Stocks to buy or sell: The Indian stock market saw another weak session on Friday, April 24, with benchmark indices declining for the third straight day, weighed down by widespread selling in technology stocks.
Investor sentiment remained cautious globally as renewed tensions in the Middle East kept crude oil prices high, fuelling fresh concerns about inflation.
As a result, the Nifty dropped 1.10% to slip below the 24,000 level, closing at 23,907, while the S&P BSE Sensex fell 1.28% to end at 76,670 compared to the previous session.
“Recent geopolitical developments have drawn global attention as the United States and Iran continue their second round of ceasefire discussions in Pakistan over the weekend. Hopes of a diplomatic breakthrough have supported global market sentiment, with investors closely watching for any signs of de-escalation in tensions. A positive outcome from these talks could act as a stabilizing factor for risk assets worldwide, including equities, while any negative surprise may trigger volatility,” said Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi.
Ganesh Dongre’s market outlook for next week
A decisive breakout above resistance levels could further strengthen bullish momentum in the banking space and support the broader market rally, Dongre explained.
“The coming week will be crucial as investors track updates from the ongoing US-Iran discussions. Traders are advised to remain selective, maintain disciplined risk management, and stay alert to news-driven volatility, as any escalation or resolution on the global front could significantly influence market direction,” he said.
Nifty 50
On the Nifty 50 outlook, Dongre said that the Nifty 50 extended its rebound for the third consecutive week, reflecting improving sentiment in domestic markets. However, the index showed hesitation near the psychologically important 25,000 mark, which coincides with its 200-day EMA. Profit booking at higher levels led the index to close slightly lower for the week around the 23,900 mark.
“From a technical perspective, the immediate support for Nifty is placed in the 23,500–23,800 range, while the 24,800–25,000 zone continues to act as a critical resistance band. The weekly chart structure remains encouraging, with a pattern of higher lows intact. A sustained move above 24,800 would be crucial to confirm trend continuation and could potentially open the path toward the 25,500 level, reinforcing bullish momentum. On the downside, the 23,000–23,500 zone is expected to act as a strong demand area during any corrective phase,” he added.
Bank Nifty
Meanwhile, on the Bank Nifty outlook, Dongre further opined that Bank Nifty closed near the 56,000 mark and is approaching a key resistance zone of 56,500–57,000, which is also close to its 200-day EMA. Immediate support is seen in the 54,500–55,000 range.
“A decisive breakout above resistance levels could further strengthen bullish momentum in the banking space and support the broader market rally,” Dongre said.
Weekly stocks to buy or sell
Indian Railway Finance Corp: Buy at ₹103-106, target price of ₹111, stop loss of ₹98.
Polycab India: Buy at ₹8040-8070, target price of ₹8300, stop loss of ₹7900.
Bajaj Finance: Buy at ₹921, target price of ₹965, stop loss of ₹900.
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.
