The Indian stock market closed Tuesday's session on a strong note, with the Sensex climbing 753 points (0.96%) to settle at 79,273.33 and the Nifty 50 advancing 212 points (0.87%) to finish at 24,576.60. According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a strong bullish Marubozu candlestick pattern indicates sustained buying interest and strong bullish momentum. The Nifty 50 opened at 24,374.55 and recorded an intraday low of 24,354.90 before surging to an intraday high of 24,601.70, eventually closing near the day's high. The Bank Nifty opened with a gap-up at 56,823.60 and maintained strong upward bias, closing at 57,371.45 with a gain of 789.10 points (1.39%).
Sumeet Bagadia of Choice Broking has recommended five breakout stocks for Wednesday, April 22: Bharat Heavy Electricals (₹332.6, target ₹356, stop loss ₹320), Bajaj Finance (₹938.85, target ₹1007, stop loss ₹905), Welspun Corp (₹1100.6, target ₹1182, stop loss ₹1061), Honasa Consumer (₹351.6, target ₹380, stop loss ₹338), and Lloyds Metals And Energy (₹1649.9, target ₹1790, stop loss ₹1590). As reported by Mint, these recommendations are based on technical breakouts, strong momentum indicators, and positive price action patterns across various sectors.
According to Bagadia's analysis, the Nifty 50's immediate support is placed in the 24,350–24,400 range while resistance is observed between 24,700 and 24,750 levels. The Bank Nifty's immediate support is in the 56,900–57,000 range with resistance seen in 57,700–57,800 zone. The RSI for Nifty 50 stands at 59.66, indicating strengthening momentum approaching overbought territory, while the Bank Nifty RSI is at 59.21. In the derivatives segment, notable call writing was seen at the 24,700 strike, followed by 24,800, while significant put writing was observed at 24,500 and 24,400 levels. The strong bullish momentum is supported by easing crude oil prices and improved investor sentiment amid prospects of US-Iran peace negotiations.
Bharat Heavy Electricals has demonstrated notable strength with 10 consecutive green closing candles and a breakout above the upper boundary of a rising wedge pattern. Bajaj Finance has witnessed a sharp recovery gaining nearly 20% and broken out of a short-term consolidation range. Welspun Corp is currently trading near its all-time high and has taken support at the 20-period EMA, while Honasa Consumer has broken out of a rectangular range-bound pattern. Lloyds Metals And Energy has shown strong reversal from the 200 DEMA and moved past its recent swing high of ₹1612.
