The BSE Sensex ended the day at 81,148.22, down 1281.68 points or 1.55%, while the NSE Nifty 50 slipped 346.35 points or 1.39%, closing at 24,578.30. The Bank Nifty also declined 0.75% and 416.95 points to end at 54,965.90.
Top 3 stocks recommended by Ankush Bajaj
Buy Persistent Systems Ltd (current price: ₹5,761.00)
- Why it’s recommended: On daily chart, stock’s RSI is trading above 65. MACD has given a fresh buy signal and on lower time frame (15 min), stock has broken out of a bullish flag pattern with volume confirmation.
- Key metrics: Resistance level: ₹5,950 (supply zone), Support level: ₹5,700 (recentconsolidation base), Pattern: Bullish Flag Breakout, Volume: Above average during breakout
- Technical analysis: Price is trading above 20, 50, and 100 DMA. RSI > 65 and MACD crossover suggest strong momentum. Flag breakout on 15-min chart supports further upside.
- Risk factors: Breakdown below ₹5,700 with volume may invalidate pattern. Market-wide weakness or IT sector correction could affect performance.
- Buy at: ₹5,761.00
- Target price: ₹5,890 in 4–5 days
- Stop loss: ₹5,700
Buy: Coforge Ltd (current price: ₹8,266.50)
- Why it’s recommended: On daily chart, stock has broken out of an ascending triangle pattern. On 15-minute chart, it shows a clean breakout with bullish follow-through candles.
- Key metrics: Resistance level: ₹8,400 (upper channel), Support level: ₹8,150 (triangle base), Pattern: Ascending Triangle Breakout, Volume: Strong volume on breakout-
- Technical analysis: Price trading well above 50 and 100 DMA. RSI is at 70, and MACD is in bullish territory. Consolidation breakout on lower time frame indicates continuation.
- Risk factors: Fall below ₹8,150 may indicate false breakout. Broader index volatility could impact price action.
- Buy at: ₹8,266.50
- Target price: ₹8,450 – ₹8,470 in 4–5 days
- Stop loss: ₹8,150
Also Read: Another solid year for Coforge given strong deal pipeline? Yes, but…
Buy: KEI Industries Ltd (current price: ₹3,425)
- Why it’s recommended: On daily chart, price broke out of a consolidation range with bullish momentum. On 15 min chart, a cup-and-handle breakout is visible with increasing volume.
- Key metrics: Resistance level: ₹3,500 (next supply zone), Support level: ₹3,350 (breakout base), Pattern: Cup and Handle Breakout, Volume: Above average during breakout
- Technical analysis: Stock is above all key moving averages. RSI at 68 confirms strong momentum. Breakout pattern confirmed with volume on intraday charts.
- Risk factors: Close below ₹3,350 can reverse the setup. Sideways market or unexpected sector weakness can affect follow-through.
- Buy at: ₹3,425
- Target price: ₹3,500 in 4-5 days
- Stop loss: ₹3,350
- Market Update: Indices Decline Amid Geopolitical Tensions
Also Read: Shareholding moves in Q4: Million new investors flocked to these firms
Sectoral Performance
The sell-off was broad-based across sectors. The service sector declined 1.60%, reflecting fears of delayed project timelines and cautious investor sentiment. The FMCG index dropped 1.34%, hurt by concerns over rising credit risks amid macro uncertainty.
The consumption index slipped 1.22%, impacted by weakness in telecom and business service providers. The Nifty PSU Bank managed to close 1.56% higher, and the pharma sector closed 1.22% up. The healthcare index closed above 0.97%, showing resilience and selective buying in public sector banks.
Top Gainers
Despite the negative mood, a few stocks outperformed. Bharat Electronics surged 4.01%. Hero MotoCorp gained 1.97%, driven by strong April sales and optimism in its EV segment. Jio Finance advanced 1.71% after announcing strong order inflows.
Top Losers
Some heavyweight stocks bore the brunt of the sell-off. Infosys fell 3.58%, as financial stocks faced pressure from rising uncertainty. Eternal declined 3.28%, impacted by regulatory concerns and lower investor appetite for defensives. Power Grid Corp. dropped 3.43%, dragged down by weakness in the cement and textile business outlook
Nifty Technical Analysis
The Nifty saw a flat to negative opening and thereafter remained in a downtrend throughout the day. It closed in the red, down ~346 points, ending the session at 24,578. On the daily charts, the index has formed a Harami candlestick pattern, indicating short-term indecision. However, the broader structure remains weak. The bearish view will persist unless Nifty decisively closes above 24,900. Thus, minor degree pullbacks towards the resistance zone of 24,800–24,900 should be considered as a selling opportunity.
India VIX cooled off to 18.20, indicating some reduction in fear, but still suggesting elevated caution in the near term. On the downside, we expect the index to gradually drift towards 24,100, which aligns with previous support zones and option open interest concentration.
Also Read: Pidilite’s growth gets stickier, but valuation a sore spot
Other technical observations
On the daily chart, Nifty is trading above the 20-day and 40-day exponential moving averages of 24,139 and 23,771 respectively.
On the hourly chart, it is trading below the 20-hour and 40-hour moving averages of 24,516 and 24,485 respectively, suggesting short-term weakness.
No fresh moving average crossovers have occurred on either time frame. The daily momentum indicator remains in a negative crossover, which continues to act as a sell signal.
Derivatives & Open Interest (OI) Summary
The Put–Call Ratio (PCR–OI) has dropped from 1.29 to 0.85, reflecting rising call writing and caution at higher levels.
The Max Pain level is at 24,500, indicating traders expect expiry near this mark.
On the Call side, heavy OI is seen at 25,000 CE (16.7 million) and 24,800 CE (10.5 million) – creating a resistance zone in the 24,800–25,000 band.
On the Put side, the highest OI is at 24,500 PE (10.1 million) and 24,000 PE (9.4 million) – offering strong support between 24,000–24,500.
Futures OI data suggests long unwinding earlier in the week, followed by short covering, indicating neutral to bearish positioning.
FIIs have turned marginally net long in index futures, while retail and proprietary traders remain hedged.
The overall setup suggests that sell-on-rise remains the preferred approach unless Nifty closes above 24,900. The current OI structure and price action point toward a range-bound to negative bias, with 24,000–24,100 acting as a near-term support zone and 25,000 capping the upside.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
