Buy or sell stocks: Investor sentiment toward domestic equities improved in Monday’s session on April 27, as benchmark indices rose around 1%, breaking a three-day losing streak. The gains were primarily led by a rebound in IT stocks, with strong support from pharma and consumer goods shares.
Both the Nifty 50 and the Sensex ended 0.80% higher. The broader market also followed suit, as the Nifty Midcap 100 and Nifty Smallcap 100 indices surged more than 1.5%.
Stock market today
Nifty 50
On Monday, the Nifty 50 opened on a flat-to-positive note at 23,945.45 and traded within a narrow range throughout the session, marking an intraday low of 23,936.20 and a high of 24,130.70. The index maintained a positive bias during the day and eventually closed near the higher end of the range at 24,092.70, registering a gain of 194.75 points or 0.81% over the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, on the daily timeframe, the formation of an inside bar with a bullish bias indicates consolidation with a slight positive undertone, suggesting that buyers are gradually attempting to regain control.
“From a technical perspective, immediate support is placed in the 23,900–23,950 range, while resistance is observed between 24,300 and 24,350 levels. The Relative Strength Index (RSI) stands at 51.98, hovering near the midpoint of 50, indicating neutral momentum with a mild positive bias. In the derivatives segment, notable call writing was seen at the 24,200 strike, followed by 24,300, while significant put writing was observed at 24,000 and 23,900 levels, indicating near-term support zones,” Bagadia said.
Bank Nifty
The Bank Nifty index opened on a flat note at 56,162.60 and traded within a defined range during the session, marking an intraday low of 55,911.10 and a high of 56,474.95. The index witnessed mild buying at lower levels but lacked strong follow-through, eventually closing at 56,264.30, gaining 174.55 points or 0.31% for the day.
Bagadia noted that on the daily timeframe, the formation of a Doji-like candlestick pattern indicates indecision among market participants, reflecting a balance between buyers and sellers.
“From a technical standpoint, immediate support is placed in the 55,750–55,850 range, while resistance is seen in the 56,600–56,700 zone. The Relative Strength Index (RSI) stands at 53.14, indicating neutral momentum with a slight positive bias. Sustaining above this level would be important to confirm further strength,” Bagadia said.
He further recommended traders to stay selective and rely on price confirmation around key levels before initiating fresh positions as he recent price action suggests a range-bound session with a slight positive bias, supported by selective buying and easing volatility.
While the undertone remains mildly constructive, the presence of indecision indicates that a decisive breakout above resistance or breakdown below support levels will be crucial to determine the next directional move, he said.
Sumeet Bagadia’s stocks to buy
Amid ongoing tensions in US-Iran, Sumeet Bagadia recommends five shares to buy on Tuesday, April 28: Zen Technologies, Fortis Healthcare, Rites, Fsn E-Commerce Ventures (Nykaa), and Jbm Auto.
1] Zen Technologies: Buy at ₹1719.70, Target ₹1840, Stop Loss ₹1659
Zen Technologies share price is currently trading at ₹1719.70 and appears to be undergoing a sustainable reversal. The stock has confirmed a breakout from a short-term rounding bottom pattern by surpassing the key resistance level of ₹1650, followed by a successful retest of this breakout zone, indicating strength and potential continuation of the upward trend. On the technical front, the Relative Strength Index (RSI) stands at 69.04 on the daily timeframe, suggesting that the stock is approaching overbought territory but still retains bullish momentum.
For short-term traders, the current price level of ₹1719.70 could offer a buying opportunity. A prudent strategy would be to maintain a stop loss at ₹1659 while targeting an upside of ₹1840, ensuring strict adherence to risk management principles.
2] Fortis Healthcare: Buy at ₹953.8, Target ₹1021, Stop Loss ₹920
Fortis has witnessed a reversal from lower levels and is currently trading around ₹953.8. The stock has broken out above a falling wedge pattern, supported by the formation of a strong bullish candle, which indicates renewed buying interest and the potential for continued upward momentum. From a technical perspective, the Relative Strength Index (RSI) is at 73.61 on the daily timeframe, reflecting strong bullish momentum while also suggesting the stock is in the overbought zone.
On the downside, ₹934 is likely to act as a key support level in case of any minor pullback. For short-term traders, the current price of ₹953.8 may present a buying opportunity. A disciplined approach would involve placing a stop loss at ₹920 and aiming for a target of ₹1021, while maintaining proper risk management.
3] Rites: Buy at ₹222.38, Target ₹238, Stop Loss ₹214
Rites share price is currently trading around ₹222.38 and has witnessed a strong reversal from lower levels, rallying nearly 27%, which reflects a notable improvement in sentiment and buying interest. At present, the stock is undergoing a healthy consolidation above the 100 DEMA, and the recent formation of a strong bullish candle suggests continuation of the upward momentum.
From a technical standpoint, the Relative Strength Index (RSI) is positioned at 62.55, indicating strengthening bullish momentum while still leaving room for further upside. On the downside, ₹218 can be considered an immediate support level in case of minor pullbacks. For short-term traders, the current price of ₹222.38 may offer a buying opportunity. A disciplined strategy would be to keep a stop loss at ₹214 and look for a target of ₹238, while adhering to proper risk management practices.
4] Nykaa: Buy at ₹269.20, Target ₹290, Stop Loss ₹259.7
Nykaa share price is currently trading around ₹269.2 and has reversed from the lower boundary of a broadening rising wedge pattern, suggesting a potential shift in momentum and the emergence of buying interest. The stock has also retested the 4-hourly 20 EMA and is now moving upwards, indicating strength and the likelihood of continued short-term bullish momentum. The RSI stands at 60.81, indicating moderate bullish momentum with room for further upside before entering overbought territory.
For short-term traders, the current price of ₹269.20 may offer a buying opportunity. A disciplined strategy would be to place a stop loss at ₹259.7 and aim for an upside target of ₹290, while maintaining proper risk management.
5]Jbm Auto: Buy at ₹628.75, Target ₹675, Stop Loss ₹606
Jbm Auto share price is currently trading around ₹628.75 and has delivered a strong reversal from lower levels, gaining nearly 35%, which indicates a clear improvement in market sentiment and increased buying interest. The stock is now consolidating comfortably above the 200 DEMA, and the formation of a recent bullish candle signals the possibility of continued upward momentum.
Technically, the Relative Strength Index (RSI) stands at 61.37, reflecting strengthening bullish momentum while still providing room for further upside.On the downside, ₹613 is likely to act as an immediate support level in case of minor pullbacks. For short-term traders, the current price of ₹628.75 could present a buying opportunity. A prudent approach would be to place a stop loss at ₹606 and aim for a target of ₹675, while maintaining disciplined risk management.
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.
