While the market shows some promise and trends are expected to gain momentum, current upward movement is limited. Higher price levels are meeting selling pressure, which is dampening bullish sentiment.
Two stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
BALRAMCHIN (current price: ₹515.70)
Buy above ₹520, stop ₹490, target 575 (multiday)
- Why it’s recommended: Following significant volatility over the last six months, the stock has seen steady volumes in recent trading sessions. A long-bodied candle breaking above the resistance zone near 145 suggests a positive price outlook. With momentum building and strong volume support, the current setup presents a favorable opportunity to go long.
- Key metrics:
- P/E: 25.06
- 52-week high: ₹627
- Volume: 41.39M
- Technical analysis: Support at ₹470, resistance at ₹610
- Risk factors: Sugar industry is heavily regulated; sugar industry oscillates between overproduction (surplus) and shortages.
- Buy: above ₹520
- Stop loss: ₹490
- Target price: ₹575 (2 Months)
CESC (current price: ₹179.42)
Buy above ₹181, stop ₹168, target ₹205 (multiday)
- Why it’s recommended: CESC Limited is India's first fully integrated electrical utility, managing thermal and renewable energy across a 567 sq km licensed area. Following a decline in early January 2026, the stock has staged a rounding bottom recovery backed by strong buying at lower levels. A decisive move above the ‘cloud’ resistance near 169 suggests further demand is likely to emerge. With the Relative Strength Index (RSI) surging, current indicators signal a favorable opportunity to go long for higher price targets.
- Key metrics:
- P/E: 28.08,
- 52-week high: ₹185.25,
- Volume: 8.55M.
- Technical analysis: Support at ₹165, resistance at ₹225.
- Risk factors: High debt levels, and the need for significant capital expenditure to transition toward renewable energy.
- Buy : above ₹181
- Stop loss: ₹168
- Target price: ₹205 (2 Months)
MAHABANK (current price: ₹75.54)
Buy above ₹76, stop ₹71.50, target ₹85 (multiday)
- Why it’s recommended: Following a robust Q4 performance, the stock is forming a rounding pattern that is generating steady upward traction. The recent volume-backed rebound suggests that prices are positioned to move higher. Furthermore, a surge in the Directional Movement Index (DMI) signals a strong opportunity to initiate a long position for potential further gains. Go long now.
- Key metrics:
- P/E: 8.96,
- 52-week high: ₹76.99,
- Volume: 48.46M.
- Technical analysis: Support at ₹67, resistance at ₹89.
- Risk factors: Asset quality and slippages , deposit growth slowdown and potential risks from digital intruders.
- Buy : above ₹76
- Stop loss: ₹71.50
- Target price: ₹85 (2 Months)
How the stock market performed on Monday
On 20 April, Indian equity markets witnessed a volatile session, extending gains for the second consecutive day but ultimately closing flat as global uncertainties weighed on sentiment. The Nifty opened on a mildly positive note and showed strength during the late morning trade, supported by selective buying in banking and metal counters. However, profit booking in the afternoon erased intraday gains, leaving the index almost unchanged by the close.
The Sensex ended higher by 26.76 points or 0.03% at 78,520.30, while the Nifty added 11.30 points or 0.05% to settle at 24,364.85. Market participants remained cautious amid concerns over the Iran-US ceasefire, which kept overall sentiment subdued. Stocks such as Trent, SBI, JSW Steel, and Asian Paints were among the active movers during the day. Broader indices mirrored the volatility, with midcaps and smallcaps struggling to sustain momentum, reflecting a wait-and-watch approach among investors.
Outlook for trading
Positive domestic and geopolitical news has helped trends revive, though the markets failed to sustain at higher levels and remain largely neutral. We are currently negotiating the 24,300 level. After a quiet start, yesterday’s impressive recovery reignited a bullish bias. With positive traction returning, investors should focus on stocks resuming their primary trends. As the current environment suggests a slow pace over the next few days, we expect global cues to drive the next move.
Since the market is struggling to maintain its upward momentum, a more cautious approach is needed. Options data shows Nifty resistance has shifted to 24,500, where steady call shorting is capping gains. Immediate support holds at 24,200, likely keeping the weekly range between 24,200 and 24,900. With the Put-Call Ratio (PCR) reaching 1 in both Nifty and Bank Nifty, bullish enthusiasm is returning as oversold levels are hit. Bank Nifty, having cleared the 52,000 mark, remains slow but could eventually lead the market higher.
Open Interest data indicates that hurdles have shifted toward 24,900, while the gap near 25,700 may also act as a major barrier to future rallies. As this remains a "buy on dips" market, we are looking for entry points in support zones. Specifically, Nifty’s 24,000 level has now turned into a support floor for buyers to watch during pullbacks.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.
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.