The Indian stock market experienced significant losses on Monday, April 13, with the Sensex declining 703 points (0.91%) to close at 76,847.57 and the Nifty 50 dropping 208 points (0.86%) to end at 23,842.65. According to reports from Mint, the market sentiment turned fragile after US-Iran ceasefire talks failed and President Trump announced the blockade of the Strait of Hormuz, raising global energy supply shock fears. Despite the current market volatility, technical experts believe 23,500 remains an important near-term support for the Nifty 50, as this level coincides with the 20 DEMA. On the upside, the 24,000-24,100 zone serves as immediate resistance. As per CNBC TV18, power stocks have held up well during volatile phases, with the sector's recent outperformance driven by its defensive appeal, especially during risk-off periods.
Zen Technologies is recommended by Vishnu Kant Upadhyay of Master Capital Services with target prices of ₹1,660 and ₹1,710 and a stop loss at ₹1,400. As reported by Mint, the stock is displaying a strong bullish breakout from a prolonged multi-month consolidation range, indicating a likely trend reversal. The stock has decisively moved above the range resistance near ₹1,470-₹1,480 with sharp volume expansion, confirming strong institutional participation. According to Upadhyay, the stock is now trading above both the 21-day and 55-day EMAs with positive EMA crossover, while formation of higher lows within the base and strong breakout candle suggests improving price strength.
CCL Products (India) is recommended by Upadhyay with target prices of ₹1,176 and ₹1,210 and a stop loss at ₹1,019. According to Mint reports, the stock continues to trade above both the 21-day and 55-day EMAs with the shorter EMA placed above the longer one, confirming positive trend alignment. After a sharp rally, the recent pullback appears healthy and indicates profit-booking rather than trend weakness. Prices are holding near the 21-day EMA, which may act as immediate dynamic support, with every decline seen as an opportunity to build fresh long positions as long as prices remain above ₹1,060 support.
Sona BLW Precision Forgings is recommended by Upadhyay with target prices of ₹621 and ₹635 and a stop loss at ₹519. As reported by Mint, the stock is showing a strong bullish structure, taking support from a key higher time frame demand zone and continuing its uptrend with consistent higher highs and higher lows. The price has given a decisive breakout above the resistance zone, supported by strong bullish candles and rising volume, indicating fresh momentum. The stock is trading above both the 21-day and 55-day moving averages with the 21 EMA positioned above the 55 EMA, reinforcing bullish strength.
According to CNBC TV18, Sumit Kishore, Executive Director at Axis Capital, expects power demand to pick up going forward, supported by a favourable base and improving economic activity. He believes demand growth could reach around 6% in FY27. The power sector's recent outperformance has been driven by its defensive appeal, especially during risk-off periods, with the sector presenting a safe haven if risk-off prevails and the US-Iran conflict prolongs. India's strong energy base adds to sector resilience, with the country having the second-largest coal reserves globally, allowing increased coal-based generation when needed. Gas contributes only about 2% to India's total power consumption, making the system less vulnerable to disruptions.
