Stock Market Today: The Indian stock market showed signs of weakness on Thursday, April 24, as the Nifty 50 closed 0.34% lower at 24,246.70. Bank Nifty also declined by 0.3%, finishing at 55,201.40. Realty and FMCG sectors led the fall, while broader markets remained flat to slightly negative.
According to experts, if the Nifty 50 index stays below the 22,300 mark, a short-term correction could take place. In that case, the index may fall towards 21,900. On the higher side, resistance is expected around 24,300 to 24,500. Market analyst Rupak De from LKP Securities pointed out this range as crucial for the next move.
The Indian market has seen a 12% rise over the last 10 trading sessions. Experts suggest this could now lead to a consolidation phase. Investors should keep an eye on global market trends and Q4 earnings from top companies like Reliance, Maruti Suzuki, Hindustan Zinc, and others.
Several analysts have recommended buying specific stocks for short-term gains:
– Dr Reddy’s Laboratories – Strong bullish signals. Buy near ₹1200.50, target ₹1284, stop loss ₹1158.
– Adani Energy Solutions – Bullish breakout. Buy at ₹961.70, target ₹1029, stop loss ₹928.
– Titagarh Rail Systems – Uptrend continuation. Buy at ₹813, target ₹855, stop loss ₹790.
– NMDC Ltd – Reversal pattern. Buy at ₹68, target ₹73, stop loss ₹65.
– Sun Pharma – Recovery signs. Buy at ₹1795, target ₹1845, stop loss ₹1760.
– Shipping Corp of India – Volume-backed breakout. Buy at ₹181, target ₹192, stop loss ₹177.
– Inox Wind – Strong technical setup. Buy at ₹180, target ₹190, stop loss ₹176.
– Elecon Engineering – Bullish momentum. Buy at ₹540, target ₹570, stop loss ₹527.
Today’s market may see cautious moves as investors react to earnings reports and global cues. Traders should follow technical levels closely and set stop-losses to manage risk.
Disclaimer: This article contains analyst views and is for informational purposes only. Always consult with a certified financial advisor before investing.
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