Ultimately, Nifty settled at 24,353.55, gaining 156.80 points (0.65%).
According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a strong bullish candle above the 50-day DEMA reflects underlying strength and positive market sentiment.
“From a technical standpoint, the 24,500–24,550 zone is acting as an immediate resistance level, while firm support is seen in the 24,150–24,200 range. The daily RSI stands at 57.11, indicating improving momentum with a bullish bias. Meanwhile, India VIX declined by 4.87% to 17.20, suggesting reduced market volatility and improved investor confidence.
In the derivatives segment, significant put writing at the 24,200 strike and aggressive call writing at the 24,500 strike indicate that the index is likely to consolidate within a narrow range in the near term. Traders are therefore advised to remain cautious,” said Bagadia.
Bank Nifty
The banking benchmark index, Nifty Bank, started the session on a flat note with a minor decline of around 13 points at 56,072.40. It extended its losses in early trade to touch an intraday low of 55,841.65. However, the index later staged a strong recovery, rebounding nearly 785 points from the day’s low to hit a high of 56,628.7. It eventually settled at 56,565.7, registering a gain of 479.30 points (0.85%), showcasing strong buying interest and resilience at lower levels.
On the Bank Nifty outlook, Bagadia said, “From a technical perspective, the 56,900–57,050 zone is acting as an immediate resistance level, while the 56,000–56,100 range serves as a key support area. The daily Relative Strength Index (RSI) stands at 56.05, reflecting improving momentum with a mildly bullish undertone. Traders are advised to maintain a positive bias and adopt a buy-on-dips strategy near key support levels, while ensuring disciplined risk management through appropriate stop-loss placement.”
Sumeet Bagadia’s stocks to buy
Amid escalating tensions in US-Iran, Sumeet Bagadia recommends five shares to buy on Monday, April 20: Garden Reach Shipbuilders & Enginers, Dalmia Bharat Sugar and Industries, HFCL, Shriram Finance, and Techno Electric & Engineering Company.
1] Garden Reach Shipbuilders & Enginers: Buy at ₹2712, Target ₹2900, Stop Loss ₹2590
GRSE is currently trading at 2712, exhibiting a powerful momentum breakout on the daily chart, characterized by a sharp “V-shaped” recovery from recent lows. The price action has successfully cleared a major consolidation hurdle, reclaiming the 20, 50, 100, and 200-day EMA lines with strong bullish candles, signalling high buyer conviction. The RSI has surged to 66.23, reflecting robust upward momentum that is trending toward the overbought zone but still suggests room for a retest of previous swing highs. This technical strength indicates a shift back into a dominant uptrend as the stock heads toward its blue-sky zone. Maintain a strict stop loss at 2590 to protect capital, aiming for a primary target of 2900.
2] Dalmia Bharat Sugar and Industries: Buy at ₹394.15, Target ₹430, Stop Loss ₹375
Dalmia Bharat Sugar and Industries share price is currently trading at 394.15, displaying a highly aggressive bullish reversal on the daily chart, surging from its long-term bottom with significant momentum. The price action recently executed a powerful breakout above its 20, 50, 100, and 200-day EMA cluster, confirming a decisive shift from a bearish to a dominant bullish phase. The massive volume spike accompanying the initial breakout suggests strong institutional accumulation at lower levels. Currently, the RSI is at 68.83 and trending upward, reflecting intense buying pressure that is nearing the overbought zone but still supports a run toward previous swing highs. This technical setup indicates the stock is in a high-velocity recovery phase with clear upward bias. Maintain a strict stop loss at 375 to protect capital, aiming for a primary target of 430.
3] HFCL: Buy at ₹95.49, Target ₹104, Stop Loss ₹91
HFCL share price is currently trading at 95.49, demonstrating an exceptional parabolic breakout on the daily chart, surging to a multi-month high of 96.2 with massive volume backing. This move marks a definitive technical breakout from a long-term bottoming formation, with the price action surging far above the 20, 50, 100, and 200-day EMA lines. The fanning out of the short-term averages confirms an aggressive vertical uptrend and high-velocity momentum. The RSI has reached 80.85, signalling extremely strong bullish strength that has entered deep overbought territory, suggesting that while the “blue sky” run is powerful, a brief cooling-off or retest of the breakout zone could be expected for trend sustainability. This technical setup indicates the stock is in a dominant phase as it clears immediate resistance levels toward its psychological peak. Maintain a strict stop loss at 91 to protect against sharp volatility, aiming for a primary target of 104.
4] Shriram Finance: Buy at ₹1036.95, Target ₹1100, Stop Loss ₹995
Shriram Finance share price is currently trading at 1036.95, displaying a healthy “buy on dips” recovery on the daily chart as it stabilizes after a recent corrective phase. The price action reflects a strong structural defence near the 100-day EMA, with the stock recently reclaiming its 20 and 50-day EMA lines to signal a resumption of the primary bullish trend. This bounce is characterized by the formation of a higher bottom, suggesting that the supply has been absorbed by buyers at lower levels. The RSI is currently at 57.19 and curling upward, indicating a positive shift in momentum that is moving out of the neutral zone toward bullish territory. This setup favours a steady move toward the recent swing high as the trend regains its strength. Maintain a strict stop loss at 995 to protect capital, aiming for a primary target of 1100.
5] IFCI: Buy at ₹1234.25, Target ₹1325, Stop Loss ₹1185
IFCI share price is trading around 60.73, exhibiting a decisive trend reversal on the daily chart, marked by a sharp breakout from a long-term bottoming formation. The price action has successfully surged above its 20, 50, 100, and 200-day EMA cluster, signalling a transition from a bearish phase to a fresh bullish cycle. This breakout is supported by a noticeable uptick in buying interest, with the stock clearing a significant resistance zone near 1,200. The RSI has jumped to 68.25, reflecting strong upward momentum that is approaching the overbought threshold but still suggests a clear path for a retest of previous swing highs. This technical strength indicates the stock is in a high-velocity recovery phase as it breaks out of its recent base. Maintain a strict stop loss at 1185 to protect capital, aiming for a primary target of 1325.
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.
