Buy or sell stocks: The Indian stock market benchmarks, Sensex and Nifty 50, posted sharp losses on Wednesday, April 22, halting their three-day winning run. The Sensex tumbled 757 points, or 0.95%, to close at 78,516.49, while the Nifty 50 declined 199 points, or 0.81%, to settle at 24,378.10.
Stock market today
Nifty 50
On Wednesday, the Nifty 50 opened with a gap-down at 24,470.85 and traded within a limited range throughout the session, marking an intraday high of 24,515.95 and a low of 24,352.90. Selling pressure persisted during the day, with the index closing near its day’s low at 24,378.10, registering a decline of 198.50 points or 0.81% over the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, on the daily timeframe, the formation of a bearish candlestick pattern with the close near the day’s low indicates sustained selling pressure and reflects short-term weakness in the index.
“From a technical perspective, immediate support is placed in the 24,100–24,150 range, while resistance is observed between 24,550 and 24,600 levels. The Relative Strength Index (RSI) stands at 56.44, remaining above the midpoint of 50 but indicating slight cooling from higher levels. In the derivatives segment, notable call writing was seen at the 24,500 strike, followed by 24,600, while significant put writing was observed at 24,400 and 24,300 levels, indicating near-term support zones,” Bagadia said.
Bank Nifty
The Bank Nifty index opened with a gap-down at 57,163.35 and traded within a defined range, marking an intraday high of 57,438.20 and a low of 57,002.15. The index eventually closed at 57,124.45, declining by 247 points or 0.43% 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 56,800–56,900 range, while resistance is seen in the 57,450–57,550 zone. The Relative Strength Index (RSI) stands at 57.83, holding above the midpoint level of 50 and indicating a mildly positive undertone. Sustaining above this level would be important to confirm further strength,” he said.
He further recommended traders to monitor price action closely around key support and resistance levels and wait for confirmation before initiating fresh positions, as recent price action suggests a mild corrective session following the recent uptrend, with selling pressure visible and resistance emerging near higher levels.
While the broader undertone remains constructive, rising volatility and lack of strong momentum indicate caution in the near term, he added.
Sumeet Bagadia’s stocks to buy
Amid ongoing tensions in US-Iran, Sumeet Bagadia recommends five shares to buy on Thursday, April 23: NCC, Timken India, Wockhardt, Netweb Technologies India, and Global Health.
1] NCC: Buy at ₹163.98, Target ₹175, Stop Loss ₹157.70
NCC share price is trading around 163.98 and has recently delivered a breakout from a parallel channel pattern, indicating a potential continuation of the ongoing uptrend. The stock is sustaining above the breakout zone and has also engulfed the previous three days’ range with a strong close, reflecting renewed buying interest and improving price strength. Additionally, RSI is trending higher, supporting the positive momentum. As the stock holds above the breakout level, the overall bias remains constructive. Short-term traders may consider buying at CMP with a stop-loss at 157.70 for a target of 175, while adhering to disciplined risk management.
2] Timken India: Buy at ₹3633, Target ₹3950, Stop Loss ₹3460
Timken India share price is currently trading at 3633, exhibiting robust price strength following a decisive horizontal breakout, with sustained trade above the breakout zone reinforcing bullish continuation. The stock remains firmly positioned above key EMAs, supported by a rising moving average structure, while RSI holds above the midpoint, indicating improving momentum. Considering this favourable setup, traders may look to initiate long positions at CMP with a strict stop-loss at 3460 for a target of 3950, maintaining disciplined risk management.
3] Wockhardt: Buy at ₹1450.30, Target ₹1555, Stop Loss ₹1390
Wockhardt share price is currently trading at 1450.30, displaying a strong bullish recovery on the daily chart, successfully transitioning from a steep correction to a fresh uptrend. The stock has decisively cleared its 20, 50, 100, and 200-day exponential moving averages with a series of high-momentum candles, signalling a significant structural shift. The RSI has climbed to 69.55, indicating powerful buying velocity and a shift into a bullish zone as the stock challenges previous resistance levels. With volume supporting the recent bounce from the 1100 base, the technical outlook remains highly optimistic for continued expansion toward the target of 1555. To manage risk effectively, a stoploss should be maintained at 1390, providing a buffer just below the recent EMA breakout and consolidation zone.
4] Netweb Technologies India: Buy at ₹4019.60, Target ₹4350, Stop Loss ₹3840
Netweb Technologies India share price is currently trading at 4019.6, exhibiting a strong bullish setup on the daily timeframe, having recently broken out of a brief consolidation pattern accompanied by healthy trading volume. The price is trending confidently above its key 20, 50, 100, and 200-day exponential moving averages, which highlights a remarkably solid underlying uptrend. Furthermore, the daily RSI indicator stands strong near 75, confirming robust upward momentum rather than immediate exhaustion. Based on this favourable price action, the stock is well-positioned to reach an upside target of 4350, while a strict stop loss should be placed at 3840 to effectively manage downside risk.
5] Global Health: Buy at ₹1111.85, Target ₹1200, Stop Loss ₹1065
Global Health (Medanta) share price is trading around 1111.85, exhibiting a promising trend reversal on the daily chart, breaking out from a recent basing pattern with supportive volumes. The stock has successfully reclaimed its 20-day and 50-day exponential moving averages, signalling a shift in short-term momentum towards the bulls. Additionally, the daily RSI has surged past 60, confirming increasing strength and suggesting further upside potential. Given this bullish technical setup, the stock is primed to move towards an upward target of 1200. To safeguard against unexpected pullbacks, a strict stop loss should be maintained at 1065, just below the 20 EMA support.
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.
