Financier Sumeet Bagadia Identifies Five Stocks to Consider for Investment
Indian Stock Market Surges as Benchmark Indices Rise by Over 1.5%
The Indian stock market saw a renewed wave of buying on Wednesday, April 15, pushing benchmark indices up by over 1.5% each. The Sensex climbed 1,264 points, or 1.64%, to end at 78,111.24, while the Nifty 50 advanced 389 points, or 1.63%, to close at 24,231.30. Meanwhile, the Nifty Midcap 100 and Smallcap 100 indices each posted gains exceeding 2%.
| Index | Previous Close | Current Close | Gain/ Loss |
|---|---|---|---|
| Nifty 50 | 23,841.65 | 24,231.30 | 389.65 (1.63%) |
| Sensex | 76,847.00 | 78,111.24 | 1,264.24 (1.64%) |
| Nifty Midcap 100 | 12,434.20 | 12,751.90 | 317.70 (2.56%) |
| Smallcap 100 | 7,431.90 | 7,646.80 | 214.90 (2.91%) |
The Nifty 50 opened with a strong gap-up at 24,163.80 and witnessed early volatility, marking its intraday low of 24,145.80 and high of 24,280.90 in the initial phase of the session. Thereafter, the index traded in a narrow range, indicating a phase of consolidation for the rest of the day.
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According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a small-bodied bullish candlestick pattern with consolidation characteristics indicates a pause after the recent up move, suggesting that the market is currently digesting gains while maintaining a positive bias.
Technical Analysis
Bagadia noted that the formation of a bullish candle with a long upper wick in today's session indicates rejection at higher levels and suggests the presence of resistance overhead. From a technical standpoint, immediate support is placed in the 24,000-24,070 range, while resistance is seen in the 24,400-24,450 zone. The Relative Strength Index (RSI) stands at 55.86, sustaining above the midpoint of 50, indicating strengthening bullish momentum.
| Index | Support | Resistance | RSI |
|---|---|---|---|
| Nifty 50 | 24,000-24,070 | 24,400-24,450 | 55.86 |
| Bank Nifty | 55,800-55,900 | 56,600-56,800 | 55.18 |
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The Bank Nifty index opened with a gap-up at 56,343.45 and witnessed early volatility, marking its intraday low of 56,109.20 and high of 56,786.25 during the initial phase of the session. Thereafter, the index traded in a range-bound manner, consolidating its gains through the day.
Stock Recommendations
Sumeet Bagadia recommends five shares to buy on Thursday, April 16:
- Graphite India: Buy at ₹666.35, Target ₹720, Stop Loss ₹639
- Finolex Cables: Buy at ₹883.60, Target ₹950, Stop Loss ₹845
- Sonata Software: Buy at ₹253.80, Target ₹275, Stop Loss ₹243
- MM Forgings: Buy at ₹464.40, Target ₹505, Stop Loss ₹444
- Sharda Cropchem: Buy at ₹1092.70, Target ₹1180, Stop Loss ₹1040
Investor Takeaway
Investors should consider the stocks identified by Sumeet Bagadia for potential investment opportunities.
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