Stock Picking Advice: 5 Shares to Consider for April 2026

Indian Stock Market Extends Rally for Second Consecutive Week

The Indian stock market witnessed widespread buying momentum on Friday, April 17, helping the benchmark indices – Sensex and Nifty 50 – extend their rally for a second consecutive week.

The Sensex rose by 505 points, or 0.65%, to end at 78,493.54, while the Nifty 50 gained 157 points, also up 0.65%, to close at 24,353.55. Mid- and small-cap stocks delivered stronger performance compared to the broader market.

Nifty 50 Performance

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The Nifty index began the session on a slightly weak note, opening about 32 points lower at 24,165.9. It initially declined further to register an intraday low of 24,096.05. However, the index later witnessed strong buying momentum, leading to a steady upward rally that pushed it close to the day’s high of 24,371.9, indicating renewed bullish sentiment. Ultimately, Nifty settled at 24,353.55, gaining 156.80 points (0.65%).

According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a strong bullish candle above the 50-day DEMA reflects underlying strength and positive market sentiment. He noted that the 24,500–24,550 zone is acting as an immediate resistance level, while firm support is seen in the 24,150–24,200 range. The daily RSI stands at 57.11, indicating improving momentum with a bullish bias. Meanwhile, India VIX declined by 4.87% to 17.20, suggesting reduced market volatility and improved investor confidence.

Bank Nifty Performance

The banking benchmark index, Nifty Bank, started the session on a flat note with a minor decline of around 13 points at 56,072.40. It extended its losses in early trade to touch an intraday low of 55,841.65. However, the index later staged a strong recovery, rebounding nearly 785 points from the day’s low to hit a high of 56,628.7. It eventually settled at 56,565.7, registering a gain of 479.30 points (0.85%), showcasing strong buying interest and resilience at lower levels.

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On the Bank Nifty outlook, Bagadia said, “From a technical perspective, the 56,900–57,050 zone is acting as an immediate resistance level, while the 56,000–56,100 range serves as a key support area. The daily Relative Strength Index (RSI) stands at 56.05, reflecting improving momentum with a mildly bullish undertone. Traders are advised to maintain a positive bias and adopt a buy-on-dips strategy near key support levels, while ensuring disciplined risk management through appropriate stop-loss placement.”

Sumeet Bagadia's Stock Recommendations

Amid escalating tensions in US-Iran, Sumeet Bagadia recommends five shares to buy on Monday, April 20:

These stocks have demonstrated strong technical strength and momentum, indicating a shift back into a dominant uptrend. Traders are advised to maintain a strict stop loss to protect capital and aim for the primary target prices.