Stock market today: The key domestic stock indices started Friday, April 17 session flat as a disappointing first-quarter outlook from IT firm Wipro dampened overall optimism regarding a potential peace agreement to resolve the Iran conflict.
As of 9:15 IST, the Nifty 50 decreased by 0.13% to 24,165.90, while the Sensex reflected a slight decline of 0.02% to 77,976.13.
Out of the 16 main sectors, seven experienced declines at the opening. In contrast, both the broader small-cap and mid-cap indices gained 0.3% and 0.2%, respectively.
Asian markets dropped by 1% as concerns over fuel supply and skepticism about the effectiveness of the upcoming U.S.-Iran peace discussions in alleviating disruptions in the Strait of Hormuz impacted risk appetite.
A 10-day truce between Lebanon and Israel was initiated on Thursday, and President Donald Trump indicated that the next U.S.-Iran dialogue might occur over the weekend.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities
Nifty 50
Nifty 50 has rebounded sharply from its medium-term upward sloping trendline, which has been intact since June 2024, reinforcing the strength in the overall structure. However, the index is now facing resistance near 24,416, which aligns with the upper band of the March 9 bearish gap. A decisive breakout above this level could open the path towards 25,000 and further to 25,161, the 200-day moving average.
On the downside, 23,580 — the 38.2% Fibonacci retracement of the April rally — and 23,316, the 20-day SMA, will act as key support levels. Momentum indicators remain supportive, with both daily and weekly RSI holding in positive territory, indicating a sustained bullish bias. Overall, the trend remains positive, but a breakout above resistance is crucial for the next leg of the rally.
Stocks to buy
Tata Power Company Ltd Cmp: ₹427
With the current close, Tata Power has decisively broken out of the broader consolidation range of 340–417, which had been in place since January 2025, signalling a strong structural breakout. The stock is firmly positioned above its 20, 50, 100, and 200-day SMAs, with all key averages aligned upward, reinforcing a robust bullish trend. Further strength is highlighted by a weekly Bollinger Band buy signal, indicating expanding momentum and continuation of the uptrend. Momentum indicators remain firmly supportive, with the daily, weekly, and monthly RSI in favourable territory, reflecting sustained strength across all time frames and reinforcing the positive outlook.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is 460-480, and its downside support zone is the 415-390 levels.
Polycab India Ltd Cmp: ₹7,904
Polycab India continues to trend within a well-defined rising channel since mid-April 2025, maintaining a strong structural uptrend. Recently, it tested the lower band of the channel and rebounded sharply, forming a strong bullish candle on the weekly chart, indicating renewed buying interest. The price is now advancing toward the upper band of the channel, suggesting continuation of the uptrend. Momentum indicators remain supportive, with the weekly RSI delivering a positive crossover above its reference line, generating a buy signal. Additionally, the daily, weekly, and monthly RSI are all in favourable territory, reflecting broad-based strength across time frames and reinforcing the bullish outlook.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹8,250-8,500, and its downside support zone is the ₹7,700-7,500 levels.
Bharat Electronics Ltd (BEL) Cmp: ₹456
On the daily and weekly charts, BEL continues to trend higher, forming a consistent pattern of higher highs and higher lows, reflecting a strong bullish undertone. The price is firmly positioned above its 20, 50, 100, and 200-day SMAs, with all key averages gradually trending upward, reaffirming a well-established bullish structure. Momentum indicators further support the trend, with the daily and weekly RSI holding in favourable territory, indicating sustained strength and positive momentum across time frames.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹475-490, and its downside support zone is the ₹445-430 levels.
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.
