The Indian stock market ended Thursday's session on a negative note, with the Nifty 50 declining 180 points or 0.74% to close at 23,997.55 and the BSE Sensex falling 583 points or 0.75% to settle at 76,913.50. According to reports from Mint, the broader market also came under pressure, with the BSE 150 Midcap and BSE 250 Smallcap indices dropping 1% and 0.50% respectively. The market opened with a gap-down at 23,996.95 and witnessed selling pressure in the first half, dragging the index to an intraday low of 23,796.85. However, buying interest emerged in the latter half, leading to a recovery and pushing the index to an intraday high of 24,087.45. As per Mint, the formation of a Doji-like candlestick pattern indicates indecision in the market, reflecting a balance between buying and selling pressure amid ongoing US-Iran war uncertainty.
From a technical perspective, immediate support is placed in the 23,750–23,800 range while resistance is observed between 24,200 and 24,250 levels, as reported by Mint. The Relative Strength Index (RSI) stands at 50.28, hovering around the midpoint of 50, indicating neutral momentum. The volatility index, India VIX, increased by 5.86% to close at 18.46, suggesting a rise in market uncertainty. In the derivatives segment, notable call writing was seen at the 24,100 strike, followed by 24,200, while significant put writing was observed at 24,000 and 23,800 levels. According to Mint, the formation of a Doji-like candlestick pattern indicates indecision and lack of clear directional bias, with recent price action suggesting a volatile session with gap-down openings followed by recovery in the latter half.
The Bank Nifty index opened with a sharp gap-down at 54,880.65 and faced selling pressure in the first half, marking an intraday low of 54,440.25. However, a recovery in the latter half pushed the index to an intraday high of 55,111.60, eventually closing near its opening level at 54,863.35, declining by 540.25 points or 0.98% for the day. According to Mint, the formation of a Doji-like candlestick pattern indicates indecision and lack of clear directional bias. From a technical standpoint, immediate support is placed in the 54,300–54,400 range while resistance is seen in the 55,400–55,500 zone. The Relative Strength Index (RSI) stands at 45.54, indicating weakening momentum and a slight bearish bias. Mint advises traders to wait for a decisive breakout above resistance or breakdown below support levels before initiating fresh positions, as recent price action suggests volatile sessions with gap-down openings followed by recovery.
Sumeet Bagadia, Executive Director at Choice Broking, has recommended five stocks to buy on Monday, April 30 under the ₹100 category amid ongoing US-Iran war uncertainty. As reported by Mint, the latest recommendations include Pondy Oxides and Chemicals (buy at ₹1382, target ₹1515, stop loss ₹1300), Bliss GVS Pharma (buy at ₹276.5, target ₹300, stop loss ₹265), SJS Enterprises (buy at ₹1808.5, target ₹1950, stop loss ₹1705), Bharat Seats (buy at ₹187.25, target ₹205, stop loss ₹175), and Rategain Travel Technologies (buy at ₹602.6, target ₹660, stop loss ₹575). The recommendations come amid the current market weakness and technical analysis suggesting potential opportunities in these stocks. According to Mint, while the undertone remains cautious, rising volatility and weak market breadth indicate lack of strong conviction among participants, with the coming week being crucial as investors track updates from the ongoing US-Iran discussions.
