Stock market recap: The Indian stock market selloff extended to the third straight session on Friday, 24 April, with the benchmarks — the Sensex and the Nifty 50 — crashing by over 1% each.
The 30-share pack tumbled 1,000 points, or 1.29%, to end at 76,664, while the Nifty 50 plunged by 275 points, or 1.14%, to close at 23,898. The Nifty Midcap 100 index fell 0.96%, while the Smallcap 100 index dropped 0.87%.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
VTL (Cmp ₹590.05)
- Why it’s recommended: Vardhman Textiles Ltd, founded in 1965 and based in Ludhiana, is India's largest vertically integrated textile producer, specializing in yarn, fabric, and sewing threads. The stock has given an ascending triangle breakout, and the steady consolidation and follow-up seen ahead of numbers augur well for the prices. A strong thrust above the recent range around 570 after long period of consolidation indicates some fresh buying that has emerged. Go long.
- Key metrics:
- P/E Ratio : 21.61
- 52-week high: ₹604.15,
- Volume: 2.9M
- Technical analysis: Support at ₹495, resistance at ₹700.
- Risk factors: Industry-specific cyclical risks, operational challenges, and financial pressures as of early 2026.
- Buy: above ₹595
- Stop loss: ₹525.
- Target price: ₹655(2 Months)
VIJAYA (Cmp ₹1065.55)
- Why it’s recommended: Vijaya Diagnostic Centre Ltd (est. 1981) is a leading integrated diagnostic chain in South India, offering pathology and radiology services across 81+ centers and 11 reference labs. . There has been a strong surge in Open Interest indicating that the trends in this counter is indicating a steady upward bias. Strong recovery with positive newsflow augurs well for the prices. The last few days, the upward momentum has been retained despite market conditions, and we look to initiate a buy.
- Key metrics:
- P/E Ratio : 64.95
- 52-week high: ₹1165.50,
- Volume: 428.26K.
- Technical analysis: Support at ₹2140, resistance at ₹2465.
- Risk factors: Geographic concentration, high valuations, and competitive pressure.
- Buy : above ₹1070.
- Stop loss: ₹1020.
- Target price: ₹1165(2 Months)
POLYPLEX (Cmp ₹889.65)
- Why it’s recommended: Polyplex Corporation Limited is a leading global manufacturer of polyester (PET) films, ranking second globally in thin PET film capacity. Chemical sector has lately seen some strong revival and the last few months this counter has been on a descent. After declining for more than a year the prices started bottoming out and is now showing some rounding formation at lower levels. A slow and steady revival subsequently after a bearish grip augurs well for the prices. The rising momentum charge shown by the Relative Strength Index could now result in some upward drive.
- Key metrics:
- P/E Ratio: 41.49
- 52-week high: ₹1396.80
- Volume: 164.19K.
- Technical analysis: Support at ₹750, resistance at ₹1050.
- Risk factors: Promoter pledge, severely declining profitability, and negative operating profits.
- Buy : above ₹893.
- Stop loss: ₹850.
- Target price: ₹975.(2 Months)
Stock Market Recap
On 24 April 2026, Indian equity markets witnessed a sharp sell-off, with benchmarks tumbling under heavy pressure from global and domestic headwinds. The Sensex plunged nearly 1,000 points to close at 76,664, while the Nifty slipped below the 24,000 mark, ending at 23,897, down 275 points. The rout was led by IT stocks, as Infosys crashed over 7%, dragging peers HCL Tech, TCS, and Tech Mahindra lower.
Weakness also spread to financials and defensives, with ICICI Bank, Asian Paints, and Sun Pharma among notable laggards. However, select counters such as Trent, Bajaj Finance, SBI, HDFC Bank, and Kotak Mahindra Bank managed to buck the trend. Investor sentiment was rattled by escalating West Asia tensions, a weakening rupee at 94.23 against the dollar, and rising crude prices, with Brent climbing above $107 per barrel. Foreign institutional investors added to the pressure, offloading equities worth ₹3,254 crore, deepening the market’s decline.
Outlook for Trading
On Friday, we witnessed sharp profit-taking as Nifty Futures rushed to fill the gap; however, the trend remained fickle, as the buyerless market witnessed long liquidation. The selloff did trigger some panic as the resultant action once again has placed before us that the trends are clearly two sided and hence its best to adopt a mean reversion approach to profit form market participation. Breakout trades are not performing consistently, barring a few, hence it's best to buy a good breakout trade on a pullback to generate an optimum entry and exit.
The daily chart shown below continues to show that the trends are still struggling to retain the positive vibes and we should continue to maintain a buy on dip approach. The trends continue to favour those who are able to participate on the long side at every possible pullback.
In our issues over the past few months, we have been successful in initiating a good buy-on-the-dip approach, and we continue to maintain that this pattern will hold. The Ichimoku Bands are seen holding on the higher time frame charts are clearly suggesting that the momentum could trigger some further upside and the last decline has seen the upper Ichimoku Band proving strong support to the trends. With the immediate resistances being surpassed we should now look at some fresh momentum coming into play.
With the monthly expiry around the corner and with a bullish wave seen once again after a while the market would not look to give up the gains made from lower levels. However, a bottom formation seems to have been put in place, the environment is still pensive causing some delay in the trend to fructify in the last few days.
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.