The Indian stock market benchmarks, the Sensex and the Nifty 50, ended in the red on Tuesday, 28 April, due to profit booking in banking heavyweights, including ICICI Bank, HDFC Bank, Axis Bank, and State Bank of India, amid mixed global cues.
The Sensex closed 417 points, or 0.54%, lower at 76,886.91, while the Nifty 50 ended at 23,995.70, falling 97 points, or 0.40%. However, the mid and small-cap segments bucked the trend, ending higher. The Nifty Midcap 100 and Smallcap 100 indices rose by 0.28% and 0.42%, respectively.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman
OLECTRA (current market price ₹1,286)
Buy above ₹1,290, stop ₹1,240, target ₹1,395 (Multiday)
- Why it’s recommended: Olectra Greentech Ltd (est. 2000), part of the Megha Engineering & Infrastructures Ltd (MEIL) group, is a premier Indian manufacturer of electric buses (e-buses) and high-tension insulators. Post a sharp decline since December 2025 the reversal emerged in April 2026 that could look to recreate the upward momentum. The last few sessions have been promising with a long body candle to end the previous trading session despite some market sell off indicates some genuine buying interest. The consolidation into the TS Bands and revival thereof saw a sharp rebound. The revival is seen on the back of some strong volumes. Look to initiate a multiweek buy , the prices have resolutely moved higher forming a large body candle. The positive DI is also inching higher intraday timeframe. Go long.
- Key metrics:
- P/E Ratio : 72.04
- 52-week high: ₹1712.50,
- Volume: 1.96M
- Technical analysis: Support at ₹1126, resistance at ₹1400.
- Risk factors: Execution delays for its e-bus order book, raw material price volatility, and high dependency on government policy/subsidies.
- Buy : above ₹1290.
- Stop loss: ₹1240.
- Target price: ₹1395 (2 Months)
COAL INDIA (current market price ₹467)
Buy above ₹470, stop ₹440 target, ₹525 (Multiday)
- Why it’s recommended: Coal India Ltd (CIL) is a state-owned coal mining company, established in 1975, functioning under the Ministry of Coal, Government of India, with headquarters in Kolkata. As the world's largest coal producer, it contributes over 80% of India's total domestic coal production. A reaction into a TS & KS bands and a subsequent recovery forming a nice rounding pattern revival. A strong long body candle around the TS & KS bands augurs well for some upside if market rebounds. 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: 17.46,
- 52-week high: ₹476,
- Volume: 26.73M.
- Technical analysis: Support at ₹440, resistance at ₹550.
- Risk factors: High reliance on forest clearance approvals, regulatory interventions regarding pricing and dividends, and long-term energy transition pressures.
- Buy : above ₹470
- Stop loss: ₹440
- Target price: ₹525 (2 Months)
POLYCAB (current market price ₹8,254)
Buy above ₹8260, stop ₹8025, target ₹8895 (Multiday)
- Why it’s recommended: Polycab India Ltd is India's largest manufacturer of wires and cables, commanding a ~26-27% share of the organized domestic market. The company is a leading player in the Fast-Moving Electrical Goods (FMEG) sector, producing fans, switches, lighting, and solar products. After a sharp decline since Feb 2026 the prices tested value supports at 6800 to stage a recovery in the last few days. A strong push above the cloud region helped the prices pattern fuel a strong surge on Tuesday. As support from TS is visible the cloud region and a strong upside has can be expected.
- Key metrics:
- P/E Ratio: 47.96
- 52-week high: ₹8722
- Volume: 363.78K
- Technical analysis: Support at ₹7500, resistance at ₹9200.
- Risk factors: Slower-than-expected revenue growth, managing top-level attrition, and efficiently integrating operations.
- Buy : above ₹8260.
- Stop loss: ₹8025.
- Target price: ₹8895.
How the stock market performed on 28 April
On April 28, 2026, Indian equities ended a volatile expiry session lower, giving up part of the previous day’s gains as selling pressure resurfaced across key sectors. The Nifty 50 slipped below the 24,000 mark, weighed down by weakness in financials, IT, and auto stocks. Persistent foreign fund outflows, elevated crude oil prices, and unresolved geopolitical tensions further dampened sentiment.
The Sensex fell 417 points to close at 76,886, while the Nifty declined 97 points to settle at 23,996. Broader market breadth remained weak, with widespread declines reflecting cautious positioning ahead of expiry.
Maruti Suzuki India, Axis Bank, HCL Technologies, Shriram Finance, and InterGlobe Aviation were among the top laggards, dragging indices lower. In contrast, Oil and Natural Gas Corporation, Coal India, Nestlé India, Adani Enterprises, and Reliance Industries offered some support with gains.
The session highlighted investor caution, with global uncertainties and domestic pressures keeping risk appetite subdued despite selective resilience in energy and FMCG stocks.
Outlook for trading
Bank Nifty has underperformed the Nifty, with sustained selling pressure on every rally indicating a downward bias as the index struggles to sustain higher levels. While sector rotation continues, divergence between indices is becoming more pronounced.
HDFC Bank has remained under pressure following its Q4 results, weighing on Bank Nifty sentiment. Although the index attempted to move into the upper resistance zone, momentum indicators are showing fatigue, and recent gains are stalling as bearish pressure emerges at higher levels. In the absence of fresh triggers, price action is turning range-bound, limiting the scope for a swift recovery.
Technically, a break below the 55,500 region on Bank Nifty could open the way towards 53,800. A sustained move below 53,800 would further weaken the structure, while the 59,000 level remains a key pivot for the bulls. Until this range is decisively broken, the index is likely to remain in consolidation. A move above 59,000 could revive stock-specific momentum, though sentiment across constituents remains mixed.
PSU and private banks are moving in a staggered manner, with erratic performance in private sector names making recovery in Bank Nifty difficult. This weakness could spill over into sectors such as autos, realty, and financials. Despite some recovery attempts earlier in the week, the inability to decisively clear the 60,100 mark keeps the broader outlook constrained in a shortened trading week.
Meanwhile, Nifty 50 continues to face resistance near 24,500, which also coincides with a key congestion zone and is acting as a cap on near-term upside. Open interest data suggests significant supply at higher levels, reinforcing resistance. Traders may watch for a 30-minute range breakout on Wednesday for short-term directional cues.
Overall, with indices lacking conviction to move higher, trading is likely to remain stock-specific rather than index-driven in the near term.
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.