Religare Broking's Ajit Mishra Offers Short-Term Strategies for Three Select Stocks

Market Outlook: Nifty 50 Falls Amid Global Cues, Weak Rupee

The domestic market benchmarks, the Sensex and the Nifty 50, ended half a percent lower on Thursday, 30 April, amidst adverse global cues. The Nifty 50 closed 180 points, or 0.74%, lower at 23,997.55, with 34 components in the red. Despite the decline, the index inched up by 0.42% on a weekly scale, while it gained 7% on a monthly basis after losing for the last four consecutive months.

The decline was primarily driven by higher crude oil prices, which spiked to their highest levels since 2022 amid tensions in West Asia and concerns over supply disruptions through the Strait of Hormuz. Additionally, weak global cues, the rupee's weakness, and continued foreign institutional outflows weighed on sentiment.

Market Trends: A Cautious Stance

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Ajit Mishra, Senior Vice President of Research at Religare Broking, highlighted that the ongoing tussle in the benchmark reflects a lack of conviction among participants amidst mixed cues. However, this phase is expected to resolve soon. Mishra pointed out that a decisive move below 23,800 in the Nifty could trigger further downside towards the 23,500 level or lower. On the upside, the 24,400–24,800 zone is likely to act as a strong resistance.

Short-Term Trading Strategies

Mishra recommended short-term trading strategies for three stocks: RBL Bank, Sun Pharma, and Tata Motors Passenger Vehicles.

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Technical Analysis

RBL Bank's share price has recently witnessed a decisive breakout after consolidating within the ₹335–₹390 range for nearly six months, indicating the end of a consolidation phase and the potential start of a fresh uptrend. Sun Pharma shares have shown early signs of a potential trend reversal after undergoing a prolonged corrective phase for over a year. Tata Motors Passenger Vehicles stock continues to trade in a lower top–lower bottom structure, where recovery attempts have consistently been capped below prior swing highs, reflecting weak buying interest and sustained bearish control.

Trading Advice

Traders are advised to maintain a cautious stance, focus on risk management, and prefer sector-specific opportunities. Mishra suggested accumulating RBL Bank and Sun Pharma at current levels while monitoring volume sustainability and broader market cues for confirmation. A short position in Tata Motors Passenger Vehicles futures may be considered as per the specified levels.