Buy or sell: The broader indices ended in last week of the April series on a mixed note, with overall market momentum remaining range-bound. This stagnation was primarily due to heightened geopolitical tensions, particularly fears of conflict between India and Pakistan. Despite these concerns, the Nifty posted a strong rally of over 10% from the 21,700 level during April. In line with previous expectations, the Nifty continued to display a stock-specific and cautiously optimistic tone.
However, technically it faced persistent selling pressure near the 24,600 mark, pulling back toward the 23,800–24,000 support zone. A decisive weekly close above 24,600 could trigger renewed buying interest, possibly driving the index toward the 25,000–25,200 range. On the downside, a close below 23,800 would likely confirm a short-term trend reversal, with potential to revisit the 23,000–23,200 levels — aligning with prior monthly lows.
Bank Nifty
Bank Nifty outperformed the Nifty over the past two weeks. It now finds strong support in the 52,000–53,000 range. As long as the index holds above 53,000 on a weekly closing basis, stock-specific long positions are expected to remain intact, with the possibility of an upward move toward the 56,000 resistance level. The expected trading range for Bank Nifty this week stands between 53,000 and 57,000.
Conclusion
In conclusion, both indices have closed above their respective critical monthly supports — 23,500 for Nifty and 52,000 for Bank Nifty. Long-term support levels of 21,700 for Nifty and 50,500 for Bank Nifty remain key for initiating fresh long positions. Resistance levels to watch are 24,600 and 25,000 for Nifty, and 56,000 and 57,000 for Bank Nifty. Traders are advised to stay cautious amid the current uncertainty, closely tracking these key technical levels and monitoring geopolitical developments that could impact market direction.
Weekly stocks to buy or sell
Buy Cyient at ₹1190-1200; Stop Loss at ₹1160; Target Price of ₹1260.
Buy BEML at ₹3220-3230; Stop Loss at ₹3130; Target Price of ₹3350.
Buy Chambal Fertilisers and Chemicals at ₹692-695; Stop Loss at ₹680; Target Price of ₹715.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
