The Indian stock market extended losses for the second consecutive session on Thursday, April 23, with benchmark indices facing strong selling pressure. According to reports from Mint, the Nifty 50 declined 205 points or 0.84% to close at 24,173.05, while the Sensex tumbled 852 points or 1.09% to settle at 77,664. The Nifty 50 opened with a gap-down at 24,202.35 and traded within a narrow range during the session, marking an intraday high of 24,310.20 and a low of 24,134.80.
According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a Gravestone Doji-like candlestick pattern indicates rejection from higher levels and selling pressure near the highs, reflecting indecision with a bearish bias. As reported by Mint, the Relative Strength Index (RSI) stands at 53.24, hovering near the midpoint of 50, indicating neutral to slightly weak momentum. In the derivatives segment, notable call writing was seen at the 24,300 strike, while significant put writing was observed at 24,200 levels, indicating a narrow trading range and mixed positioning.
The Bank Nifty index opened with a sharp gap-down at 56,608.95 and attempted recovery during the session, marking an intraday high of 56,868.70 before slipping to an intraday low of 56,217.15. According to Bagadia's analysis reported by Mint, the index eventually closed at 56,305.00, declining by 819.45 points or 1.43% for the day. The formation of a bearish candlestick pattern reflects sustained selling pressure and continued weakness in the banking space, with immediate support placed in the 55,700–55,800 range and resistance seen in the 56,850–57,000 zone.
Despite market weakness, Bagadia recommends five breakout stocks for Friday, April 24, amid ongoing tensions in US-Iran relations. As reported by Mint, the recommendations include Sai Life Sciences (buy at ₹1041, target ₹1111, stop loss ₹1000), Black Box (buy at ₹548, target ₹585, stop loss ₹525), Nocil (buy at ₹182.5, target ₹195, stop loss ₹174), Privi Speciality Chemicals (buy at ₹3250, target ₹3450, stop loss ₹3115), and Granules India (buy at ₹686, target ₹725, stop loss ₹665). Each recommendation is based on technical patterns showing breakout potential and trend continuation setups.
Bagadia advises traders to remain cautious and rely on price confirmation before initiating fresh positions, as recent price action suggests weak sessions marked by gap-down openings and sustained selling pressure across key sectors. According to his analysis reported by Mint, holding above key support levels will be crucial to prevent further downside, and any meaningful recovery will require strong follow-through buying and stability near support zones. The undertone has turned cautious, but maintaining above key support levels will be crucial for preventing further market weakness.
