Stock market today: Indian benchmark indices, the BSE Sensex and Nifty 50, faced significant selling pressure during intraday trading on Wednesday, April 22, following three consecutive days of gains.
The Sensex dropped by over 800 points, exceeding 1%, reaching an intraday low of 78,442, while the Nifty 50 fell by more than 200 points, almost 1%, to 24,353.
Although the primary indices were weak, the broader market demonstrated relative strength, with the Nifty Midcap 100 and Nifty Smallcap 100 increasing by up to 0.5% throughout the session.
On a global scale, sentiment remained wary. President Donald Trump of the United States announced that he would extend the ceasefire with Iran indefinitely to provide more time for negotiations, although it is still uncertain whether Iran or Israel, a U.S. ally, will concur. He also suggested that the U.S. Navy would persist in its blockade of Iran’s maritime trade.
At the same time, other Asian markets fell by around 0.6%, while Brent crude prices remained relatively stable at approximately $98 per barrel.
Market Review and Outlook – Ruchit Jain, Head – Equity Technical Research, Wealth Management, Motilal Oswal Financial Services
Nifty 50 has seen an upmove in the month of April on back of positive sentiments to developments around the potential US-Iran settlement. However, the index is now approaching a crucial resistance zone of 24,750-24,900 as it is the 61.8 percent retracement of the recent corrective phase and the 200 DEMA. This may led to a short term consolidation or a minor pullback move the benchmark index. However, The broader trend remains positive and hence, traders should keep a buy-on-dip approach for the index, and focus on stock -specific momentum as the broader markets are witnessing good momentum.
Shares to buy or sell in the near-term – Ruchit Jain
On shares to buy or sell in the near-term, Ruchit Jain recommends Balrampur Chini Mills Ltd, Paras Defence and Space Technologies Ltd, and Avenue Supermarts Ltd (DMart).
Buy Balrampur Chini Mills Ltd CMP at ₹517; SL at ₹499; Tgt at ₹550
The stock has recently seen a pullback move supported by good volumes. During the consolidation phase in the month of March, prices formed a support base around its 50 DEMA and have now given a breakout from its consolidation phase hinting at a short term uptrend. The RSI oscillator is also hinting at a positive momentum and hence, we advise short term traders to buy the stock in the range of ₹517-514 for possible target around ₹550. The stoploss on long positions should be placed below ₹499.
Buy Paras Defence and Space Technologies CMP at ₹815; SL at ₹782; Tgt at ₹870
The stock has consolidated in a broad range since August 2025. After forming a base around ₹600, the stock has seen a sharp upmove in last couple of weeks and prices are now on verge of breakout from this entire consolidation. Prices are trading above all its key moving averages and the momentum oscillator are hinting at a positive momentum. Short term traders can buy the stock around CMP ₹815 for potential target around ₹870. The stoploss on long positions should be placed below ₹782.
Buy Avenue Supermarts Ltd (DMart) CMP at ₹4,590; SL at ₹4,380; Tgt at ₹4,950
At the start of this month, the stock gave a breakout above its 200 DEMA hurdle with high volumes. Post that, the stock has been forming a higher top higher bottom formation hinting at an uptrend. Prices are also on the verge of breakout above a falling trendline resistance on the higher time frame charts which indicates a positive outlook for the medium term as well. Positional traders can look for buying opportunities in the stock in the range of ₹4,600-4,570 for a potential target around ₹4,950. The stoploss on long positions should be placed below ₹4,380.
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.
