Stock Picks for 29 April 2026: Analyst Sumeet Bagadia Identifies Top Buying Opportunities

Indian Stock Market Resumes Downward Trajectory Amid Middle East Tensions and Banking Pressures

The Indian stock market resumed its downward trajectory on Tuesday, April 28, following a short-lived rally, as persistent Middle East tensions kept crude oil prices high and banking stocks faced pressure after the Reserve Bank of India's final credit-loss norms.

The Nifty 50 ended 0.40% lower at 23,995, while the S&P BSE Sensex declined 0.54% to settle at 76,886 compared to Monday's close.

The Nifty 50 opened on a flat-to-negative note at 24,049.90 and traded within a defined range throughout the session, marking an intraday high of 24,181.80 and a low of 23,957.05. The index faced selling pressure at higher levels and eventually closed at 23,995.70, registering a decline of 97.00 points or 0.40% over the previous close.

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According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a double inside bar candlestick pattern on the daily timeframe indicates consolidation and contraction in volatility, reflecting market indecision and suggesting that a breakout on either side may determine the next directional move.

The Bank Nifty index opened with a significant gap-down at 55,862.50 and attempted a recovery during the session, marking an intraday high of 56,138.05. However, it failed to sustain at higher levels and slipped to an intraday low of 55,263.75. The index eventually closed at 55,400.35, declining by 863.95 points or 1.45% for the day.

Bagadia noted that on the daily timeframe, the formation of a bearish candlestick pattern reflects sustained selling pressure and continued weakness in the banking space. Immediate support is placed in the 54,900–55,000 range, while resistance is seen in the 55,850–56,000 zone.

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Bagadia further recommended investors to wait for a decisive breakout from the current range and rely on price confirmation before initiating fresh positions, as the recent price action suggests a range-bound yet negative session, with consolidation in the Nifty and sustained weakness in the banking index.

Sumeet Bagadia recommends five shares to buy on Wednesday, April 29:

Stocks to Buy

1. Carborundum Universal

• Buy at ₹968.15, Target ₹1050, Stop Loss ₹934
• The stock has shown a strong upward trend, trading nearly 9% above its 200 DEMA, indicating sustained bullish momentum.
• The RSI is at 70.99, highlighting strong buying momentum and approaching overbought territory.

2. SJVN

• Buy at ₹81.79, Target ₹88, Stop Loss ₹78.98
• The stock has reversed from its 50 EMA, showcasing a positive shift in short-term momentum.
• It has recently closed above its 200 DEMA with the formation of a bullish candle, reflecting strengthening price action and potential continuation of the uptrend.

3. Kirloskar Oil Engines

• Buy at ₹1724.4, Target ₹1850, Stop Loss ₹1660
• The stock is maintaining an upward trajectory by forming a pattern of higher highs and higher lows, reflecting a strong and sustained uptrend.
• The RSI is trading at 72.19, suggesting strong bullish momentum while also indicating that the stock is approaching overbought territory.

4. Lloyds Metals And Energy

• Buy at ₹1751.9, Target ₹1900, Stop Loss ₹1690
• The stock has shown a strong reversal from the 100-week EMA, signaling a shift toward bullish momentum and strong long-term support.
• The RSI is at 68.67, indicating strong momentum and increasing buying interest, while approaching overbought territory.

5. JSW Energy

• Buy at ₹580.9, Target ₹630, Stop Loss ₹558
• The stock is moving in an upward trend, forming a consistent pattern of higher highs and higher lows on the daily timeframe, indicating sustained buying interest and a strong bullish structure.
• The stock has broken out above its previous swing high and successfully crossed a downward sloping resistance trendline, signaling a shift in trend from consolidation to bullish momentum with potential for further upside.