Stocks to buy or sell: Dharmesh Shah of ICICI Sec suggests buying Reliance, Power Grid Corp shares on April 20Stock market news: The domestic benchmark indices, Nifty 50 and Sensex, witnessed an increase on Friday, April 17, marking their second consecutive weekly gain as declining oil prices and optimism surrounding US-Iran discussions enhanced market sentiment.
On Friday, the Nifty 50 climbed by 0.65% to reach 24,353.55, while the Sensex increased by 0.65% to hit 78,493.54.
Both indices recorded approximately a 1.3% rise this week, following a remarkable 6% jump last week, which was their best performance in five years.
Fresh optimism for a diplomatic settlement between the US and Iran, coupled with a 10-day truce between Israel and Lebanon, has significantly boosted global risk tolerance, according to a market analyst.
The wealth of investors increased by ₹4.84 lakh crore, reaching ₹4,65,64,461.51 crore (USD 5.02 trillion) on the BSE.
After 18 months of consolidation and a 16% correction, the index has reached price and time wise maturity while successfully weathering a series of headwinds ranging from geopolitical tensions to shifting tariff policies. This historical template signals a durable bottom, paving the way for the next major leg of the bull market.
The current market trajectory closely mirrors the volatility observed during the Russia-Ukraine conflict, exhibiting a near-identical magnitude of correction. While we remain focused on long-term trend, the immediate volatility from global trade and geopolitical tensions necessitates moderation of FY-27 target to 28,800. However, such a move would not be in a linear manner as bouts of volatility would prevail wherein strong support is placed at 21,200 levels.
Consequently, investors should view any interim market corrections as opportunities to accumulate quality stocks to strengthen their medium-term portfolios.
Dharmesh Shah of ICICI Securities recommends buying Reliance Industries Ltd (RIL), and Power Grid Corporation of India Ltd.
Buy RIL in the range of ₹1,325-1,365, He has RIL share price target of ₹1,480 with a stop loss of ₹1,237.
Buy Power Grid in the range of ₹308-318. 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 17/04/2026 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.
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