The Indian stock market experienced a significant surge following optimistic news from the United States. After President Donald Trump announced a temporary halt on recently imposed tariffs against trade partners, the market responded enthusiastically on Friday. The Nifty 50 index opened at 22,695 and closed at 22,828, marking a remarkable intraday gain of 429 points. Similarly, the BSE Sensex started the day at 74,835 and finished at 75,157, achieving a substantial 1,310-point increase during the trading session.
Market Insights and Strategies
Mehul Kothari, Deputy Vice President of Technical Research at Anand Rathi, highlighted the Indian stock market’s resilience after a notable rebound on Dalal Street. He pointed out that while the Nifty 50 shows promising strength, it currently faces resistance at the 23,000 mark. A bullish trend is anticipated only if this barrier is breached.
Kothari reflected on the recent trends of the Nifty, stating, "The week commenced with a dramatic drop on what was termed ‘Black Monday.’ The Nifty opened down by approximately 1,146 points, but bulls regained momentum later, allowing the index to recover around 1,100 points. Despite this recovery, Nifty concluded the week with a slight decline of -0.33%."
Key Levels and Indicators
- The daily chart indicates caution, as the Nifty remains below the 21, 50, 100, and 200 DEMA levels.
- However, the weekly chart shows a rebound from the 100 EMA, hinting at potential upward momentum.
- The Relative Strength Index (RSI) on the weekly timeframe indicates a hidden bullish divergence, suggesting that positive trading sessions may be on the horizon.
For the trading session on 15-April-2025, Kothari emphasized the importance of monitoring the 22,900–22,750 range according to Camarilla pivots.
Bank Nifty Outlook
Discussing the Bank Nifty, Kothari noted, "Following the turmoil of Black Monday, the index rebounded nearly 1,700 points, demonstrating a robust recovery. However, it still closed the week with a loss of roughly 1%." The index remains above its 21, 50, 100, and 200 DEMA levels, indicating underlying strength, but traders should be cautious.
The critical range for the 15-April-2025 session, according to Camarilla pivots, is between 50,800 to 51,200. Kothari recommends keeping an eye on the 51,300 resistance level, where selling pressure may emerge, while 50,600 acts as a vital support zone.
Top Stocks Under ₹100
For investors looking to capitalize on stocks priced below ₹100, Mehul Kothari has identified three promising intraday picks for Tuesday:
- NTPC Green Energy: Buy at ₹94 to ₹95, with a target of ₹106 and a stop loss at ₹88.
- Shree Renuka Sugars: Buy at ₹26 to ₹27, targeting ₹32 with a stop loss at ₹24.
- SJVN: Buy at ₹91 to ₹92, aiming for a target of ₹102 and a stop loss at ₹86.
These stock recommendations offer exciting opportunities for traders aiming to navigate the current market landscape effectively.
