Axis Securities Analyst Suggests Buying Tata Power, Polycab, BEL Shares

Stock Market Today: Disappointing Q1 Outlook from Wipro Weighs on Key Indices

The domestic stock indices started the session flat on Friday, April 17, as a disappointing first-quarter outlook from IT firm Wipro dampened overall optimism regarding a potential peace agreement to resolve the Iran conflict. At 9:15 IST, the Nifty 50 decreased by 0.13% to 24,165.90, while the Sensex reflected a slight decline of 0.02% to 77,976.13.

Of the 16 main sectors, seven experienced declines at the opening, while the broader small-cap and mid-cap indices gained 0.3% and 0.2%, respectively. Asian markets dropped by 1% as concerns over fuel supply and skepticism about the effectiveness of the upcoming U.S.-Iran peace discussions in alleviating disruptions in the Strait of Hormuz impacted risk appetite.

A 10-day truce between Lebanon and Israel was initiated on Thursday, and President Donald Trump indicated that the next U.S.-Iran dialogue might occur over the weekend. Despite the positive developments, the market sentiment remained cautious, with the Nifty 50 struggling to make significant gains.

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Nifty 50 Outlook The Nifty 50 has rebounded sharply from its medium-term upward sloping trendline, which has been intact since June 2024, reinforcing the strength in the overall structure. However, the index is now facing resistance near 24,416, which aligns with the upper band of the March 9 bearish gap. A decisive breakout above this level could open the path towards 25,000 and further to 25,161, the 200-day moving average.

On the downside, 23,580 — the 38.2% Fibonacci retracement of the April rally — and 23,316, the 20-day SMA, will act as key support levels. Momentum indicators remain supportive, with both daily and weekly RSI holding in positive territory, indicating a sustained bullish bias. Overall, the trend remains positive, but a breakout above resistance is crucial for the next leg of the rally.

Stocks to Buy

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Tata Power Company Ltd

Tata Power Company Ltd has decisively broken out of the broader consolidation range of 340–417, which had been in place since January 2025, signalling a strong structural breakout. The stock is firmly positioned above its 20, 50, 100, and 200-day SMAs, with all key averages aligned upward, reinforcing a robust bullish trend. Further strength is highlighted by a weekly Bollinger Band buy signal, indicating expanding momentum and continuation of the uptrend.

Investors should consider buying, holding, and accumulating this stock.

Polycab India Ltd

Polycab India continues to trend within a well-defined rising channel since mid-April 2025, maintaining a strong structural uptrend. Recently, it tested the lower band of the channel and rebounded sharply, forming a strong bullish candle on the weekly chart, indicating renewed buying interest. The price is now advancing toward the upper band of the channel, suggesting continuation of the uptrend.

Investors should consider buying, holding, and accumulating this stock.

Bharat Electronics Ltd (BEL)

BEL continues to trend higher, forming a consistent pattern of higher highs and higher lows, reflecting a strong bullish undertone. The price is firmly positioned above its 20, 50, 100, and 200-day SMAs, with all key averages gradually trending upward, reaffirming a well-established bullish structure. Momentum indicators further support the trend, with the daily and weekly RSI holding in favourable territory, indicating sustained strength and positive momentum across time frames.

Investors should consider buying, holding, and accumulating this stock.