Indian stock market: The Indian stock market faced another subdued 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 elevated, fuelling fresh concerns over inflation.
As a result, the Nifty dropped 1.10% to slip below the 24,000 level and close at 23,907, while the S&P BSE Sensex fell 1.28% to finish at 76,670 compared to Thursday’s close.
Stock market next week
Nifty 50
On Friday, the Nifty 50 opened with a gap-down at 24,100.55 and witnessed selling pressure throughout the session. The index marked its intraday high of 24,206.00 in the initial minutes of trade, followed by a steady decline, leading to an intraday low of 23,813.65.
According to Sumeet Bagadia, Executive Director at Choice Broking, the index eventually closed at 23,897.95, indicating a weak session with sustained selling bias. On the daily timeframe, the formation of a bearish candlestick pattern reflects continued selling pressure and weak market sentiment.
“From a technical perspective, immediate support is placed in the 23,650–23,700 range, while resistance is observed between 24,050 and 24,150 levels. The Relative Strength Index (RSI) stands at 49.21, slipping below the midpoint of 50, indicating weakening momentum and a shift towards a negative bias. In the derivatives segment, notable call writing was seen at the 24,000 strike, followed by 24,100, while significant put writing was observed at 23,900 and 23,800 levels, indicating near-term support zones,” Bagadia said.
Bank Nifty
The Bank Nifty index opened with a gap-down at 56,170.20 and traded with volatility on both sides during the session. It recorded an intraday high of 56,460.50 in the first half, followed by a decline to an intraday low of 55,750.40 in the latter half. The index eventually closed at 56,089.75, ending near its opening level.
Bagadia further noted that on the daily timeframe, the formation of a Doji candlestick pattern indicates indecision among market participants, reflecting a balance between buyers and sellers.
“From a technical standpoint, immediate support is placed in the 55,750–55,850 range, while resistance is seen in the 56,300–56,400 zone. The Relative Strength Index (RSI) stands at 52.27, holding slightly above the midpoint level of 50, indicating a neutral to mildly positive undertone. Sustaining above this level would be important to confirm further strength,” he said.
Bagadia further opined that the 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.
He further recommended investors to remain cautious and rely on price confirmation before initiating fresh positions, as any meaningful recovery will require strong follow-through buying and stability near support zone.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, April 27. The three stock picks by Bagadia are – IDBI Bank, Lloyds Enterprises, and NMDC.
1] IDBI Bank: Buy at ₹76.17 | Target Price: ₹83.45 | Stop Loss: ₹72.15
2] Lloyds Enterprises: Buy at ₹67.53 | Target Price: ₹73.90 | Stop Loss: ₹64.20
3] NMDC: Buy at ₹89.29 | Target Price: ₹95 | Stop Loss: ₹86
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.
