Buy or sell stocks: Benchmark indices — Sensex and Nifty 50 — extended their losses for a second straight session on Thursday, April 23, amid a strong selloff. The 30-share Sensex tumbled 852 points, or 1.09%, to close at 77,664, while the NSE’s Nifty 50 declined 205 points, or 0.84%, to settle at 24,173.05.
Stock market today
Nifty 50
On Thursday, the Nifty 50 opened with a gap-down at 24,202.35 and traded within a narrow range during the session, marking an intraday high of 24,310.20 and a low of 24,134.80. The index faced selling pressure at higher levels and eventually closed at 24,173.05, registering a decline of 205.05 points over the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a Gravestone Doji-like candlestick pattern indicates rejection from higher levels and selling pressure near the highs, reflecting indecision with a bearish bias.
“From a technical perspective, immediate support is placed in the 23,950–24,000 range, while resistance is observed between 24,350 and 24,400 levels. The Relative Strength Index (RSI) stands at 53.24, hovering near the midpoint of 50, indicating neutral to slightly weak momentum. In the derivatives segment, notable call writing was seen at the 24,300 strike, while significant put writing was observed at 24,200 levels, indicating a narrow trading range and mixed positioning,” Bagadia said.
Bank Nifty
The Bank Nifty index opened with a sharp gap-down at 56,608.95 and attempted a recovery during the session, marking an intraday high of 56,868.70. However, it failed to sustain at higher levels and slipped to an intraday low of 56,217.15. The index eventually closed at 56,305.00, declining by 819.45 points or 1.43% for the day
Bagadia further noted that the formation of a bearish candlestick pattern reflects sustained selling pressure and continued weakness in the banking space.
“From a technical standpoint, immediate support is placed in the 55,700–55,800 range, while resistance is seen in the 56,850–57,000 zone. The Relative Strength Index (RSI) stands at 53.40, indicating a gradual loss of momentum while holding near the midpoint level of 50. Sustaining above this level would be important to avoid further weakness,” he added.
He further recommended traders to remain cautious and rely on price confirmation before initiating fresh positions, as recent price action suggests a weak session marked by gap-down openings and sustained selling pressure across key sectors.
While the undertone has turned cautious, holding above key support levels will be crucial to prevent further downside. Any meaningful recovery will require strong follow-through buying and stability near support zones, he said.
Sumeet Bagadia’s stocks to buy
Amid ongoing tensions in US-Iran, Sumeet Bagadia recommends five shares to buy on Friday, April 24: Sai Life Sciences, Black Box, Nocil, Privi Speciality Chemicals, and Granules India.
1] Sai Life Sciences: Buy at ₹1041, Target ₹1111, Stop Loss ₹1000
Sai Life Sciences share price is exhibiting a strong continuation pattern after a recent breakout, currently trading near 1041. The stock has surged past its previous swing high around the 1020 zone, indicating fresh momentum and participation from buyers.
Price is well-supported above all key moving averages, which are now sloping upward—highlighting trend strength rather than just a short-term bounce. The recent expansion in price range suggests increasing volatility in favour of bulls. RSI is elevated but not yet signaling exhaustion. Holding above 1000 remains crucial for trend sustainability, while a breakout continuation could push the stock towards the 1111 zone.
2] Black Box: Buy at ₹548, Target ₹585, Stop Loss ₹525
Black Box share price is gradually transitioning from a sideways phase into a potential upward move, currently trading around 548. The stock has been forming a series of higher lows in recent sessions, indicating accumulation at lower levels.
Price is now attempting to sustain above a cluster of moving averages, which are starting to flatten and turn upward—often an early sign of trend shift. The recent bounce from the 520 zone highlights strong demand support. Momentum indicators are improving steadily, suggesting strengthening participation. A decisive move holding support levels could unlock further upside towards 585, while 525 remains a key support to watch.
3] Nocil: Buy at ₹182.5, Target ₹195, Stop Loss ₹174
Nocil share price is showing a steady shift in trend after a prolonged downtrend, currently trading near 182.5. The stock has broken out of a short-term consolidation range around the 167 zone, indicating fresh buying interest.
Price action is now forming higher highs and higher lows, which reflects improving structure and trend reversal signals. The 20-day EMA has crossed above the 50-day EMA, suggesting strengthening momentum, while the price is also attempting to sustain above the 100-day EMA. RSI is trending upward, supporting the bullish bias. Holding above 174 is crucial, and a sustained move higher could push the stock towards the 195 zone.
4] Privi Speciality Chemicals: Buy at ₹3250, Target ₹3450, Stop Loss ₹3115
Privi Speciality Chemicals is demonstrating a strong trend continuation setup, currently trading around 3250 after a sustained upward move. The stock recently broke out of a tight consolidation band near 3050, signalling renewed buying momentum. Price action reflects a consistent pattern of higher highs, with dips being actively bought into—indicating strong underlying demand. All key moving averages are aligned positively, acting as dynamic support zones during minor pullbacks. Momentum indicators remain firm, suggesting strength without immediate signs of exhaustion. As long as the stock holds above 3115, the uptrend remains intact, and a continuation move could push it towards the 3450 level.
5] Granules India: Buy at ₹686, Target ₹725, Stop Loss ₹665
Granules India is currently trading near its 52-week high, signalling strong bullish sentiment and sustained buying momentum. The stock has delivered a decisive breakout above its prior resistance zone around 650, backed by consistent higher highs and strong closing levels.
Price action near lifetime highs typically reflects strength, as supply from previous levels gets absorbed. The alignment of key moving averages further supports the ongoing uptrend, acting as dynamic support on dips. Momentum indicators remain firm, indicating no immediate signs of exhaustion. As long as the stock holds above 665, the bullish structure remains intact, with potential upside extending towards the 725 zone.
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.
