Stocks to buy or sell: Dharmesh Shah of ICICI Sec suggests buying JSW Steel, Power Grid shares on April 27AI Quick ReadStock market today: The domestic benchmark indices, Nifty 50 and Sensex, opened higher on Monday, April 27, ending a recent decline, though disappointing quarterly results from conglomerate Reliance and Axis Bank, along with rising crude prices due to an Iran war crisis, capped the gains.
At 10:03 IST, the Nifty 50 rose by 0.73% to reach 24,076 . 60, while the BSE Sensex increased by 0.77% to hit 77,249.78.
In the previous three trading sessions, both benchmark indexes dropped by 2.7% each, as elevated crude prices stemming from the Iran war crisis and a bleak earnings outlook from software firms like Infosys and HCL Tech affected investor sentiment.
Brent crude was priced at around $106 per barrel following stalled peace talks between the U.S. and Iran.
Indian equity benchmarks snapped a three-weeks winning streak to close in the red, pressured by escalating Middle East tensions and surging crude oil prices. The Nifty 50 ended the week at 23,897, marking a 1.90% decline. Interestingly, broader markets displayed notable resilience; while mid-caps dipped a modest 0.8%, small-caps managed to remain flat. On the sectoral front, IT faced the heaviest selling pressure with a 10% slump, whereas Energy and Pharma emerged as the week's outperformers.
The index opened the week on a positive note and witnessed profit booking around its long term 200-day EMA. The weekly price action resulted into bearish candle with long upper shadow, indicating selling pressure at elevated levels.
Index managed to hold its higher high-low structure for third-consecutive week. However, following a robust 11% rally, the market has entered a phase of healthy consolidation. Given that the weekly stochastic oscillator is currently in overbought territory (placed at 85), prolongation of ongoing consolidation cannot be ruled out in the upcoming truncated week.
Going ahead, we expect the index to oscillate within the broader range of 24,500-23,400 range while sailing through geopolitical volatility and reacts to the ongoing corporate earnings season.
The current consolidation would make market healthy, as it strengthens the market’s foundation for an eventual push toward the 24,800 mark (aligned with the 200-day EMA) in the coming weeks. Thereby, any decline from hereon should not be construed as negative instead capitalize it to accumulate high-quality stocks on dips backed by strong earnings as strong support is placed at 23,100, being 61.8% retracement of current up move (22,182-24,601) coincided with the gap aera (23,555-23,154).
A. De-escalation of geopolitical conflict
D. Further decline in Crude, US Dollar Index
Dharmesh Shah of ICICI Securities recommends buying JSW Steel Ltd, and Power Grid Corporation of India Ltd.
Buy JSW Steel in the range of ₹1,240-1,266. He has JSW Steel share price target of ₹1,445 with a stop loss of ₹1,115.
Buy Power Grid in the range of ₹306-316. He has Power Grid share price target of ₹352 with a stop loss of ₹289.
Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 24/04/2026 or have no other financial interest and do not have any material conflict of interest.
The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players.
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