According to Religare Broking's Ajit Mishra, SVP of Research, the ongoing tussle in benchmark indices reflects a lack of conviction among participants amid mixed cues. As reported by Moneycontrol, Mishra noted that a decisive move below 23,800 in the Nifty could trigger further downside towards the 23,500 level or lower. On the upside, the 24,400–24,800 zone is likely to act as a strong resistance. The Nifty 50 closed 180.1 points, or 0.74%, lower at 23,997.55 on April 30, with the Sensex falling 582.86 points or 0.75% to 76,913.50. The decline was primarily driven by sharp surge in crude oil prices to multi-year highs amid escalating geopolitical tensions in the Middle East and concerns over supply disruptions through the Strait of Hormuz. Recent market activity shows net FII outflows of ₹8,048 crore while DIIs provided support with net inflows of ₹3,487 crore, with broader markets declining around 0.4-0.8% indicating widespread risk aversion.
Mishra recommended RBL Bank as a buy with a target price of ₹370 and stop loss at ₹320. According to Religare Broking, RBL Bank's share price has witnessed a decisive breakout after consolidating within the ₹335–₹390 range for nearly six months, indicating the end of a consolidation phase. The move is supported by sharp increase in trading volumes, which adds credibility and reflects strong market participation. From a technical standpoint, this follows a classic structure where an extended base formation is followed by an impulsive breakout.
Mishra identified Sun Pharmaceutical Industries as a buy with a target price of ₹1,980 and stop loss at ₹1,720. After undergoing a prolonged corrective phase for over a year, with strong support consistently holding in the ₹1,600–₹1,580 zone, Sun Pharma shares are now showing early signs of a potential trend reversal. The recent rebound from these levels has been sharp and accompanied by elevated volumes, indicating renewed buying interest and strengthening momentum. Price action is gradually approaching a key resistance zone, and a decisive breakout above this range would confirm a shift in trend.
Mishra has expanded his short-term recommendations to include Glenmark Pharma and Marico as additional buy opportunities. According to Religare Broking, Glenmark Pharma is recommended as a buy with a target price of ₹1,150 and stop loss at ₹1,050, while Marico is recommended as a buy with a target price of ₹1,050 and stop loss at ₹950. These additions reflect the current market trends where IT stocks have been in the limelight following strong Q4 earnings from key players such as TCS and Infosys, with investors showing bullish sentiment on IT stocks with strong order books and robust deal pipelines in North America and Europe. The consumer sentiment is showing signs of improvement as inflationary pressures ease, benefiting FMCG companies like Marico.
According to Moneycontrol, markets remained volatile on Thursday and declined over half a percent amid adverse global cues, with the sell-off being broad-based, with several sectors ending in the red led by metals, realty, and FMCG. However, IT showed relative strength during the session. The Nifty Midcap index declined by 0.98% and the Nifty Small cap index fell by 0.48%, with the broader market witnessing profit booking after recent strong rally. Bank Nifty is expected to extend consolidation in the broad range of 54,000-57,500 amid stock specific action as the quarterly earning session progresses. The Bank Nifty formed a doji candle with shadows in either direction, highlighting intraday volatility and consolidation around the previous gap area of April 8th. For the year so far, FIIs have been net sellers of shares worth ₹2.28 lakh crore, while DIIs have net bought shares worth ₹2.84 lakh crore, with the weak global cues, sharp rupee depreciation to record low levels, and continued foreign institutional outflows further weighing on sentiment.
