Expert Portfolio Manager Suggests Five Stocks for Consideration in Current Market

Indian Stock Market Ends Two-Day Losing Streak, Sensex and Nifty 50 Post Robust Gains

The Indian stock market ended its two-day losing streak on Wednesday, April 1, as both the Sensex and Nifty 50 posted robust gains in line with positive global cues. The Sensex climbed 1,187 points, or 1.65%, to close at 73,134.32, while the Nifty 50 advanced 348 points, or 1.56%, to settle at 22,679.40. Broader markets also performed strongly, with BSE midcap and small-cap indices rising by as much as 3%.

The Nifty 50 opened on a strong note with a sharp gap-up at 22,899 and touched an intraday high of 22,941.30 during the first half of the session. However, in the latter half, the index witnessed profit booking, which dragged it down to an intraday low of 22,618.60. Despite the late-session pressure, the index managed to close in positive territory at 22,679.40, registering a gain of 348 points or 1.56% over the previous close.

Technical Analysis Suggests Caution Near Key Resistance Zones

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

According to Sumeet Bagadia, Executive Director at Choice Broking, the initial gap-up was completely filled due to selling pressure in the second half, indicating the presence of supply at higher levels and highlighting caution near key resistance zones. Bagadia noted that the immediate support for the index is placed in the 22,500–22,550 range, while resistance is observed between 22,800 and 22,850 levels. The Relative Strength Index (RSI) is presently at 37.08.

Bank Nifty Remains Volatile, Forms Doji-Like Candlestick Pattern

The Bank Nifty index remained volatile throughout the trading session. It opened with a sharp gap-up of 1,158.55 points at 51,433.90. Soon after the opening, the index faced profit booking, which pushed it down to an intraday low of 51,133.55. This was followed by a recovery supported by buying interest, driving the index higher to an intraday high of 52,025.85. However, selling pressure at elevated levels re-emerged, and the index eventually closed at 51,448.65, registering a gain of 1,173.30 points or 2.33% for the day.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Bagadia noted that the index formed a Doji-like candlestick pattern, reflecting indecision in market direction. This indicates that traders should remain cautious and wait for confirmation of a clear trend before initiating directional trades.

Sumeet Bagadia's Stocks to Buy

Sumeet Bagadia recommends five shares to buy on Thursday, April 2:

1. KSB: Buy at ₹828, Target ₹890, Stop Loss ₹797
2. Natco Pharma: Buy at ₹1002, Target ₹1060, Stop Loss ₹960
3. Quality Power Electrical Equipments: Buy at ₹866, Target ₹930, Stop Loss ₹826
4. Great Eastern Shipping Company: Buy at ₹1460, Target ₹1565, Stop Loss ₹1400
5. Karnataka Bank: Buy at ₹230, Target ₹245, Stop Loss ₹220