Stock market recap: Indian equities ended the holiday-truncated week only marginally higher, as stalled talks between the US and Iran and US President Donald Trump's rejection of Tehran's proposal to remove the blockade of Hormuz pushed crude prices to a three-year high of $126 per barrel.
The Nifty 50 slipped 0.3% to 23,997.55, while the Sensex fell 0.8% to 76,913.5 on Thursday amid geopolitical concerns. Indian markets were shut on Friday due to Maharashtra Day.
With a lot of events lined up, we are looking at how to position ourselves and tread further.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
SYNGENE (Cmp ₹467.65)
SYNGENE: Buy above ₹470, stop ₹439 target ₹520 (Multiday)
- Why it’s recommended: Syngene International Ltd is a leading India-based contract research, development, and manufacturing organization (CRDMO) that provides scientific services from early-stage discovery to commercial-scale manufacturing. Post a sharp decline all through the year 2026 and in last few days in April 2026 the prices revived. The steady support at the TS & KS bands and the reversal gathered steam on Wednesday post the results. A promising long body candle to end the previous trading session despite some market sell off indicates some genuine buying interest. Go long.
- Key metrics:
- P/E Ratio: 61.91
- 52-week high: ₹728.60,
- Volume: 59.27M
- Technical analysis: Support at ₹430, resistance at ₹540.
- Risk factors: High valuation concerns, customer loss, project delays, or US-specific macroeconomic issues.
- Buy: above ₹470.
- Stop loss: ₹439.
- Target price: ₹520 (2 Months)
DCMSHRIRAM (Cmp ₹1227.50)
DCMSHRIRAM: Buy above ₹1230, stop ₹1180 target ₹1340 (Multiday)
- Why it’s recommended: DCM Shriram Ltd. is a leading Indian business conglomerate with a diverse portfolio that spans across agri-rural, chemicals & vinyl, and value-added businesses. As the world's largest coal producer, it contributes over 80% of India's total domestic coal production. The strong thrust with support from the TS & KS bands has led to a strong breakout above the cloud region forming a nice rounding pattern revival. A strong long body candle augurs well for some upside if market retains some positive momentum. A rise in the DI indicates that we can look to initiate a long opportunity here for a push to higher levels. Go long now.
- Key metrics:
- P/E: 9.95,
- 52-week high: ₹194,
- Volume: 443.54K.
- Technical analysis: Support at ₹1100, resistance at ₹1400.
- Risk factors: Diversified but cyclical business segments and heavy reliance on government policies.
- Buy: above ₹1230
- Stop loss: ₹1180
- Target price: ₹1340 (2 Months)
DEEPAKFERT (Cmp ₹1265.25)
DEEPAKFERT: Buy above ₹1270, stop ₹1220 target ₹1385 (Multiday)
- Why it’s recommended: Deepak Fertilisers and Petrochemicals Corp. Ltd (DFPCL), India, is a leading Indian manufacturer in the fertilizers and industrial chemicals sectors. The steady rise since April 2026 has seen the 2026 highs at around 1250, with a strong value area resistance in the last few days. With some positive newsflows regarding formation of new collaboration volumes are seen building up. The steady hold of the immediate support levels around 1200 suggests some positive momentum is building. Can look to initiate long.
- Key metrics:
- P/E Ratio: 49.73
- 52-week high: ₹1778.60
- Volume: 614.95K
- Technical analysis: Support at ₹1080, resistance at ₹1400.
- Risk factors: High reliance on imported natural gas, volatility in raw material prices, regulatory changes and intense competition from imported products.
- Buy: above ₹1270.
- Stop loss: ₹1220.
- Target price: ₹1385.
Stock Market on Thursday
On 30 April 2026, Indian equities remained volatile and ended lower, with the Nifty slipping 0.74% to close at 23,997.55. The index opened gap-down amid weak global cues and faced early selling pressure, though selective buying in heavyweight counters across sectors helped trim losses later in the day. The decline was broad-based, led by metals, realty, and FMCG, while IT stocks showed relative resilience. Broader markets mirrored the weakness, with midcap and small cap indices falling between 0.4–0.8 percent, reflecting widespread risk aversion.
The downturn was largely triggered by a sharp surge in crude oil prices to multi-year highs, driven by escalating geopolitical tensions in West Asia and concerns over supply disruptions through the Strait of Hormuz. This stoked fears of inflationary pressures for oil-importing economies like India. Additionally, a record low rupee, persistent foreign fund outflows, elevated bond yields, and caution ahead of global events and state election results weighed on sentiment.
Outlook for trading
Nifty has been on a roller coaster ride. After a static collapse seen a few weeks ago, the attempt to rebound has been quite strong. Last week, we mentioned that the markets are poised at an interesting stage. The May series, the broader indices attempt to revive, has been reset as every recovery is rendered ineffective.
The steady attempt at moving higher in May series will need more encouraging triggers to fuel the bullish cause. RBI did not offer much rope in the recent policy by maintaining a status quo on the rates. Hence it would now move on to some triggers emanating from the macro numbers.
With the news on the war front not stabilizing and the results of the election around the corner we could witness a volatile market trend in the next week. Bank Nifty has been clearly under pressure demonstrating a downward traction that has generated widespread disappointment. The market was largely docile as the participants were getting mixed signals about government initiative to improve the fiscal deficit.
In line with our earlier expectations, the Nifty future moved below 24000 to test the support around 23850. Now, as we can see on the chart, the gap levels have been filled. A doji (uncertainty) has been formed suggesting that we are poised at a tentative stage as we finished the week strongly. The Bank Nifty was a bit of a laggard as there wasn’t any specific news for the sector and so the Nifty lacked the usual contribution that this sector gives to its moves. It was therefore left to the other sectors to carry the day. But the breadth was good overall and helped to trigger stock-specific actions. The options build up also indicated that the sentiment had changed again to bearish trends as we begin the week.
At the moment the bearishness has not been able to drag the index much lower. Until we see Nifty move below 24000 decisively the Open Interest data retains that 24200 as the next set of resistance emerging. As ranging market is in play, we need to be quick in profit taking as we the trend does not have sufficient steam to move strongly in either direction.
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.
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