The strong push to the upside did not sustain, as profit booking stepped in. However, the mood remains optimistic, and we need to see how to handle the trends ahead in a systematic way. The best approach is to combine a multiday and an intraday approach to capitalise on market momentum.
Three stocks to trade as recommended by Raja Venkatraman of NeoTrader:
Best stocks to buy today (All Buy trades are rates of Equity & Sell rates are based on F&O)
SJVN Ltd: Buy above ₹81 | Stop ₹76.50 | Target ₹91 (multiday)
Sterling and Wilson Renewable Energy Ltd: Buy above ₹220 | Stop ₹207 | Target ₹241 (multiday)
Triveni Engineering and Industries Ltd: Buy above ₹415 | Stop ₹390 | Target ₹461 (intraday)
Stock market today
On 22 April 2026, Indian equity benchmarks reversed their three-day winning streak, slipping nearly 1% as weakness in IT heavyweights and lingering geopolitical uncertainty weighed on sentiment. The indices opened sharply lower, mirroring weak global cues, with the Sensex tumbling over 250 points at the start and the Nifty sliding below the 24,500 mark. Selling pressure deepened through the session, dragging the Nifty to an intraday low of 24,352.90.
However, selective buying in FMCG, realty, and metal counters helped limit the damage, allowing the market to recover part of its losses from the day’s trough. By the close, the Sensex had shed 756.84 points or 0.95% to settle at 78,516.49, while the Nifty ended 198.5 points lower, down 0.81% at 24,378.10. The session highlighted investor caution, with sectoral divergence offering some resilience even as broader sentiment remained pressured.
Outlook for trading
Despite a strong demonstration of revival, it suggests a potential bottoming-out formation. However, as we slip into the charts, we note that the downward channel resistance area around the median line mentioned yesterday continues to halt the trends, which have been largely oriented towards multiday trading. Overall, from a trading perspective, we can note that on the intraday charts, the value area support area around 23,500 came under the spotlight. The support in this region could now help prices rise higher.
The emerging trend clearly suggests that the rally last week held above 24,300, while supply at every opportunity continued to induce profit booking ahead of the expiry. After a positive opening, prices traded above the range that developed over the last few days. Hence, one should track the trends in progress, as an upward move above 24500 (Nifty Spot) would extend the bullish bias. Moments on intraday charts indicate that, after settling down, prices seem to have absorbed the selling pressure. With the gradual rise emerging from lower levels, we can expect it to remain hesitant as bullish bias continues.
We continue to maintain long positions in the Nifty so long as 24,000 holds, viewing any sustained move below that level as a clear sign that bullish conviction is waning. The resistances have now moved to 24,800, while open interest shows that the road ahead is more open.
If the index breaks out of its current 30-minute range on Thursday with the Sensex expiry, we can pivot to two-way trades; until then, the trend remains in a tentative standoff. The readings from the Option Data suggest that PCR has now moved around 1, highlighting that the trends are showing an intention to move to a higher stage. Some steady Put writing at the 26,200 levels continues to absorb the bearish bias, helping maintain the recovery.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
SJVN (Cmp 80.85)
Why it’s recommended: SJVN Ltd, formerly Satluj Jal Vidyut Nigam, is a prominent Indian public sector undertaking (Navratna) focused on hydroelectric power. The stock has been declining for the past 9 months. A strong thrust above the cloud region indicates fresh buying. A Kumo cross also suggests that the bullish signatures have emerged, inviting us to go long. Strong breakout beyond TS and KS on the daily charts is fueling a new move.
Key metrics:
P/E Ratio: 32.82
52-week high: ₹107.50,
Volume: 16.97M
Technical analysis: Support at ₹75 | Resistance at ₹125.
Risk factors: Key risks include potential time/cost overruns in major projects, low Return on Capital Employed (ROCE) (~3.8%-4.08%), declining net profits, and forex fluctuations from foreign currency debt (USD/JPY).
Buy: Above ₹81.
Stop loss: ₹76.50.
Target price: ₹91 (2 months)
SWSOLAR (Cmp 218.65)
Why it’s recommended: SWSOLAR refers to Sterling and Wilson Renewable Energy Limited (formerly Sterling and Wilson Solar Ltd), a global provider of solar engineering, procurement, and construction (EPC) solutions. The stock demonstrated a V-shaped recovery and has been generating strong demand on every intraday decline. SWSOLAR has secured major orders worth ₹3,550 crore, including a significant 875MW solar project from Coal India in Rajasthan. A strong recovery and positive newsflow augur well for prices. A strong, long-body candle breakout seen on Monday has now opened a new trend possibility. Buy.
Key metrics:
52-week high: ₹348.90,
Volume: 2.47M.
Technical analysis: Support at ₹201 | Resistance at ₹265.
Risk factors: Climatic volatility, intense competition, project execution challenges, and margin pressures.
Buy: Above ₹220.
Stop loss: ₹207.
Target price: ₹241 (two months)
TRIVENI (Cmp 411.40)
Why it’s recommended: Triveni Engineering & Industries Ltd is a diversified Indian conglomerate and a major player in the sugar and ethanol sectors. There has been rampant volatility, with prices swinging quite rapidly over the last six months. The strong thrust on Wednesday above the recent set of resistances has once again ignited some bullish possibilities in the counter. As we can observe, after a long period of consolidation in the TS & KS bands, a sharp rise has occurred over the last few trading sessions, highlighting further upside potential. The strong charge, seen alongside a rise in positive DI, suggests the possibility of more upward traction.
Key metrics:
P/E Ratio: 29.99
52-week high: ₹468.20
Volume: 1.38M.
Technical analysis: Support at ₹380 | Resistance at ₹478.
Risk factors: Heavy dependence on government policies, climatic impacts on sugarcane availability, and fluctuations in sugar prices.
Buy: Above ₹415.
Stop loss: ₹390.
Target price: ₹461.
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.