Buy or sell stocks: The Indian stock market closed higher on Wednesday, April 29, but gave up a significant portion of its intraday gains as investors engaged in profit booking at higher levels, leading to a sharp pullback in benchmark indices during the latter half of the session.
The Nifty 50 declined about 170 points from its intraday peak to finish at 24,164, still up 0.70% from the previous close. Similarly, the Sensex shed 462 points from its day’s high but ended with a gain of 0.82% at 77,520.
Stock market today
Nifty 50
The Nifty index started the session on a mildly positive note, opening around 100 points higher at 24,096.90. It slipped briefly in early trade, touching an intraday low of 24,059.95, before witnessing strong buying interest. This buying momentum drove a gradual upward move, pushing the index close to its intraday high of 24,334.70, reflecting underlying bullish sentiment during the first half of the session. The index eventually closed at 24,177.65, registering a gain of 181.95 points (0.76%), suggesting a recovery-led positive bias.
“From a technical perspective, the 24,350–24,400 zone continues to act as an immediate resistance band, while strong support is placed in the 23,900–23,950 range. The daily RSI stands at 53.19, indicating neutral momentum with a slight positive tilt. Meanwhile, India VIX declined by 3.38% to 17.43, pointing to easing market volatility and improved investor confidence.
In the derivatives space, notable put writing at the 24,000 strike alongside aggressive call writing at the 24,300 strike suggests that the index may trade within a limited range in the near term. Given this setup, traders are advised to maintain a cautious approach,” said Sumeet Bagadia, Executive Director at Choice Broking.
Bank Nifty
The banking benchmark index, Nifty Bank, opened the session on a mildly positive note, gaining around 240 points at 55,634.5. It extended its early momentum and climbed to an intraday high of 56,178.75. However, profit booking emerged at higher levels, leading to a sharp correction of nearly 888 points from the day’s peak, dragging the index down to a low of 55,290.5.
The index eventually settled at 55,403.6, registering a marginal gain of 3.25 points (0.01%), showcasing a lack of directional conviction amid selling pressure at higher levels.
“From a technical standpoint, the 56,200–56,300 zone is acting as an immediate resistance band, while the 54,700–54,800 range serves as a crucial support area. The daily Relative Strength Index (RSI) stands at 48.46, reflecting neutral momentum with a slight bearish bias. Given this setup, traders are advised to maintain a cautious approach,” Bagadia added.
Sumeet Bagadia’s stocks to buy
Amid ongoing tensions in US-Iran, Sumeet Bagadia recommends five shares to buy on Thursday, April 30: Bharti Airtel, Mazagon Dock Shipbuilders, CreditAccess Grameen, PVR INOX, and ITC.
1] Bharti Airtel: Buy at ₹1888.10, Target ₹2050, Stop Loss ₹1780
Bharti Airtel share price is trading around ₹1888.10 and showing strength after a sideways range breakout, supported by a rising trendline and 20-day EMA. RSI has moved above the midpoint, indicating improving momentum. Considering this setup, traders may initiate longs at CMP with a stop-loss at ₹1780 and target ₹2050, while maintaining disciplined risk management.
2] Mazagon Dock Shipbuilders: Buy at ₹2769.70, Target ₹3000, Stop Loss ₹2650
Mazagon Dock Shipbuilders share price is trading around ₹2769.70 and showing strength after a horizontal breakout, now sustaining above the breakout zone which is acting as a strong support. The stock is trending higher with upward-sloping EMAs along with a bullish crossover, indicating a positive structure. A recent sharp upmove following a wider range trendline breakout further reinforces the bullish bias.
Considering this setup, traders may initiate longs at CMP with a stop-loss at ₹2650 and target ₹3000, while maintaining disciplined risk management.
3] CreditAccess Grameen: Buy at ₹1289.20, Target ₹1400, Stop Loss ₹1230
CreditAccess Grameen share price is trading around ₹1289.20 and showing strength after a symmetrical triangle breakout, followed by a sustained close above the breakout zone. The stock is supported by upward-sloping EMAs, with the breakout level now acting as a demand zone. Momentum remains positive, with RSI trending higher, indicating strengthening price action. Given the supportive technical structure, traders may consider initiating long positions at CMP, with a protective stop-loss at ₹1230 to manage downside risk, while aiming for a potential upside target of ₹1400 in line with the prevailing momentum.
4] PVR INOX: Buy at ₹1092.55, Target ₹1180, Stop Loss ₹1045
PVR INOX share price has delivered a falling trendline breakout, supported by a decisive close above the 200 EMA resistance with a strong bullish candlestick, indicating trend reversal. The stock had earlier consolidated in a sideways range, built a base, and witnessed a bullish EMA crossover, reflecting renewed buying interest. It is now trading above key daily EMAs, signaling strong trend alignment. Traders may consider buying at CMP with a stop-loss at ₹1045 and a target of ₹1180, with proper risk management.
5] ITC: Buy at ₹316.25, Target ₹340, Stop Loss ₹302
ITC Limited share price is moving in an uptrend and has recently broken its lower high structure, supported by a fresh range breakout after taking support near the 20-day EMA, indicating a shift in momentum. The stock has witnessed strong accumulation at lower levels, reflecting sustained buying interest. RSI has reversed from the oversold zone and is trending higher, signaling improving strength. Traders may consider buying at CMP with a stop-loss at ₹302 and a target of ₹340, with proper 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.
