Stock Market Outlook: Analyst Identifies Five Key Picks for April 23, 2026

Indian Stock Market Posts Sharp Losses as Sensex and Nifty 50 Decline

On Wednesday, April 22, the Indian stock market benchmarks, Sensex and Nifty 50, halted their three-day winning run with sharp losses. The Sensex tumbled 757 points, or 0.95%, to close at 78,516.49, while the Nifty 50 declined 199 points, or 0.81%, to settle at 24,378.10.

Market Analysis

The Nifty 50 opened with a gap-down at 24,470.85 and traded within a limited range throughout the session, marking an intraday high of 24,515.95 and a low of 24,352.90. Selling pressure persisted during the day, with the index closing near its day's low at 24,378.10, registering a decline of 198.50 points or 0.81% over the previous close.

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According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a bearish candlestick pattern with the close near the day's low indicates sustained selling pressure and reflects short-term weakness in the index. The Relative Strength Index (RSI) stands at 56.44, remaining above the midpoint of 50 but indicating slight cooling from higher levels.

Support and Resistance Levels

From a technical perspective, immediate support is placed in the 24,100-24,150 range, while resistance is observed between 24,550 and 24,600 levels. Notable call writing was seen at the 24,500 strike, followed by 24,600, while significant put writing was observed at 24,400 and 24,300 levels, indicating near-term support zones.

Bank Nifty Analysis

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The Bank Nifty index opened with a gap-down at 57,163.35 and traded within a defined range, marking an intraday high of 57,438.20 and a low of 57,002.15. The index eventually closed at 57,124.45, declining by 247 points or 0.43% for the day.

According to Bagadia, the formation of a Doji-like candlestick pattern indicates indecision among market participants, reflecting a balance between buyers and sellers. Immediate support is placed in the 56,800-56,900 range, while resistance is seen in the 57,450-57,550 zone.

Stock Recommendations

Amid ongoing tensions in US-Iran, Sumeet Bagadia recommends five shares to buy on Thursday, April 23:

These stocks have a strong technical setup, with recent breakouts and robust price strength. Traders may consider buying at the current market price with a stop-loss at the specified level for the target price.