Stock market today: Trade setup for Nifty 50 to Sensex, 7 stocks to buy or sell on Friday — April 26

Stock market today: Despite a gap-down opening, the Indian stock market witnessed a strong bounceback and finished higher for the fifth day in a row on Thursday. The Nifty 50 index gained 167 points and closed at a 22,570 level, the BSE Sensex surged 486 points and ended at the 74,399 mark while the Bank Nifty index finished 305 points higher at the 48,494 level. In the broad market, the Small-cap index outperformed the Nifty 50 index, even as the advance-decline ratio stayed firm at 1.19:1.

Trade setup or Friday

Speaking on the outlook for the Nifty 50 index, Neeraj Sharma, AVP Technical and Derivatives Research at Asit C Mehta said, “Bulls kept their grip on Dalal Street on F&O expiry day, continuing the rise for the fifth consecutive session in a row. India’s VIX, rose by 4.42% to 10.73, expectation of volatility in the short term. Volatility increased as traders rolled over holdings in the F&O segment from April to May series. Finally, the Nifty closed the day on a positive note at 22,570. Technically, the index has crossed a bearish gap of roughly 22,500 levels and maintained above it. Thus, the index will likely continue its upward trend and may attempt to break its all-time high of 22,776. The Nifty’s short-term support levels are 22,500 and 22,300, with resistance around 22,780 and 23,000. Nifty small-cap index has registered a record high, while mid-cap index is still 1% away from its previous high.”

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 26

On the outlook for Bank Nifty today, Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas said, “The knee-jerk reaction was bought into and the Bank Nifty witnessed a smart recovery to close with gains of nearly 300 points post opening down almost 400 points. Going ahead we expect the momentum to continue and minor degree pullbacks should be used as a buying opportunity. On the upside, the next hurdle is placed at 49,000. Longs should be held with a trailing stop loss at 48,200 which is the 20-hour moving average.”

Unveiling intraday trading strategy for the Indian stock market today, Rajesh Bhosale, Technical Analyst at Angel One said, “The recent rally, particularly evident since Friday, has been characterized by broader market participation and a tendency for buying into dips. This trend is anticipated to persist, with prices likely to retest previous high levels in upcoming sessions. Traders are advised to maintain a positive outlook and capitalize on buying opportunities during market dips. Furthermore, the strong performance of mid and small-cap stocks warrants continued focus for potential outperformance. However, selectivity is crucial at this stage, as the low-hanging fruits have already gone.”

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Buy or sell stock ideas by experts

On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Shiju Koothupalakkal, Technical Research Analyst, Prabhudas Lilladher; and Kunal Kamble, Senior Technical Research Analyst at Bonanza Portfolio — recommended seven buy or sell stocks for today.

Sumeet Bagadia’s stocks to buy today

1] ICICI Bank: Buy at ₹1113.75, target ₹1160, stop loss ₹1087.

ICICI Bank share price has demonstrated noteworthy resilience, staging a rebound from a pivotal support level at ₹1087, near its 20-Day Exponential Moving Average (EMA). The stock, currently trading at 1113.75, exhibits a positive trajectory, indicative of underlying strength. Significantly, trading above key moving averages reinforces the stock’s robust position.

2] Carborundum Universal: Buy at ₹1415, target ₹1499, stop loss ₹1366.

Carborundum Universal share price is currently trading at ₹1414.85. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of ₹1350 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching ₹1499 levels. On the downside, substantial support is evident near ₹1366.

Shiju Koothupalakkal’s shares to buy today

3] REC: Buy at ₹451, target ₹475, stop loss ₹440.

REC share price has maintained a strong base near the ₹415 zone and taking support from this level it has witnessed a decent pullback. The RSI has picked up well and currently is well placed indicating a trend reversal to signal a buy with much upside potential visible from current levels, we suggest buying the stock for an initial target of ₹475 keeping the stop loss of ₹440 level.

4] GMR Infra: Buy at ₹885, target ₹90, stop loss ₹83.

GMR Infra share has made a higher low formation pattern on the daily chart taking support near the ₹78 zone and moving past the significant 50EMA level of ₹82 has improved the bias and with the RSI on the rise, has indicated strength and can carry on with the positive move further ahead. With the chart looking good, we suggest buying the stock for an initial target of ₹90 keeping the stop loss at ₹83 level.

5] IRFC: Buy at ₹150, target ₹162, stop loss ₹146.

IRFC share price has shown improvement after the rangebound consolidation period and recently moving past the important 50EMA level of ₹141.50 has further the bias and is anticipated to perform well in the coming days. The RSI is on the rise and with a trend reversal indicated signaling a buy, it has the potential to carry on with the positive move further ahead. We suggest buying the stock for an initial target of 162 level keeping the stop loss of ₹146 level.

Kunal Kamble’s buy or sell stocks

6] CONCOR: Buy at ₹1010 to ₹1012, target ₹1087, stop loss ₹973.

CONCOR share price has regained strength after a throwback and close near the high indicating strength in the upward move. The increase in volume suggests that the buyers are interested in buying the security at the current rate. Price is trading above Fast (50) and Slow (200) EMA indicating a bullish trend in the security. On the momentum front RSI is trading in a higher range which indicates an upward move in the security. On the Directional front, DI+ is trading above DI- which indicates an uptrend whereas ADX trading above the DI’s indicates strength in the move.

7] UPL: Buy 505.50 to ₹506.50, target ₹535, stop loss ₹490.

A Cup and Handle pattern breakout has been witnessed in UPL. A steady increase in volume indicates buyers are interested in buying the security. The price is trading above the 50 EMA indicating an uptrend in the security. The RSI after cooling off has started trading in the northern direction supporting the trend. DI+ trading above DI- indicates positive strength, whereas ADX trading above DI- indicates strength in the move.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.