Stock Picks: Analyst Sumeet Bagadia Recommends Five Shares to Consider on April 7, 2026

Indian Stock Market Closes on a Strong Note, Sensex Rises 1.07%

The Indian stock market closed on a strong note on Monday, April 6, with both indices rising over 1% each. The Sensex climbed 787 points, or 1.07%, to finish at 74,106.85, while the Nifty 50 rose 255 points, or 1.12%, to settle at 22,968.25.

The Nifty 50 opened on a flat-to-positive note at 22,780.30 and witnessed profit booking in the first half, slipping to an intraday low of 22,542.95. However, strong buying interest emerged in the latter half, and the index climbed to an intraday high of 22,998.35. The index eventually closed near the day's high at 22,968.25, registering a gain of 255.15 points or 1.12% over the previous close.

Market Sentiment

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According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a hammer candlestick pattern indicates strong demand at lower levels and improving sentiment. The Relative Strength Index (RSI) stands at 41.26, showing a recovery from lower levels but still below the midpoint of 50, indicating that momentum is improving but not yet confirmed.

In the derivatives segment, notable call writing was seen at the 23,000 strike, followed by 23,200, while significant put writing was observed at 22,900 and 22,800 levels, indicating near-term support zones.

Bank Nifty

The Bank Nifty index opened on a flat note at 51,747.60 and faced selling pressure in the early session, declining to an intraday low of 51,111.10. However, strong buying interest in the latter half triggered a sharp recovery of over 1,500 points, pushing the index to an intraday high of 52,704.55. The index closed at 52,609.10, gaining 1,060.35 points or 2.06% for the day.

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Technical Analysis

Bagadia noted that the formation of consecutive strong bullish candles reflects sustained buying interest and improving market sentiment. The Relative Strength Index (RSI) stands at 40.47, indicating a gradual recovery from lower levels but still below the midpoint of 50.

Stock Recommendations

Sumeet Bagadia recommends five shares to buy on Tuesday, April 7:

Bagadia advises traders to stay selective and rely on price confirmation around crucial levels before initiating fresh positions.