In a noteworthy development for investors, the Indian stock market has marked its sixth consecutive day of gains. Despite a backdrop of lackluster global indicators, the market resilience was evident on Tuesday, April 22. The Nifty 50 index climbed by 41.70 points, concluding at 24,167.25, up from 24,125.55 previously. Meanwhile, the BSE Sensex recorded an increase of 187.09 points, finishing at 79,595.59, a rise from its earlier close of 79,408.50.

Market Analysis and Expert Insights

Vaishali Parekh, the Vice President of Technical Research at Prabhudas Lilladher, shared her insights on the current market landscape. She noted that after a robust rally, the Nifty 50 has found a temporary pause near the 24,200 mark. However, Parekh maintains a positive outlook, stating that the immediate support level resides around 23,800. She anticipates the index will encounter resistance at 24,300 while finding support at 24,000.

Key Range for Bank Nifty

The Bank Nifty is projected to operate within the 55,000 to 56,400 range as it seeks to extend its gains. Parekh emphasized that while the index has enjoyed an upward trajectory, it might face some pushback around the 56,000 level. She highlighted that a support level near 55,500 is crucial for continued upward movement.

Stock Picks for Investors

For those considering their next moves in the market, Parekh has pinpointed three stocks to watch:

• Tube Investments of India Ltd. (TIINDIA):

  • Buy: ₹2,657
  • Target: ₹2,800
  • Stop Loss: ₹2,600

• Godawari Power and Ispat Ltd. (GPIL):

  • Buy: ₹198
  • Target: ₹215
  • Stop Loss: ₹192
• Coal India Ltd. (COALINDIA):
  • Buy: ₹399
  • Target: ₹430
  • Stop Loss: ₹382

Conclusion and Future Outlook

Reflecting on the Nifty’s performance, Parekh stated, “After a vigorous run in the last two weeks, the Nifty is taking a breather near the 24,200 zone while maintaining a strong underlying trend. If the 23,800 support is upheld, we could see further upward momentum soon.”

With the market showing resilience amidst global pressures, investors are encouraged to keep an eye on these targeted stocks to capitalize on potential gains in the upcoming sessions.

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