Stocks to Consider Under ₹100: Recommendations for Monday, May 4, 2026.
Indian Stock Market Ends April on a Weak Footing
The Indian stock market concluded the final trading session of April on a downbeat note, weighed down by a sharp surge in crude oil prices that triggered heavy selling in oil-sensitive stocks. The market's sentiment remained subdued amid negative global cues and the Indian rupee hitting a fresh record low, keeping markets in a risk-off mode.
The Nifty 50 index fell by 0.73% to close at 24,000, recovering most of its intraday losses from the day's low. Meanwhile, the BSE Sensex declined by 0.78% to settle at 76,891 compared to its previous close.
On Friday, the Nifty 50 opened with a gap-down at 23,996.95 and witnessed selling pressure in the first half, dragging the index to an intraday low of 23,796.85. In the latter half, buying interest emerged at lower levels, leading to a recovery and pushing the index to an intraday high of 24,087.45. The index eventually closed near its opening level at 23,997.55, registering a decline of 180.10 points or 0.74% over the previous close.
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Market Indicators
| Indicator | Value |
|---|---|
| Relative Strength Index (RSI) | 50.28 |
| Volatility Index, India VIX | 18.46 |
According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a Doji-like candlestick pattern on the daily timeframe indicates indecision in the market, reflecting a balance between buying and selling pressure. Bagadia also noted that the Relative Strength Index (RSI) stands at 50.28, hovering around the midpoint of 50, indicating neutral momentum.
Bank Nifty
Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
The Bank Nifty index opened with a sharp gap-down at 54,880.65 and faced selling pressure in the first half, marking an intraday low of 54,440.25. However, a recovery in the latter half pushed the index to an intraday high of 55,111.60. The index eventually closed near its opening level at 54,863.35, declining by 540.25 points or 0.98% for the day.
Technical Analysis
| Indicator | Value |
|---|---|
| Relative Strength Index (RSI) | 45.54 |
Bagadia further explained that from a technical standpoint, immediate support is placed in the 54,300–54,400 range, while resistance is seen in the 55,400–55,500 zone. The Relative Strength Index (RSI) stands at 45.54, indicating weakening momentum and a slight bearish bias. Sustaining above this level would be important to avoid further downside.
Stocks to Buy
Sumeet Bagadia has recommended three stocks to buy on Monday, April 27. The three stock picks by Bagadia are:
- Central Bank of India: Buy at ₹36.42 | Target Price: ₹39 | Stop Loss: ₹35
- NMDC Steel: Buy at ₹42.72 | Target Price: ₹46.50 | Stop Loss: ₹40.80
- Sagility: Buy at ₹41.74 | Target Price: ₹45 | Stop Loss: ₹40
Investor Takeaway
Investors should be cautious and consider a risk-off approach due to negative global cues and a weak Indian rupee.
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