18 hours Ago
India’s stock markets have managed to stabilise from lower levels as the scare created by US President Donald Trump’s seemed to be receding. A stock-specific action continued to dominate the proceedings as Indian markets attempted to decode the impact created by the global cues. Today’s stock picks are from banking, financial and industrial sectors.
Here are three stocks to buy or sell as recommended by Raja Venkatraman of NeoTrader for Friday, 4 April. • Buy above: 2,470 | Stop: 2,430 | Target: 2,590-2,675 • : Buy above: 1,025 | Stop: 995 | Target: 1,095-1,100 • Buy CMP and on dips: 1,211 | Stop: 1,200 | Target: 1,325-1,350 The benchmark and indices witnessed a decline on Thursday, weighed by a substantial selloff across sectors such as IT, auto, metals, and oil & gas following the US’ decision to impose a 26% reciprocal tariff on Indian goods. However, gains in banking, pharmaceutical, and broader market segments offered some respite, cushioning the overall downturn.
The Sensex closed 322.08 points lower, marking a 0.42% drop, to settle at 76,295.
36 points, while the NSE Nifty ended at 23,250.10, losing 82.25 points or 0.
35%. The market breadth remained upbeat, with 2,463 stocks advancing, 1,033 declining, and 102 staying unchanged. Despite the weakness in large-cap indices, the broader markets outperformed.
Both the Nifty Midcap 100 and Smallcap 100 indices climbed nearly 0.5%, demonstrating resilience amid the broader decline. Moving to the charts, we note that the trends have been largely oriented towards trading rather than investing.
Hence, from a trading perspective we note that the charts highlight the support zone around 23,200, combining with the 38.2% Fibonacci supports that helped the prices revive. The sharp rebound that we witnessed last week is now facing challenges to stage a further upmove on Monday.
The trend that is emerging clearly suggests that the rally seen last week was a relief rally that retraced one-third of the rise seen since the March lows. Hence, one should track the trends that are in progress as an upmove needs to retain itself above 23,000, holding on to the bullish bias. Momentums on hourly charts indicate that the prices after settling down seem to have witnessed a resumption of selling pressure.
With the gradual and hesitant rise emerging from lower levels we can expect the rise to remain hesitant. The Option Data is clearly spelling out that the higher levels are pressured and the sustained selling at higher levels continue to show that the Max Pain in Bank Nifty at 51,500 and Nifty at 23,250 are having strong headwinds. But the inability to close below these levels is slowly and steadily inducing more bullishness in the market.
The markets are trading with a tilt to the bullish bias heading into tomorrow. • Buy above: 2,470 | Stop: 2,430 | Target: 2,590-2,675 • : Buy above: 1,025 | Stop: 995 | Target: 1,095-1,100 • Buy CMP and on dips to: 1,211 | Stop: 1,200 | Target: 1,325-1,350.
