Weekly expiry hesitation has been laid to rest and a strong closing gives confidence that the recent highs would be surpassed. As the possibility of a new high emerges, the resistance at 24,300 is gradually weakening, making today a crucial session.
Three stocks to trade, recommended by Raja Venkatraman:
BEML (Current price ₹1,711.60)
Buy above ₹1715, stop ₹1640, target ₹1915 (multiday)
⦁ Why it’s recommended: BEML Limited (formerly Bharat Earth Movers Limited), established in 1964, is a premier Indian PSU manufacturing heavy equipment for defence, mining, construction, and rail/metro sectors. A rounding bottom pattern that formed after the recent decline has shown some strong upward thrust since the start of April 2026, generating some fresh bullish momentum. As the trends are seen holding above the gap region, 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: 55.58,
⦁ 52-week high: ₹2,437.4,
⦁ Volume: 465.82K
⦁ Technical analysis: Support at ₹1,600, resistance at ₹2,025.
⦁ Risk factors: High earnings volatility and margin pressure, susceptibility to input price volatility is high and decision-making cycles can be slower compared to private sector competitors.
⦁ Buy: above ₹1,715.
⦁ Stop loss: ₹1640.
⦁ Target price: ₹1,915 (2 Months)
DCMSHRIRAM (Current price ₹1,118.60)
Buy above ₹1120, stop ₹1070, target ₹1225 (multiday)
⦁ Why it’s recommended: DCM Shriram Ltd. is a leading Indian business conglomerate with a turnover of over ₹12,000 crore, operating diversified businesses in agribusiness. After some sharp decline in February, the V-shaped recovery clearly highlights a strong buying that has emerged at lower levels. With a strong move above the value resistance area around ₹1,150, one can look for more demand to emerge. A steady hold of the lower levels around ₹1,100, the Kumo cross is positioning for some upside if the market rebounds. A rise in the directional index indicates that we can look to initiate a long opportunity here for a push to higher levels. Go long now.
⦁ Key metrics:
⦁ P/E: 28.53
⦁ 52-week high: ₹1,501.70,
⦁ Volume: 74.48K.
⦁ Technical analysis: Support at ₹1050, resistance at ₹1300.
⦁ Risk factors: Intense regulatory, agro-climatic, and pricing pressures in its sugar and fertilizer divisions.
⦁ Buy : above ₹1120
⦁ Stop loss: ₹1,070
⦁ Target price: ₹1,225 (2 Months)
BALAMINES (Current price ₹1,130.75)
Buy above ₹1135, stop ₹1070, target ₹1225 (multiday)
⦁ Why it’s recommended: Balaji Amines Ltd, established in 1988 and based in Solapur, Maharashtra, is a leading manufacturer of aliphatic amines, derivatives, and specialty chemicals. After some consolidation in the last few days, the breakout above the recent range with volumes has invited some bullish participation. A long body candle thrust seen into the cloud here highlights the possibility of heading higher as bullish momentum is seen increasing. With the RSI showing some positive charge, we can look to initiate a long opportunity for a push to higher levels. Go long now.
⦁ Key metrics:
⦁ P/E: 25.62,
⦁ 52-week high: ₹1946,
⦁ Volume: 122.61K
⦁ Technical analysis: Support at ₹1,000, resistance at ₹1,300.
⦁ Risk factors: Geopolitical tensions, raw material dependency, and operational bottlenecks.
⦁ Buy: above ₹1,135
⦁ Stop loss: ₹1,070
⦁ Target price: ₹1,225 (2 Months)
How the stock market performed on Wednesday
On 15 April 2026, Indian equities staged a strong rally, with the Nifty closing above 24,200, driven by broad-based sectoral strength and easing geopolitical concerns. The Sensex surged 1,263 points to 78,111.24, while the Nifty advanced 388 points to 24,231.30. Leading gainers included InterGlobe Aviation, Eternal, Max Healthcare, Power Grid Corp, and Wipro, reflecting robust buying across aviation, healthcare, and IT counters.
In contrast, Dr. Reddy’s Laboratories, Bharti Airtel, and ICICI Bank slipped, limiting further upside. Sectoral indices painted a uniformly positive picture, with capital goods, oil & gas, power, infra, media, realty, consumer durables, and IT each rising around 2%. The broader market outperformed, as Nifty Midcap and Smallcap indices climbed over 2%, underscoring strong investor participation beyond large caps. Overall, the session highlighted renewed optimism, with easing crude prices and diplomatic progress on West Asia conflict fuelling confidence, positioning Indian markets for sustained momentum in the near term.
Outlook for Trading
Hesitation has been overcome and the strong resolve to move higher has met with good demand. As the trends begin to hold over the last few days, the long body candle revival has once again assured that the trends are beginning to take shape as a steady buying participation was witnessed through the day.
Trading has been challenging in recent sessions, but we are now back near the March 10 highs, with the 24,300 level—highlighted in the previous article—firmly coming into focus. The constant gaps that are seen on the charts are indicating that the resistance around 50% Fibonacci levels of the recent fall could hold. With the bias and news flow being bullish, the possibilities of sustained rise have emerged. In such a situation, it’s important to stay calm and hold on for any potential recovery. Given the volatility, it would have been remarkable to come through the week largely unscathed.
The sharp rise seen this week highlights the strong support and the rebound seen could extend after a strong decline last week. The supplies at higher level will continue to test the confidence, but the recovery that is emerging swiftly from lower levels is signalling that the highs will continue to attract demand. With strong bullish possibilities emerging, we can now see that the weekly charts are beginning to show some aggressive potential to move higher. As positive cues continue to emerge, one should look at the potential to participate at every dip as the market retains the positive bias.
While the broader trend remains robust, the current setup suggests an attempt to break out of the range, with the possibility of short covering emerging today. We now see the Nifty eyeing 24,750 as the next resistance in this recovery phase, and investors can look to use every pullback as a buying opportunity.
After identifying that the option data had reached oversold status, the market has responded resolutely to this data point. While the max pain point has now moved to 25,650 highlighting that any buy on decline to this region will be an opportunity. With open interest data clearly indicating that key hurdles have now shifted higher to around 24,200, traders can look to a 30-minute range breakout as an opportunity to initiate long positions.
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.