The bulls are active and capitalising on every dip to trigger a recovery. However, the market continues to be dragged down by an inability to sustain gains at higher levels. Following a prolonged period of volatility, recent gap openings have dampened investor enthusiasm, though isolated pockets of bullishness continue to emerge and attract attention.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman
INDIANB (current price: ₹966.50)
Buy above ₹970, stop ₹910, target 1070 (multiday)
- Why it’s recommended: The stock has recently formed a rounding bottom pattern after a period of decline. Since early April, a strong upward thrust has generated fresh bullish momentum. With the price holding steady above the recent gap, the trend suggests further gains. This revival is well-supported by rising trading volumes, signaling a favorable opportunity to go long.
- Key metrics:
- P/E: 10.84
- 52-week high: ₹1000
- Volume: 1.53M
- Technical analysis: Support at ₹888, resistance at ₹1025
- Risk factors: Market demand, cost volatility, and intense competition, despite maintaining a strong balance sheet.
- Buy : above ₹970
- Stop loss: ₹910
- Target price: ₹1070 (2 months)
EPL (current price: ₹236.76)
Buy above ₹240, stop ₹220, target ₹270 (multiday)
- Why it’s recommended: EPL Limited (formerly Essel Propack) is the world’s leading specialty packaging company, specializing in laminated plastic tubes for the FMCG and pharmaceutical industries. After consolidating throughout the first quarter of 2026, the stock is now breaking above the cloud region, resulting in a "Kumo twist." With the price holding steady above the 251 level, this Kumo cross suggests potential upside as the broader market rebounds. Furthermore, a rising Directional Index indicates strengthening momentum, signaling a prime opportunity to initiate a long position for higher targets.
- Key metrics:
- P/E: 23.96
- 52-week high: ₹254.20
- Volume: 1.53M
- Technical analysis: Support at ₹888, resistance at ₹1025
- Risk factors: Market volatility, regulatory changes, and intense competition in the digital brokerage space.
- Buy: above ₹240
- Stop loss: ₹220
- Target price: ₹270 (2 months)
VEDL (current price: ₹752.55)
Buy above ₹753, stop ₹720, target ₹825 (multiday)
- Why it’s recommended: Recent readings from the ADX and Directional Index support an upward trajectory, while a fresh rally following a period of profit-booking signals a strong recovery for the metal sector. A long-bodied candle on the chart suggests further gains as bullish momentum intensifies. With the RSI also trending upward, conditions are favorable to initiate a long position for higher targets. Go long now.
- Key metrics:
- P/E: 31.40
- 52-week high: ₹769.80
- Volume: 12.59M
- Technical analysis: Support at ₹710, resistance at ₹850
- Risk factors: Vulnerable to price fluctuations in ferrous and non-ferrous metals.
- Buy: above ₹753
- Stop loss: ₹720
- Target price: ₹825 (2 months)
How the stock market performed on Monday
On 13 April, Indian equity markets faced a turbulent session as geopolitical tensions weighed heavily on investor sentiment. The Sensex dropped 702.68 points, or 0.91%, to close at 76,847.57 after plunging as much as 1,681.93 points intraday to 75,868.32. The Nifty also opened sharply lower but managed a partial recovery, ending 207.95 points, or 0.86%, down at 23,842.65. The sell-off was broad-based, with auto, FMCG, and IT stocks leading declines, while select energy and pharma counters showed relative resilience.
Midcap and smallcap indices mirrored the weakness, slipping around 0.5 percent each. Banking heavyweights added to the pressure, with HDFC Bank sliding 2.7 percent and ICICI Bank losing 1.7 percent. The downturn was largely attributed to the failure of US-Iran negotiations, which heightened fears of prolonged conflict and drove crude oil prices higher, intensifying concerns over inflation and economic stability.
Outlook for trading
The April series has been demanding, with high volatility leaving traders questioning if any upward momentum remains. Despite frequent gaps threatening sentiment, bullish hopes persist. However, the market’s constant chopping and turning has yet to provide full clarity, leaving the situation dicey as we are not yet out of the woods.
Nevertheless, emerging bullish signals are increasingly favoring the buyers. Current interest remains concentrated in Nifty Mid and Small-cap stocks; however, there is caution regarding market breadth, as their potential absence could stall the Nifty’s overall recovery.
Friday’s gap-fill settled nerves and positioned the market for a fresh move toward new highs. While trends show bullish spurts, reaching the summit in the coming week remains a challenge. We noted that the recent decline tested support levels before ending the week strongly, shifting sentiment toward a positive bias. Though every rise prompts some to call a market top, we must continue to tread carefully.
We maintain that market dips offer a buying opportunity and suggest keeping a bullish bias. The gap region around 23,200 is expected to serve as a support zone for any pullbacks in the coming sessions. Over the last two sessions, we have observed that buying interest at lower levels has fueled strong surges. Looking ahead, a clear zone for long positions has emerged, with the Nifty likely identifying 23,500 as the immediate resistance level to breach.
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.