The Indian stock market extended losses for the second consecutive session on Thursday, with the Sensex declining 852 points, or 1.09%, to end at 77,664, while the Nifty 50 crashed 205 points, or 0.84%, to finish at 24,173.05. According to reports from Religare Broking, over just two sessions, the 30-share pack crashed 1,609 points, or 2%, while the Nifty 50 lost almost 2%. Ajit Mishra, SVP of Research at Religare Broking, noted that with crude oil once again crossing the $100 mark, the Nifty has entered the support zone of 24,000–24,200. The short-term moving average, i.e., the 20 DEMA, is placed around 23,900, making it crucial for the index to hold this zone to maintain a positive bias. On Friday, 24 April, the domestic market may remain volatile due to persisting uncertainties over a potential US-Iran talks and elevated crude oil prices.
Mishra recommends Glenmark Pharmaceuticals as a short-term buy with a target price of ₹2,530 and stop loss at ₹2,240. According to Religare Broking, pharma stocks delivered strong performance on Thursday, pushing the sectoral index towards the breakout zone of the prevailing consolidation phase. Glenmark stood out as a key outperformer, hitting a fresh record high and breaking out of an elevated base formed after nearly a month of consolidation above the neckline of a broader triangular pattern. The stock has sustained accumulation above the neckline and achieved a fresh upside breakout, indicating potential for further gains ahead. Mishra highlighted that the overall chart structure remains constructive, featuring a trend continuation breakout, sustained accumulation above the neckline, and a fresh upside breakout, indicating potential for further gains ahead.
Mishra recommends JSW Energy with a target price of ₹605 and stop loss at ₹538. As reported by Religare Broking, with sectoral momentum improving in the energy space, previously lagging stocks are witnessing renewed buying interest. JSW Energy is one such name that has spent over a year in consolidation while building a strong base, with its recent move toward the upper end of this range backed by strong volumes signaling a potential breakout and the start of a fresh upward leg. Mishra pointed out that with sectoral momentum improving in the energy space, previously lagging stocks are now witnessing renewed buying interest and appear ready for the next phase of the uptrend following a corrective spell. In view of the constructive price structure and supportive sectoral outlook, long positions may be considered in line with the mentioned levels.
Mishra recommends Marico with a target price of ₹835 and stop loss at ₹750. According to Religare Broking, Marico continues to maintain structural strength within a long-term uptrend, trading within a well-defined rising channel over the past year. After finding support near the lower boundary of this channel, the stock rebounded, breaking out of a bullish pivot and reclaiming its key moving averages, signalling strengthening momentum. The support zone in the ₹750–740 range provides a cushion on the downside, making the current risk-reward favourable for selective long positions. Mishra noted that in the near term, the stock appears well-positioned to extend its recovery toward the upper trendline and may potentially move toward new highs thereafter. This price action suggests potential trend resumption from current levels.
