Buy or sell stocks: The frontline indices, the Sensex and the Nifty 50, closed Tuesday, April 21, on a strong note, driven by easing crude oil prices and improved investor sentiment amid prospects of US-Iran peace negotiations.
The Sensex climbed 753 points, or 0.96%, to settle at 79,273.33, while the Nifty 50 advanced 212 points, or 0.87%, to finish at 24,576.60.
Stock market today
Nifty 50
On Tuesday, the Nifty 50 opened on a flat-to-positive note at 24,374.55 and witnessed steady buying interest throughout the session, maintaining a gradual upward trajectory. The index recorded an intraday low of 24,354.90 and surged to an intraday high of 24,601.70. It eventually closed near the day’s high at 24,576.60, registering a gain of 211.75 points or 0.87% over the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, on the daily timeframe, the formation of a strong bullish Marubozu candlestick pattern with minimal wicks indicates sustained buying interest and strong bullish momentum, suggesting the possibility of continuation of the uptrend.
“From a technical perspective, immediate support is placed in the 24,350–24,400 range, while resistance is observed between 24,700 and 24,750 levels. The Relative Strength Index (RSI) stands at 59.66, indicating strengthening momentum and approaching the overbought zone, which supports the prevailing bullish bias. In the derivatives segment, notable call writing was seen at the 24,700 strike, followed by 24,800, while significant put writing was observed at 24,500 and 24,400 levels, indicating near-term support zones,” Bagadia said.
Bank Nifty
The Bank Nifty index opened with a gap-up at 56,823.60 and maintained a strong upward bias throughout the session. After marking an intraday low of 56,696.30, the index witnessed sustained buying interest, which pushed it to an intraday high of 57,456.30. The index eventually closed near its day’s high at 57,371.45, gaining 789.10 points or 1.39% for the day.
Bagadia further noted that on the daily timeframe, the formation of a bullish Marubozu-like candlestick with small wicks reflects strong buying interest and positive momentum in the banking space.
“From a technical standpoint, immediate support is placed in the 56,900–57,000 range, while resistance is seen in the 57,700–57,800 zone. The Relative Strength Index (RSI) stands at 59.21, indicating strengthening momentum and supporting the bullish outlook. Sustaining above this level would be important to confirm further strength,” Bagadia said.
Bagadia further recommended traders to stay aligned with the trend and look for buying opportunities on dips while monitoring price action near crucial levels, as recent price action suggests a continuation of strong bullish momentum supported by broad-based participation and declining volatility. While the undertone remains firmly positive, sustaining above key support levels and a decisive move beyond resistance zones will be crucial to confirm continuation of the ongoing uptrend, he added.
Sumeet Bagadia’s stocks to buy
Amid escalating tensions in US-Iran, Sumeet Bagadia recommends five shares to buy on Wednesday, April 22: Bharat Heavy Electricals, Bajaj Finance, Welspun Corp, Honasa Consumer, and Lloyds Metals And Energy.
1] Bharat Heavy Electricals: Buy at ₹332.6, Target ₹356, Stop Loss ₹320
Bharat Heavy Electricals share price is demonstrating notable strength and sustainability following a breakout above the upper boundary of a rising wedge pattern, which indicates bullish momentum. The stock has also recorded 10 consecutive green closing candles, highlighting consistent buying interest. Additionally, it has surpassed a key resistance level at ₹325, reinforcing the positive sentiment and signaling potential continuation of the upward trend.
The RSI currently stands at 78.64, suggesting strong momentum, though it is approaching overbought territory. On the downside, ₹325 is expected to act as a significant support level in case of minor pullbacks. For short-term traders, the current price of ₹332.6 could offer a buying opportunity. A stop loss may be set at ₹320, with a target of ₹356, while maintaining disciplined risk management practices.
2] Bajaj Finance: Buy at ₹938.85, Target ₹1007, Stop Loss ₹905
Bajaj Finance share price is witnessing a sharp recovery from lower levels, gaining nearly 20%, which suggests a revival in bullish sentiment and renewed buying interest. The stock has recently broken out of a short-term consolidation range, marked by the formation of a strong bullish candle after successfully retesting the ₹900 support level, indicating confirmation of support and strength in the ongoing uptrend.
Its position comfortably above the 20, 50, 100, and 200-day EMAs reflects strong momentum across short-, medium-, and long-term timeframes. The RSI at 58.30 points to improving strength with sufficient room for further upside. For short-term traders, current levels may offer a buying opportunity, with a stop loss placed at ₹905 and a potential upside target of ₹1007, while adhering to disciplined risk management.
3] Welspun Corp: Buy at ₹1100.6, Target ₹1182, Stop Loss ₹1061
Welspun Corp share price is currently trading near its all-time high and has taken support at the 20-period EMA on the one-hour timeframe, indicating sustained strength in the ongoing trend. The stock’s ability to hold above the ₹1100 support level reflects strong buying interest and supports a positive near-term outlook.
The RSI is placed at 68.76, pointing to steady bullish momentum while still remaining below overbought levels.
For short-term traders, the current price of ₹1100.6 may offer a favorable buying opportunity. A stop loss can be set at ₹1061 to manage downside risk, with an upside target of ₹1182, while maintaining disciplined risk management throughout the trade.
4] Honasa Consumer: Buy at ₹351.6, Target ₹380, Stop Loss ₹338
Honasa Consumer currently trading at ₹351.6, has broken out of a rectangular range-bound pattern and has successfully retested the breakout zone, indicating strong confirmation and continuation of the prevailing uptrend. On the daily timeframe, the RSI is at 74.49 and trending higher, while also showing bullish divergence—signaling strengthening momentum and the potential for further upside. A decisive close above the ₹350 resistance level, supported by strong volumes, highlights increased buying interest and reinforces the bullish outlook.
On the downside, ₹345 is likely to act as a key support level during minor pullbacks, suggesting a healthy retracement within the ongoing uptrend. Traders may consider a buy-on-dips approach near ₹351.6, with a stop-loss at ₹338 and an upside target of ₹380, while maintaining disciplined risk management.
5] Lloyds Metals And Energy: Buy at ₹1649.9, Target ₹1790, Stop Loss ₹1590
Lloyds Metals And Energy share price has shown a strong reversal from the 200 DEMA, signalling the emergence of bullish momentum in the near term. The stock is currently trading around ₹1649.9 and has moved past its recent swing high of ₹1612, along with delivering a strong close above the psychological ₹1600 level, which further reinforces the positive sentiment.
For short-term traders, the current price levels may present a potential buying opportunity. A stop loss can be placed at ₹1590 to manage downside risk, with an upside target of ₹1790, while maintaining strict risk management discipline.
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.
