Stocks to buy or sell: The Indian stock market ended the final trading session of April on a weak footing, weighed down by a sharp surge in crude oil prices that triggered heavy selling in oil-sensitive stocks. Unfavourable global cues and the Indian rupee slipping to a fresh record low further pressured investor sentiment, keeping the market firmly in a risk-off mode.
The Nifty 50 fell 0.73% to close at 24,000, trimming a significant portion of its intraday losses from the day’s low. Meanwhile, the BSE Sensex declined 0.78% to settle at 76,891, compared to its previous close.
“The past week in the market reflected a mixed sentiment, with the Nifty closing at 23,997, registering a modest gain of 0.42%, while the Bank Nifty underperformed, declining 2%. Sector-wise, telecom stood out as the only notable gainer, advancing around 4% during the week. Optimism around a potential diplomatic breakthrough supported global market sentiment, with investors closely monitoring the situation. A positive outcome could stabilize risk assets, including equities, whereas any negative developments may trigger heightened volatility,” said Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi.
Ganesh Dongre's market outlook for next week
Dongre believes that market sentiment has turned cautious, with a clear preference for a buy-on-dips strategy. However, the outlook remains sensitive to global developments, particularly geopolitical events.
“The coming week will be crucial as investors track updates from the ongoing US-Iran discussions. Traders are advised to remain selective, adhere to 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, Bagadia said that the Nifty continues to hover near the psychologically significant 24,600-24800 mark, which also aligns with its 200-day EMA.
“However, profit booking at higher levels led the index to close slightly lower around the 23,900 zone. Immediate support is seen in the 23,500–23,800 range, while the 24,800–25,000 band remains a key resistance area. The broader weekly structure remains constructive, marked by a pattern of higher lows. A sustained move above 24,800 would be crucial for confirming trend continuation and could pave the way toward 25,300, strengthening bullish momentum. On the downside, the 23,000–23,500 zone is expected to act as a strong demand area during any corrective phase,” Bagadia said.
Bank Nifty
Meanwhile, on the Bank Nifty outlook, Dongre further opined Bank Nifty closed near 54,863, declining nearly 2% for the week, and is approaching a crucial resistance zone of 56,500–57,000, which is also close to its 200-day EMA.
“Immediate support is placed in the 54,500–55,000 range. A decisive breakout above resistance could further reinforce bullish momentum in the banking space and lend support to the broader market,” he added.
Weekly stocks to buy or sell
Laurus Labs: Buy at ₹1095-1100, target price of ₹1142, stop loss of ₹1077.
HDFC Bank: Buy at ₹770-775, target price of ₹830, stop loss of ₹740.
IRFC: Buy at ₹104, target price of ₹114, stop loss of ₹100.
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.
