The Indian stock market benchmarks ended in the red on Tuesday, April 28, with the Sensex closing 417 points lower at 76,886.91 and the Nifty 50 falling 97 points to 23,995.70. According to reports from Mint, the decline was attributed to profit booking in banking heavyweights including ICICI Bank, HDFC Bank, Axis Bank, and State Bank of India, amid mixed global cues. However, the mid and small-cap segments bucked the trend, with the Nifty Midcap 100 rising 0.28% and the Smallcap 100 gaining 0.42%. The Nifty 50 slipped below the 24,000 mark, weighed down by weakness in financials, IT, and auto stocks, with persistent foreign fund outflows and elevated crude oil prices further dampening sentiment.
Market expert Raja Venkatraman from NeoTrader has recommended three stocks for trading on April 29. Olectra Greentech is recommended as a buy above ₹1,290 with a stop loss at ₹1,240 and target of ₹1,395, based on its reversal from a sharp decline since December 2025 and promising long body candle formation. Coal India is suggested as a buy above ₹470 with a stop loss at ₹440 and target of ₹525, benefiting from its reaction into TS & KS bands and subsequent recovery forming a nice rounding pattern. Polycab India is recommended as a buy above ₹8,260 with a stop loss at ₹8,025 and target of ₹8,895, following a recovery after testing value supports at ₹6,800.
According to Mint reports, the recommended stocks show varying technical characteristics and risk profiles. Olectra Greentech has a P/E ratio of 72.04 with support at ₹1,126 and resistance at ₹1,400, while Coal India shows a P/E of 17.46 with support at ₹440 and resistance at ₹550. Polycab India features a P/E ratio of 47.96 with support at ₹7,500 and resistance at ₹9,200. Key risk factors identified include execution delays for e-bus orders, raw material price volatility, and high dependency on government policy for Olectra Greentech, high reliance on forest clearance approvals for Coal India, and slower revenue growth concerns for Polycab India.
As reported by Mint, the market outlook suggests trading is likely to remain stock-specific rather than index-driven in the near term. Bank Nifty has underperformed with sustained selling pressure, while the Nifty 50 faces resistance near 24,500 which coincides with a key congestion zone. The session highlighted investor caution with global uncertainties and domestic pressures keeping risk appetite subdued. Venkatraman notes that until indices decisively break key resistance levels, trading is expected to remain range-bound, with the absence of fresh triggers limiting scope for swift recovery in major indices.
