Motilal Oswal Analyst Ruchit Jain Recommends Balrampur Chini, Paras Defence, DMart Stocks for Near-Term Gains

Indian Stock Market Falters Amid Global Uncertainty

The Indian benchmark indices, the BSE Sensex and Nifty 50, faced significant selling pressure during intraday trading on Wednesday, April 22, following three consecutive days of gains. The Sensex dropped by over 800 points, exceeding 1%, reaching an intraday low of 78,442, while the Nifty 50 fell by more than 200 points, almost 1%, to 24,353.

Although the primary indices were weak, the broader market demonstrated relative strength, with the Nifty Midcap 100 and Nifty Smallcap 100 increasing by up to 0.5% throughout the session. On a global scale, sentiment remained wary. President Donald Trump of the United States announced that he would extend the ceasefire with Iran indefinitely to provide more time for negotiations, although it is still uncertain whether Iran or Israel, a U.S. ally, will concur. He also suggested that the U.S. Navy would persist in its blockade of Iran's maritime trade.

At the same time, other Asian markets fell by around 0.6%, while Brent crude prices remained relatively stable at approximately $98 per barrel.

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Market analysts are cautious about the near-term outlook for the Indian stock market. Ruchit Jain, Head - Equity Technical Research, Wealth Management, Motilal Oswal Financial Services, notes that the Nifty 50 has seen an upmove in the month of April on back of positive sentiments to developments around the potential US-Iran settlement. However, the index is now approaching a crucial resistance zone of 24,750-24,900 as it is the 61.8 percent retracement of the recent corrective phase and the 200 DEMA. This may lead to a short-term consolidation or a minor pullback move in the benchmark index.

Ruchit Jain recommends buying shares in Balrampur Chini Mills Ltd, Paras Defence and Space Technologies Ltd, and Avenue Supermarts Ltd (DMart). The stock has recently seen a pullback move supported by good volumes, and has given a breakout from its consolidation phase hinting at a short-term uptrend. The RSI oscillator is also hinting at a positive momentum and hence, short-term traders are advised to buy the stock in the range of ₹517-₹514 for possible target around ₹550.

Similarly, Paras Defence and Space Technologies Ltd has consolidated in a broad range since August 2025. After forming a base around ₹600, the stock has seen a sharp upmove in the last couple of weeks and prices are now on the verge of breakout from this entire consolidation. Prices are trading above all its key moving averages and the momentum oscillator are hinting at a positive momentum. Short-term traders can buy the stock around CMP ₹815 for potential target around ₹870.

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Avenue Supermarts Ltd (DMart) has given a breakout above its 200 DEMA hurdle with high volumes. Post that, the stock has been forming a higher top higher bottom formation hinting at an uptrend. Prices are also on the verge of breakout above a falling trendline resistance on the higher time frame charts which indicates a positive outlook for the medium term as well. Positional traders can look for buying opportunities in the stock in the range of ₹4,600-₹4,570 for a potential target around ₹4,950.