Buy or sell stocks: The Indian stock market witnessed a strong rebound after six consecutive weeks of decline, supported by favourable global cues. Investor sentiment remained positive on expectations of a temporary US–Iran ceasefire talks, although persistent geopolitical tensions capped further gains as the week progressed.
Both benchmark indices, the Nifty and Sensex, advanced around 6%, ending the week near their highs at 24,050.60 and 77,550.25, respectively.
Stock market today
Nifty 50
On Friday, the Nifty 50 opened with a gap-up of 105.45 points at 23,880.55 and witnessed minor weakness in the initial minutes, marking its intraday low near the opening level at 23,856.35. However, sustained buying interest throughout the session supported a steady upward move, pushing the index to an intraday high of 24,074.05. The index eventually closed near the day’s high at 24,050.60, registering a gain of 275.50 points or 1.16% over the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a bullish candlestick pattern indicates continued buying interest and strengthening market sentiment.
“From a technical perspective, immediate support is placed in the 23750-23800 range, while resistance is observed between 24200-24250 levels. The Relative Strength Index (RSI) stands at 54.24, remaining above the 50 midpoint, indicating sustained positive momentum. In the derivatives segment, notable call writing was seen at the 24,000 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 gap-up of around 360 points at 55,182.25 and witnessed minor early weakness, marking its intraday low near the opening level at 55,145.25. Thereafter, strong buying interest emerged, driving a steady uptrend throughout the session and pushing the index to an intraday high of 55,978.50. The index closed near its day’s high at 55,912.75, gaining 1,091.05 points or 1.99% for the day.
Bagadia noted that the formation of a bullish candle reflects sustained buying interest and positive market sentiment.
“From a technical standpoint, immediate support is placed in the 55500-55600 range, while resistance is seen in the 56250-56400 zone. The Relative Strength Index (RSI) stands at 53.91, remaining above the midpoint level of 50 and indicating continued positive momentum. Sustaining above this level would be important to confirm further strength,” he said.
Bagadia further said that the recent price action suggests a continuation of the bullish momentum supported by consistent buying interest and easing volatility.
While the undertone remains positive, the sustainability of this move will depend on follow-through buying and strength near higher levels. Traders are advised to stay aligned with the trend and look for buying opportunities on dips while monitoring price action near crucial levels, he added.
Sumeet Bagadia’s stocks to buy
Amid the US-Iran war, Sumeet Bagadia recommends five shares to buy on Monday, April 13: Jindal Stainless, Ramkrishna Forgings, NCC, Brigade Enterprises Limited, and Federal Bank.
1] Jindal Stainless: Buy at ₹780.85, Target ₹836, Stop Loss ₹753
Jindal Stainless share price is currently trading at 780.85, a constructive technical setup on the daily timeframe. The stock recently formed a rounding bottom-like structure near the 700 zone and has delivered a strong bullish candle, reclaiming all major exponential moving averages including the 20, 50, 100, and 200 EMAs. This crossover suggests a shift in momentum from consolidation to an uptrend. The RSI has surged above the 60 mark, indicating strengthening bullish grip without being overbought. With price sustaining above the EMA cluster, the outlook remains positive. Immediate resistance is seen near 836, while 753 serves as crucial support. In summary, the alignment of indicators supports a move toward the target of 836 with a stop loss maintained at 753.
2] Ramkrishna Forgings: Buy at ₹544.05, Target ₹582, Stop Loss ₹525
Ramkrishna Forgings share price is currently trading at 544.05, stock shows sign of a bullish reversal after a prolonged downtrend on the daily chart. The price action suggests a double bottom formation near the 460-480 zone, followed by a sharp recovery. Currently, the stock has broken above the short-term 20, 50, and 100-day EMAs, indicating a positive shift in short-term momentum. The RSI has moved comfortably above the 50 level and is trending upward, confirming increasing buying pressure. If the price sustains above the immediate EMA cluster, it is likely to test the 200-day EMA resistance. With a steady volume build-up, the technical outlook appears optimistic. Traders can look for a target of 582 while maintaining a strict stop loss at 525 to manage risk effectively.
3] NCC: Buy at ₹153.06, Target ₹164, Stop Loss ₹147.7
NCC share priceis currently trading at 153.06, demonstrates a compelling recovery pattern on the daily chart, recently forming a double bottom near the 130 level. The stock has successfully breached the 20-day and 50-day exponential moving averages with a strong bullish candle and notable volume expansion, signalling a potential trend reversal. The RSI has surged past the 60 mark, confirming a sharp increase in bullish momentum from previously oversold conditions. As the price action clears recent swing highs, the path toward the 100-day EMA looks favourable. Maintaining a positive technical outlook, the stock appears headed toward the target of 164. To manage risk, a stop loss should be placed at 147.7, just below the recent EMA breakout zone.
4] Brigade Enterprises Limited: Buy at ₹723.2, Target ₹775, Stop Loss ₹697
BRIGADE is currently trading at 723.2 and is showing signs of a strong trend reversal after finding support near the 600 psychological level. The stock has formed a bullish morning star-like pattern and has successfully recaptured the 20-day and 50-day exponential moving averages. This crossover, accompanied by a significant spike in buying volume, suggests that the corrective phase is exhausting. The RSI is rising steadily toward 60, moving out of the bearish zone and indicating a build-up in positive momentum. With the price now trading above short-term EMAs, the technical outlook is optimistic for a move toward the 100-day EMA. The stock targets a level of 775, while a stop loss should be maintained at 697 to protect against volatility below the immediate support cluster.
5] Federal Bank: Buy at ₹291.7, Target ₹313, Stop Loss ₹281
Federal Bank is trading around 291.7, exhibits a strong bullish momentum on the daily chart, recently bouncing sharply from the 100-day EMA support zone. The stock has formed a bullish engulfing-like structure, successfully reclaiming the 20-day and 50-day exponential moving averages with a significant positive candle. This price action indicates that the primary uptrend is resuming after a brief consolidation phase. The RSI has crossed above the 60 level, suggesting that the bulls are back in control and momentum is accelerating. With the stock trading well above its long-term 200-day EMA, the overall structure remains highly constructive. The technical outlook points toward a move reaching the target of 313, while a stop loss is recommended at 281 to protect against any short-term retracement below the immediate EMA cluster.
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.
