The Indian stock market experienced a significant rebound on April 28, following two days of declines. Both the Sensex and Nifty 50 indices surged by more than 1%, primarily fueled by decreased trade war apprehensions, a notable influx of foreign capital, and Q4 earnings that largely met expectations. However, the ongoing tensions between India and Pakistan stemming from the Pahalgam terror incident continue to cast a shadow over the domestic trading landscape. Fortunately, India has navigated this situation through diplomatic channels, avoiding aggressive military responses.

Market Insights: Nifty 50 Momentum

On the technical side, the Nifty 50 is demonstrating a bullish trend. Prashanth Tapse, Senior Vice President of Research at Mehta Equities, highlighted that the index is currently supported at 24,150, with resistance set at 24,350. The formation of higher highs and lows signals a strong upward momentum. Tapse noted that if the index breaks past the 24,350 barrier, it could rally towards the 24,500-24,600 range in the near term.

• Support Level: 24,150
• Resistance Level: 24,350

“The positive trend is expected to persist as long as the support level holds,” Tapse stated. As the market rises, it may entice investors to take more aggressive positions. However, experts advise caution in stock selection due to potential volatility.

Recommended Stocks for Medium-Term Investment

Prashanth Tapse and Kunal Kamble from the Bonanza Group have curated a list of nine stocks to consider for medium-term investments.

Top Stock Picks by Mehta Equities

1. State Bank of India (SBI)

   • Buy Price: ₹820
   • Support: ₹810
   • Resistance: ₹860
   • Tapse remarked that SBI has potential to outpace the Nifty Bank index in the short term.

2. Voltas

   • Buy Price: ₹1,241
   • Support: ₹1,210
   • Resistance: ₹1,280
   • The stock is expected to benefit from seasonal demand, targeting ₹1,300-1,320.

3. Infosys

   • Buy Price: ₹1,479
   • Support: ₹1,440
   • Resistance: ₹1,520
   • Tapse highlighted its bullish trend, aiming for ₹1,550-1,600.

4. SBI Cards and Payment Services

   • Buy Price: ₹865
   • Support: ₹840
   • Resistance: ₹900-920
   • The stock shows promising growth post-Q4 results.
5. Tata Motors
   • Buy Price: ₹668
   • Support: ₹660
   • Resistance: ₹700
   • A positive trend is noted as the stock breaks out of a consolidation phase.

Insights from Bonanza Group

Kunal Kamble shared additional insights on stocks worth considering:

1. Bharat Dynamics (BDL)

   • Buy with Stop Loss: ₹1,300
   • Targeting an upward move to ₹1,810, BDL shows strong bullish signals.

2. Reliance Industries

   • Supports: ₹1,280
   • Resistance: ₹1,450
   • After breaking key levels, Reliance is positioned for further gains.

3. Hindustan Aeronautics (HAL)

   • Support: ₹4,050
   • Potential to reach ₹5,050 if it maintains its current trend.
4. Delhivery
   • Buy Range: ₹290-310
   • Stop Loss: ₹240
   • Following a breakout from a nine-week consolidation, the stock is poised to move towards ₹400.

Investors are encouraged to evaluate these recommendations carefully, considering market conditions and individual risk tolerance.

For additional stock market insights, stay tuned to financial news platforms that keep you updated on the latest trends and recommendations.