Indian stock market: The Indian stock market ended the final trading session of April on a weak footing, weighed down by a sharp surge in crude oil prices that triggered heavy selling in oil-sensitive stocks. Investor sentiment remained subdued amid negative global cues and the Indian rupee falling to a fresh record low, keeping markets in a risk-off mode.
The Nifty 50 fell 0.73% to close at 24,000, recovering most of its intraday losses from the day’s low. Meanwhile, the BSE Sensex declined 0.78% to settle at 76,891 compared to its previous close.
Stock market next week
Nifty 50
On Friday, the Nifty 50 opened with a gap-down at 23,996.95 and witnessed selling pressure in the first half, dragging the index to an intraday low of 23,796.85. In the latter half, buying interest emerged at lower levels, leading to a recovery and pushing the index to an intraday high of 24,087.45. The index eventually closed near its opening level at 23,997.55, registering a decline of 180.10 points or 0.74% over the previous close. On the daily timeframe, the formation of a Doji-like candlestick pattern indicates indecision in the market, reflecting a balance between buying and selling pressure.
According to Sumeet Bagadia, Executive Director at Choice Broking, from a technical perspective, immediate support is placed in the 23,750–23,800 range, while resistance is observed between 24,200 and 24,250 levels.
“The Relative Strength Index (RSI) stands at 50.28, hovering around the midpoint of 50, indicating neutral momentum. The volatility index, India VIX, increased by 5.86% to close at 18.46, suggesting a rise in market uncertainty. In the derivatives segment, notable call writing was seen at the 24,100 strike, followed by 24,200, while significant put writing was observed at 24,000 and 23,800 levels, indicating near-term support zones,” Bagadia said.
Bank Nifty
The Bank Nifty index opened with a sharp gap-down at 54,880.65 and faced selling pressure in the first half, marking an intraday low of 54,440.25. However, a recovery in the latter half pushed the index to an intraday high of 55,111.60. The index eventually closed near its opening level at 54,863.35, declining by 540.25 points or 0.98% for the day. On the daily timeframe, the formation of a Doji-like candlestick pattern indicates indecision and lack of clear directional bias.
Bagadia further explained that from a technical standpoint, immediate support is placed in the 54,300–54,400 range, while resistance is seen in the 55,400–55,500 zone. The Relative Strength Index (RSI) stands at 45.54, indicating weakening momentum and a slight bearish bias. Sustaining above this level would be important to avoid further downside.
“The recent price action suggests a volatile session with gap-down openings followed by recovery in the latter half, resulting in indecisive price structures. While the undertone remains cautious, rising volatility and weak market breadth indicate lack of strong conviction among participants. Traders are advised to wait for a decisive breakout above resistance or breakdown below support levels before initiating fresh positions,” he added.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, April 27. The three stock picks by Bagadia are – Central Bank of India, NMDC Steel, and Sagility.
1] Central Bank of India: Buy at ₹36.42 | Target Price: ₹39 | Stop Loss: ₹35
2] NMDC Steel: Buy at ₹42.72 | Target Price: ₹46.50 | Stop Loss: ₹40.80
3] Sagility: Buy at ₹41.74 | Target Price: ₹45 | Stop Loss: ₹40
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.
