Stock Picks: Sumeet Bagadia Identifies Five Shares for Investment Consideration

Indian Stock Market Surges on US-Iran Peace Negotiations, Crude Oil Price Easing

The frontline indices, the Sensex and the Nifty 50, finished strong on Tuesday, April 21, as investors remain optimistic about the prospects of US-Iran peace negotiations and a decline in crude oil prices.

The Sensex rose 753 points, or 0.96%, to close at 79,273.33, while the Nifty 50 advanced 212 points, or 0.87%, to finish at 24,576.60. The Nifty 50 opened on a flat-to-positive note at 24,374.55 and witnessed steady buying interest throughout the session, maintaining a gradual upward trajectory.

Nifty 50 Performance

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According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a strong bullish Marubozu candlestick pattern with minimal wicks indicates sustained buying interest and strong bullish momentum, suggesting the possibility of continuation of the uptrend.

Bank Nifty Surges

The Bank Nifty index opened with a gap-up at 56,823.60 and maintained a strong upward bias throughout the session. After marking an intraday low of 56,696.30, the index witnessed sustained buying interest, which pushed it to an intraday high of 57,456.30. The index eventually closed near its day’s high at 57,371.45, gaining 789.10 points or 1.39% for the day.

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Stock Recommendations

Sumeet Bagadia recommends five shares to buy on Wednesday, April 22:

1. Bharat Heavy Electricals: Buy at ₹332.6, Target ₹356, Stop Loss ₹320 Bharat Heavy Electricals share price is demonstrating notable strength and sustainability following a breakout above the upper boundary of a rising wedge pattern, indicating bullish momentum.
2. Bajaj Finance: Buy at ₹938.85, Target ₹1007, Stop Loss ₹905 Bajaj Finance share price is witnessing a sharp recovery from lower levels, gaining nearly 20%, which suggests a revival in bullish sentiment and renewed buying interest.
3. Welspun Corp: Buy at ₹1100.6, Target ₹1182, Stop Loss ₹1061 Welspun Corp share price is currently trading near its all-time high and has taken support at the 20-period EMA on the one-hour timeframe, indicating sustained strength in the ongoing trend.
4. Honasa Consumer: Buy at ₹351.6, Target ₹380, Stop Loss ₹338 Honasa Consumer has broken out of a rectangular range-bound pattern and has successfully retested the breakout zone, indicating strong confirmation and continuation of the prevailing uptrend.
5. Lloyds Metals And Energy: Buy at ₹1649.9, Target ₹1790, Stop Loss ₹1590 Lloyds Metals And Energy share price has shown a strong reversal from the 200 DEMA, signalling the emergence of bullish momentum in the near term.