The Indian stock market ended Monday's session with sharp losses as investor sentiment turned cautious due to rising crude oil prices. According to reports from Mint, the Nifty 50 closed nearly 1% lower at 23,842, while the S&P BSE Sensex settled at 76,788, both down 1% from Friday's close. Broader markets mirrored the muted sentiment, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices declining by over 0.46%. The Nifty 50 opened with a sharp gap-down at 23,589.60 and witnessed initial weakness, marking its intraday low of 23,555.60 within the first few minutes of trade, before strong buying interest led to a steady recovery throughout the session.
According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a strong bullish recovery candlestick pattern indicates buying interest at lower levels and absorption of selling pressure. As reported by Mint, immediate support for Nifty 50 is placed in the 23,650–23,690 range, while resistance is observed between 23,950 and 24,000 levels. The Relative Strength Index (RSI) stands at 51.70, sustaining above the midpoint of 50, indicating underlying strength despite the negative close. In the derivatives segment, notable call writing was seen at the 23,900 strike, followed by 24,000, while significant put writing was observed at 23,800 and 23,700 levels.
The Bank Nifty index opened with a significant gap-down at 54,646.00 and witnessed early selling pressure, marking its intraday low of 54,356.20. According to Bagadia's analysis reported by Mint, the index closed at 55,605.05, registering a loss of 307.70 points or 0.55% for the day. The formation of a strong bullish recovery candle reflects resilience in the banking space and indicates sustained buying interest at lower levels. Immediate support is placed in the 55,300–55,350 range, while resistance is seen in the 55,800–55,900 zone, with the RSI at 52.68 holding above the midpoint level of 50.
Amid the renewed optimism on US-Iran ceasefire talks, Sumeet Bagadia recommends five shares to buy on Wednesday, April 15. Akums Drugs and Pharmaceuticals is recommended at ₹524.40 with a target of ₹566 and stop loss at ₹506, showing a rounding bottom pattern and holding above the 200-day EMA. HBL Engineering is suggested at ₹751.95 with a target of ₹812 and stop loss at ₹725, having witnessed a strong reversal of nearly 22% from its support level. Sona Blw Precision Forgings is recommended at ₹569.30 with a target of ₹615 and stop loss at ₹549, showing a strong bullish reversal pattern. Emcure Pharmaceuticals is suggested at ₹1630.40 with a target of ₹1745 and stop loss at ₹1573, currently trading near its all-time high. NLC India is recommended at ₹271.80 with a target of ₹292 and stop loss at ₹262, showing signs of reversal after breaking out of a falling trendline.
As reported by Mint, Bagadia noted that the recent price action suggests a volatile session marked by a gap-down opening followed by a strong intraday recovery, indicating buying interest at lower levels. While the indices ended on a negative note, the undertone remains constructive. The sustainability of this recovery will depend on follow-through buying and a move above key resistance levels. Traders are advised to stay selective and rely on price confirmation around crucial levels before initiating fresh positions, with disciplined risk management practices being essential for all recommended trades.
