According to reports from Anand Rathi Share and Stock Brokers, the Nifty 50 declined 2% for the week ended 24 April amid geopolitical tensions between the US and Iran, higher crude oil prices, and mixed Q4 earnings. Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi, noted that the Nifty 50 is consolidating after a strong rally, with immediate resistance at 24,400–24,800 and support at 23,800–23,500. The Bank Nifty faced rejection near 57,200–57,500 and slipped below 56,000, signaling short-term weakness with key support at 54,500.
As reported by Anand Rathi, PVR INOX shares are showing signs of strong base formation with multiple bottoms created in the ₹950–₹900 zone over the past one year. The current base is forming near the 88.6% Fibonacci retracement of the entire rally from COVID lows, which is considered a key reversal zone in technical analysis. Patel recommends buying in the ₹1,010–₹980 range with a target price of ₹1,165 and stop loss at ₹910. The stock has potential to move toward the target if momentum improves.
According to Anand Rathi's analysis, Intellect Design Arena shows a bullish Bat harmonic pattern on the weekly chart, indicating potential trend reversal from current levels. The potential reversal zone coincides with the S1 floor yearly pivot support, making this area technically important. The MACD has declined near previous historical lows, suggesting the stock is in extremely oversold condition and may witness a rebound. Patel recommends buying in the ₹695–₹675 zone with a target price of ₹825 and stop loss at ₹605.
As reported by Anand Rathi, JSW Energy shares are showing signs of strength after prolonged consolidation between ₹535 and ₹445. This range coincides with the 200-week EMA, which has acted as strong long-term support zone, indicating accumulation at lower levels. The RSI has given a breakout, suggesting improving strength and possibility of fresh upside momentum. Patel recommends buying in the ₹545–₹535 zone with a target price of ₹610 and stop loss at ₹505.
Quality Power Electrical Equipments Ltd has received a significant order worth ₹48.3 crores for supplying Reactors to a Data Centre project in the United States. According to latest reports, the order is for a Data Centre project in the United States of America and the identity of the customer has been withheld pursuant to a binding NonDisclosure Agreement with the awarding entity. The stock responded positively to this news, with shares trading at ₹1,397.50 compared to the previous close of ₹1,370.30, hitting an intraday high of ₹1,429.65 and low of ₹1,351.40 with a net turnover of ₹12.7 crores.
