Stocks to Watch: Five Recommendations from Sumeet Bagadia for 4 May 2026

Indian Stock Market Witnesses Broad-Based Selloff on Thursday, April 30

The Indian stock market experienced a broad-based selloff on Thursday, April 30, with the benchmark indices, Sensex and Nifty 50, declining sharply. The 30-share Sensex fell 583 points, or 0.75%, to settle at 76,913.50, while the Nifty 50 declined 180 points, or 0.74%, to close at 23,997.55.

The broader market also faced pressure, with the BSE 150 Midcap and BSE 250 Smallcap indices dropping 1% and 0.50%, respectively. 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. However, buying interest emerged in the latter half, 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.

According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a Doji-like candlestick pattern indicates indecision in the market, reflecting a balance between buying and selling pressure.

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Bank Nifty also faced selling pressure, opening with a sharp gap-down at 54,880.65 and facing 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.

Bagadia further highlighted that on the daily timeframe, the formation of a Doji-like candlestick pattern indicates indecision and lack of clear directional bias.

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Bagadia recommended traders to wait for a decisive breakout above resistance or breakdown below support levels before initiating fresh positions, as recent price action suggests a volatile session with gap-down openings followed by recovery in the latter half, resulting in indecisive price structures.

Sumeet Bagadia's Recommendations

Sumeet Bagadia recommends five shares to buy on Monday, 4 May: Pondy Oxides and Chemicals, Bliss GVS Pharma, SJS Enterprises, Bharat Seats, and Rategain Travel Technologies.