Nifty Sees Gap-Up Opening; Vaishali Parekh Identifies Three Stocks for Purchase
Indian Stock Market Ends Higher for Fifth Straight Session
The Indian stock market ended higher for the fifth consecutive session on 20 April 2026, following positive global cues on de-escalation in the US-Iran war. The key benchmark indices, the Nifty 50 and the BSE Sensex, gained significantly, closing at 24,353 and 78,493, respectively. The Bank Nifty index also ended higher, closing at 56,565.
The sectoral trend remained largely positive, with most sectors ending in the green, led by FMCG, energy, and metals. However, IT and pharma sectors remained relatively muted. Broader markets continued to outperform, with mid-cap and small-cap indices advancing around 1.5% each, indicating sustained risk appetite.
Gift Nifty Index Opens Higher, Fails to Sustain
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The Gift Nifty index opened at 24,500 and hit an intraday high of 24,503 within minutes of the opening bell. However, the index failed to sustain at higher levels and touched an intraday low of 24,408. By 6:50 AM, the index was trading at 24,460, up 40 points intraday.
Market Outlook
Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher, believes that the Indian stock market bias is cautious. The Nifty 50 index is hovering near the important hurdle of the 24,300-24,400 band, which needs to be broken on a closing basis to strengthen the bulls' conviction.
| Index | Previous Close | Current Close | Change |
|---|---|---|---|
| Nifty 50 | 24,197 | 24,353 | +156 |
| BSE Sensex | 77,989 | 78,493 | +504 |
| Bank Nifty | 56,086 | 56,565 | +479 |
Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
Vaishali Parekh's analysis suggests that the Nifty 50 index has been sustaining near-term support at the 24,100 zone near the important 50-EMA level. The index closed near the 24,350 zone with an overall bias maintained with a cautiously positive approach.
Stock Recommendations
Vaishali Parekh recommended three intraday stocks to buy or sell:
- Jio Financial Services: Buy at ₹243.85, Target ₹255, Stop Loss ₹238
- NALCO: Buy at ₹438.75, Target ₹460, Stop Loss ₹428
- KFin Technologies: Buy at ₹976, Target ₹1025, Stop Loss ₹957
Investor Takeaway
Investors should consider purchasing stocks in sectors that are performing well, such as FMCG, energy, and metals.
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