Anand Rathi Analyst Recommends Three Stocks for Buying on 4 May 2026
Indian Stock Market Ends April on a Weak Footing
The Indian stock market concluded the final trading session of April on a disappointing note, weighed down by a significant surge in crude oil prices that led to intense selling in oil-sensitive stocks. The market was also negatively influenced by unfavorable global cues and the Indian rupee reaching a fresh record low, keeping investor sentiment firmly in a risk-off mode.
The Nifty 50 index declined by 0.73% to close at 24,000, trimming a substantial portion of its intraday losses from the day's low. Meanwhile, the BSE Sensex fell by 0.78% to settle at 76,891, compared to its previous close.
Market Outlook Remains Cautious
Market analysts believe that sentiment has turned cautious, with a clear preference for a buy-on-dips strategy. However, the outlook remains sensitive to global developments, particularly geopolitical events. The coming week will be crucial as investors track updates from the ongoing US-Iran discussions.
| Market Index | Week's Performance |
|---|---|
| Nifty 50 | -0.42% |
| Bank Nifty | -2% |
Nifty 50 and Bank Nifty Outlook
The Nifty 50 continues to hover near the psychologically significant 24,600-24,800 mark, which also aligns with its 200-day EMA. Immediate support is seen in the 23,500-23,800 range, while the 24,800-25,000 band remains a key resistance area. The broader weekly structure remains constructive, marked by a pattern of higher lows.
| Resistance/Support Levels | Nifty 50 | Bank Nifty |
|---|---|---|
| Resistance | 24,800-25,000 | 56,500-57,000 |
| Support | 23,500-23,800 | 54,500-55,000 |
Weekly Stocks to Buy or Sell
Market analysts have recommended the following stocks for the week:
- Laurus Labs: Buy at ₹1095-1100, target price of ₹1142, stop loss of ₹1077.
- HDFC Bank: Buy at ₹770-775, target price of ₹830, stop loss of ₹740.
- IRFC: Buy at ₹104, target price of ₹114, stop loss of ₹100.
Investor Takeaway
Investors should be cautious and wait for a rebound in the market before making any buying decisions.
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