Indian equity markets remained under pressure on 23 April, with the Sensex falling 852 points to 77,664 and the Nifty slipping 205 points to close at 24,173. According to reports from Mint, rising crude oil prices, continued foreign fund outflows and weak Asian cues weighed on investor sentiment. Market breadth stayed negative, with most sectoral indices ending in the red. Despite intermittent rebounds, the broader trend remains fragile, with analysts noting that the market is attempting to stabilize but recovery lacks strong follow-through buying.
Market expert Raja Venkatraman, co-founder of NeoTrader, has recommended three stocks for 24 April trading. As reported by Mint, the recommendations include PRAJIND (buy above ₹415, stop ₹390, target ₹461), MANKIND (buy above ₹2305, stop ₹2240, target ₹2455), and CAMS (buy above ₹771, stop ₹730, target ₹850). The recommendations are based on technical analysis and current market conditions, with each stock showing specific technical patterns and support levels.
PRAJIND is a leading Indian process and project engineering company specializing in biotechnology and engineering, with a P/E ratio of 54.94 and 52-week high of ₹538.40. According to Mint, the stock has been descending for the last 9 months but shows strong bullish possibility with prices holding the TS & KS levels. The technical analysis indicates support at ₹375 and resistance at ₹480, with key risks including potential time/cost overruns and low ROCE of 3.8%-4.08%.
As reported by Mint, auto stocks led the decline, dropping 1.3%, while financial heavyweights weighed on indices with ICICI Bank down 1.6% and HDFC Bank slipping 0.8%. In contrast, pharma stocks provided relief, rallying 2.3% on growth expectations. Brokerage Nomura highlighted that the domestic pharmaceutical market expanded 10.1% year-on-year in March, with most companies under coverage reporting stronger-than-expected growth. Midcap and smallcap indices traded flat, reflecting cautious investor sentiment.
According to Mint, the current scenario requires Nifty to move above 24,500 for any bullish revival, which represents the immediate resistance level. The report indicates that until Bank Nifty exceeds 55,500, bulls will attempt to rebound, making it a key sector to track. With the Open Interest data clearly indicating a hurdle at higher levels, traders should focus on stock-specific action rather than broad market movements, as indices are not showing significant declines.
