Stock market recap: Indian benchmark indices surged about 6% last week—their strongest performance in over five years—driven by sharply improving global cues, and a risk-on rally across global equities.
The Sensex surged 918.60 points, or 1.20%, to end at 77,550.25 on Friday, while the Nifty also finished higher, reclaiming the important 24,000 level.
Here are three stocks to buy or sell as recommended by Raja Venkatraman of NeoTrader for Monday, 13 April.
SONACOMS: Buy above 556 stop 520 target 610 (Multiday)
NAM-INDIA: Buy above ₹960, stop ₹897 target ₹1075 (Multiday)
OLECTRA: Buy above ₹1187, stop ₹1170 target ₹1275 (Multiday)
Stock Markets on Friday
Indian equity markets staged a strong rebound on 10 April 2026, recovering smartly after the previous session’s weak close. Supported by firm global cues and easing geopolitical worries, both benchmark indices opened with a gap-up and extended gains throughout the day on broad-based buying across most sectors, with IT as the only major laggard.
The Nifty 50 climbed to an intraday high of 24,074.05 and managed to hold near the day’s peak by the close, reflecting sustained bullish sentiment. The Sensex surged 918.60 points, or 1.20%, to end at 77,550.25, while the Nifty also finished higher, reclaiming the important 24,000 level. The strong recovery highlighted renewed investor confidence and selective sector rotation, with market participants reacting positively to improving risk appetite across global markets.
Outlook for Trading
Resistances were overcome with a resounding gap on Wednesday as the bullish enthusiasm took over with the hope that the war is heading towards an end. However, the continued violations have resulted in the trends facing a lot of hesitation. The overall trends have failed to steer clear of the trend and have not been able to forge ahead. However, the sustained bullish action despite some periodic shakeups has instilled greater confidence in the market.
Bullish enthusiasm reared its head once again as we are stepping into an event-driven week, despite the sharp drawdown, the market witnessed a rebound after the violation rumour.
After spending the week largely consolidating, the Nifty saw a strong breakout above the resistance zone around 23500. The strong close above the 24000 resistance was overcome by the end of the week, as the bullish enthusiasm after much hesitation has managed to steer clear of the trend and forge ahead. The sustained bullish action despite some periodic shakeups has instilled greater confidence in the market.
The daily chart shown above continues to show that the trends are still holding the trends despite some hint of profit booking seen on Thursday, to retain the positive vibes we should continue to maintain a buy on dip approach. The trends continue to favor those who are able to participate on the long side at every possible pullback.
In our issues through the last two months we have been actually heading lower there is a clear sign of a turnaround that is visible. The divergence that triggered the move is seen pushing the Nifty towards a key resistance zone around 24300 and then further to 24500 which could be the levels to watch out for in the coming week. Though a curtailed week ahead, we note that on the higher time frame charts are clearly suggesting that the momentum could trigger some further upside. With the immediate resistances being surpassed we should now look at some fresh momentum coming into play.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
SONACOMS (Cmp ₹554.25)
- Why it’s recommended: Sona BLW Precision Forgings Ltd (Sona Comstar) is a leading global automotive technology company founded, specializing in designing and manufacturing mission-critical components for electric (EV) and conventional vehicles. A rounding pattern that formed based on the recent decline and a subsequent strong push above the cloud region is seen. The robust movement since the start of April 2026 has ignited some fresh bullish momentum. As the trends unfold the recent charge is seen closing above value resistance region at 546 indicating that the push could carry the prices higher. The momentum is also seen reviving ably supported by volumes inviting us to go long.
- Key metrics:
- P/E: 58.33,
- 52-week high: ₹559.40,
- Volume: 4.74M
- Technical analysis: Support at ₹480, resistance at ₹600.
- Risk factors: Customer concentration geopolitical tensions and fluctuations in specialized steel prices and energy costs.
- Buy: above ₹556.
- Stop loss: ₹520.
- Target price: ₹610 (2 Months)
NAM-INDIA (Cmp ₹955.25)
- Why it’s recommended: Nippon Life India Asset Management Ltd (NAM India) offers various financial products including mutual funds, portfolio management, and AIFs. After spending the last 6 months in some rampant volatility, the recovery in broader markets has brought the spotlight on financial stocks again. A strong breakout above the cloud region with a long body candle with volumes suggest some upside in store. Further the rising RSI is indicating some firmness in the trend indicating we can look to initiate a long opportunity.
- Key metrics:
- P/E: 43.26,
- 52-week high: ₹1003.90,
- Volume: 2.02M.
- Technical analysis: Support at ₹800, resistance at ₹1200.
- Risk factors: Market volatility, regulatory changes, and intense competition in the digital brokerage space.
- Buy: above ₹960
- Stop loss: ₹897
- Target price: ₹1075 (2 Months)
OLECTRA (Cmp ₹1184.25)
- Why it’s recommended: Olectra has been on a descent in the last few days and this steady decline that was persisting is now seen receding. With a push above the cloud region the thrust seen last week could now carry the upside seen over the last few days. Every pullback has been witnessing some steady buying interest. Now with the prices holding above resistances the prices are witnessing some steady buying interest. The formation of a long body candle is signalling some mild pullback. Go long now.
- Key metrics:
- P/E: 66.31,
- 52-week high: ₹1712,
- Volume: 3.34M.
- Technical analysis: Support at ₹1100, resistance at ₹1300.
- Risk factors: Intense competition leading to margin compression, reliance on specific suppliers, and high capital-intensive operations.
- Buy: above ₹1187
- Stop loss: ₹1170
- Target price: ₹1275 (2 Months)
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.