Stock Market Picks: Analyst Sumeet Bagadia Recommends Five Securities for Immediate Investment

Indian Stock Market Ends Session with Modest Losses

The Indian stock market closed its session on April 16 with modest losses, as key indices failed to hold on to their opening gains after touching their highest levels since early March.

Nifty 50 and Sensex Performance

The Nifty 50 closed 0.14% lower at 24,196, while the Sensex settled at 77,988, down 0.16% from the previous close. This marks a decline from the previous session's 1.6% surge.

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Market Analysis

Sumeet Bagadia, Executive Director at Choice Broking, noted that the Nifty 50 opened on a strong bullish note, registering a gap-up of nearly 155 points, indicating positive sentiment at the start of the session. However, this momentum was not sustained as the index witnessed a sharp decline afterward. Despite attempting to hold above the 24,300 level, it failed to do so, leading to further selling pressure.

Technical Perspective

From a technical perspective, Bagadia noted that the 24,350–24,400 range is acting as an immediate resistance band, while strong support is placed between 24,000 and 24,070. The daily RSI stands at 55.40, indicating neutral momentum with a slight bullish bias.

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Bank Nifty Performance

Commenting on the banking index, Sumeet Bagadia said that the Nifty Bank began the session on a strong note, opening with a gap-up of around 355 points at 56,657.25 and extending gains to touch an intraday high of 56,834.25. However, the upward momentum could not be sustained, and the index witnessed a decline, thereafter, slipping to a low of 55,898.25.

Technical Perspective for Bank Nifty

From a technical perspective, he noted that the 56,400–56,500 zone is acting as an immediate resistance level, while the 55,700–55,800 range serves as a key support area. The daily Relative Strength Index (RSI) stands at 54.23, reflecting neutral momentum with a mild positive bias.

Recommendations for Stocks to Buy

Amid the renewed optimism on US-Iran ceasefire talks, Sumeet Bagadia recommends five shares to buy on Friday, April 17:

Technical Analysis for Recommended Stocks

1. Neogen Chemicals: The stock has decisively crossed above the 20, 50, 100, and 200-day EMAs with a powerful bullish candle, indicating a structural shift from consolidation to a potential uptrend.
2. Astra Microwave: The stock has decisively reclaimed its 20, 50, 100, and 200-day exponential moving averages, signalling a major trend reversal from a period of consolidation.
3. Senores Pharmaceuticals: The stock is trading well above its 20, 50, 100, and 200-day exponential moving averages, which are aligned in a positive slope, confirming a robust primary uptrend.
4. Allied Blenders & Distillers: The stock has decisively breached its 20, 50, 100, and 200-day exponential moving averages with a strong bullish candle, signalling a shift in the long-term trend.
5. IFCI: The stock has decisively crossed above the 20, 50, 100, and 200-day exponential moving averages, signalling a positive shift in the long-term trend.