Nifty Gaps Down at the Open: Stocks to Consider Buying on 22 April 2026

Indian Stock Market Extends Positive Bias for Second Straight Session

The key benchmark indices of the Indian stock market continued their upward trend, finishing higher on Tuesday. The Nifty 50 index gained 211 points and closed at 24,576, while the BSE Sensex finished 753 points higher at 79,273. The Bank Nifty index shot up 789 points and ended at 57,371.

Among sectors, almost all major sectoral indices traded in positive territory, with the Reality and FMCG indices gaining the most, rallying over 2%. On a technical note, the index has formed a bullish candle on daily charts, and on intraday charts, it is holding an uptrend continuation formation, which is largely positive.

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Gift Nifty Index Trades Red in Early Morning Session

The Gift Nifty index is trading red during the early morning session on Wednesday, opening lower at 24,433 and touching an intraday low of 24,392 within a few minutes of the Opening Bell. However, the index witnessed some value buying at lower levels, with the index oscillating around 24,440 by 7:10 AM, about 0.55% below yesterday's close.

Market Outlook

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the Indian stock market bias is cautious. According to Parekh, the Nifty 50 index is in the 24,300 to 25,000 band, and a bullish or bearish trend can be assumed on the breakage of either side of this range. Parekh predicted a gap-down opening on Wednesday as the Gift Nifty is trading red since morning.

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Parekh also spoke on the outlook of the Nifty 50 index, stating that the key benchmark index indicated a strong move during the session to come out of the resistance band of 24,400 zone and closed above the 24,500 level with decent participation witnessed from the broader markets as well to support the index, anticipating a further rise in the coming days.

Important Support and Resistance Levels

The index would now have the 24,300 zone as the important near-term support level, whereas, on the upside, the 200-period MA at the 25,000 zone shall be positioned as the major resistance level which needs to be breached to establish strength.

Bank Nifty Outlook

On the outlook for the Nifty Bank today, Parekh said that the index witnessed a significant gain, moving past the 56,900 resistance band and closing near the important 200-period MA at 57,300, with the bias slightly improving. It would need to sustain above the 57,000 zone in the coming sessions to establish conviction and clarity.

Important Support and Resistance Levels

The Bank Nifty index would have the near-term support at the 55,800 zone, which needs to be sustained, whereas the 100-period MA at the 58,200 level would be the near-term resistance, which needs to be breached above.

Stock Recommendations

Vaishali Parekh recommended the following three intraday stocks to buy or sell:

1. Manappuram Finance: Buy at ₹281.80, Target ₹296, Stop Loss ₹275
2. Fortis Healthcare: Buy at ₹916.60, Target ₹950, Stop Loss ₹896
3. Bajaj Finance: Buy at ₹938.85, Target ₹980, Stop Loss ₹917