Expert Portfolio Strategist Identifies Five Stocks for Potential Investment

Indian Stock Market Sees Mixed Session Amid Profit Booking

The Indian stock market closed higher on Wednesday, April 29, but gave up a significant portion of its intraday gains as investors engaged in profit booking at higher levels. This led to a sharp pullback in benchmark indices during the latter half of the session.

Nifty 50 and Sensex Show Mixed Performance The Nifty 50 declined about 170 points from its intraday peak to finish at 24,164, still up 0.70% from the previous close. Similarly, the Sensex shed 462 points from its day's high but ended with a gain of 0.82% at 77,520.

Nifty 50 and Bank Nifty Performances

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Nifty 50

The Nifty index started the session on a mildly positive note, opening around 100 points higher at 24,096.90. It slipped briefly in early trade, touching an intraday low of 24,059.95, before witnessing strong buying interest. This buying momentum drove a gradual upward move, pushing the index close to its intraday high of 24,334.70, reflecting underlying bullish sentiment during the first half of the session. The index eventually closed at 24,177.65, registering a gain of 181.95 points (0.76%), suggesting a recovery-led positive bias.

Bank Nifty

The banking benchmark index, Nifty Bank, opened the session on a mildly positive note, gaining around 240 points at 55,634.5. It extended its early momentum and climbed to an intraday high of 56,178.75. However, profit booking emerged at higher levels, leading to a sharp correction of nearly 888 points from the day's peak, dragging the index down to a low of 55,290.5. The index eventually settled at 55,403.6, registering a marginal gain of 3.25 points (0.01%), showcasing a lack of directional conviction amid selling pressure at higher levels.

Technical Analysis and Recommendations

From a technical perspective, the 24,350-24,400 zone continues to act as an immediate resistance band, while strong support is placed in the 23,900-23,950 range. The daily RSI stands at 53.19, indicating neutral momentum with a slight positive tilt. Meanwhile, India VIX declined by 3.38% to 17.43, pointing to easing market volatility and improved investor confidence.

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Stocks to Buy on Thursday, April 30

Sumeet Bagadia, Executive Director at Choice Broking, recommends the following five shares to buy on Thursday, April 30:

Recommendations

Traders are advised to maintain a cautious approach, considering the neutral momentum and the immediate resistance bands. Given the setup, traders may initiate longs at CMP with proper risk management.