India’s benchmark equity indices extended their losing streak for a third straight session last week, driven by broad-based selling and rising uncertainty. The Nifty 50 fell a cumulative 679 points over the three sessions, while the BSE Sensex plunged more than 2,600 points between Wednesday and Friday. Bank Nifty, which stood at 57,371 on Tuesday, ended the sequence at 56,089 — a decline of nearly 1,300 points in three sessions.
Sectoral moves were uneven: the IT index corrected sharply, sliding over 10%, even as defensive pockets such as FMCG and Energy gained more than 2% amid mixed sentiment. Profit-taking at higher levels pushed the market below its 50-day simple moving average (SMA) — around 24,300 for the Nifty and roughly 78,000 for the Sensex — and selling pressure intensified after that breakdown. (A 50-day SMA is a common trend-following average that traders use to gauge medium-term market direction.)
Choice Broking’s Executive Director Sumeet Bagadia said market bias remains weak and that the Nifty may test current support in the 23,700–23,650 range. He noted the index’s close at 23,897 reflected a weak session with a sustained selling bias, and that the daily chart shows a bearish candlestick pattern pointing to continued downside pressure. According to Bagadia, immediate resistance lies between 24,050 and 24,150.
Key indicators underline the fragile tone: the Relative Strength Index (RSI) has slipped to 49.21, below the 50 midpoint, signalling weakening momentum, while the India VIX — a measure of expected near-term volatility — rose 6.04% to close at 19.71, suggesting elevated market uncertainty. (RSI gauges momentum on a 0–100 scale; values below 50 typically imply a tilt toward selling.)
“In the derivatives segment, notable call writing was seen at the 24,000 strike, followed by 24,100, while significant put writing was observed at 23,900 and 23,800 levels, indicating near-term support zones,” Bagadia said, pointing to option-market activity that may help define short-term floors.
Bagadia also recommended three stocks to buy on Monday: State Bank of India (SBI) at a buy level of ₹1,101, target ₹1,180 and stop loss ₹1,048. He said SBI is consolidating near the ₹1,100 zone after a strong uptrend, finding support around short-term moving averages, with the 100-day EMA near the stop-loss level acting as a medium-term base. Coal India was advised as a buy at ₹456, target ₹488 and stop loss ₹440; Bagadia noted improving price structure and a rebound from lower levels, forming higher highs and higher lows. Grasim Industries was suggested at a buy level of ₹2,739, target ₹2,915 and stop loss ₹2,626; the stock is in sideways consolidation above 2,700 and has reclaimed its 20-day EMA (around 2,715), hinting at early short-term strength.
This story is for educational purposes only. The views and recommendations quoted are those of individual analysts and broking firms and do not represent the publisher’s investment advice. Investors should consult certified financial advisors before making trading decisions.
Original Source: https://www.livemint.com/market/stock-market-news/buy-or-sell-sumeet-bagadia-recommends-three-stocks-to-buy-on-monday-27-april-2026-11777103759259.html
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Publish Date: 2026-04-26 11:52:00
