Stocks to buy or sell: Osho Krishan of Angel One suggests buying Triveni Engineering, PCBL shares to buy - 23 April 2026AI Quick ReadStock market today: India's stock market indices started the day lower on Thursday, April 23, as Brent crude oil prices surpassed $100 per barrel, following Iran's seizure of two vessels in the Strait of Hormuz, without any indication of peace negotiations resuming.
The Nifty 50 index decreased by 0.72%, resting at 24,202.35, while the BSE Sensex fell by 0.68% to 77,983.66 by 09:15 IST.
Throughout Thursday's trading session, attention will be focused on Infosys, a key player in the Nifty 50, which is set to release its earnings report for the March quarter later in the day.
Investors will also be closely watching the earnings from mid- and small-cap companies, including Union Bank of India, Adani Energy Solutions, Tata Capital LTM, Aditya Birla Sun Life AMC, and Himadri Speciality Chemical, for indications of sector performance.
The Indian equity markets opened on a bleak note, influenced by negative global cues reflected in the GIFT Nifty. The benchmark indices witnessed a gap-down start and extended losses during early trading hours. However, markets later showed signs of stabilization and traded within a narrow range. Despite this, selling pressure persisted, leading to modest correction. The Nifty 50 index eventually declined by 0.81%, slipping slightly below the 24,400 zone, indicating cautious market sentiments.
The benchmark index’s winning streak came to an end, primarily weighed down by weakness in IT stocks. Despite this pause, the broader market’s technical structure remains constructive, with the Nifty 50 Index continuing to trade between its 50 and 100-day EMA on the daily chart. While near-term momentum appears subdued, the overall positional outlook stays positive.
From a technical perspective, the confluence of the 50% Fibonacci retracement level and the 50-day EMA in the 24,260-24,220 range is expected to provide strong cushion to any shortcomings. Additionally, the bullish gap between 24,100 and 23,900 is likely to act as a crucial support zone, reinforcing the market’s underlying strength. On the upside, multiple resistance zones are positioned near 24,600-24,660, coinciding with the 100-day EMA. This is followed by a stronger hurdle at 24750-24800, where the 61.8% Fibonacci retracement aligns with the 200-day EMA, potentially capping near-term momentum.
Looking ahead, we retain a constructive outlook, advocating a buy-on-dips strategy near the aforementioned support zones, provided the technical structure remains intact. However, participants should remain vigilant to global developments that could influence the intermediate trend, while maintaining a disciplined, stock-specific approach to navigate evolving market conditions effectively.
On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks - Triveni Engineering & Industries Ltd, and PCBL Chemical Ltd.
Triveni Engineering & Industries has been trading firmly above its key EMAs, post the resurgence from lows of 330 subzone in recent period. The prevailing technical structure remains constructive, indicating potential for continued upward momentum. The stock has witnessed a consolidation breakout and seems poised to reclaim its recent swing high. Additionally, the confluence of nearby EMAs is expected to provide strong support, effectively cushioning any short-term corrections in the sessions ahead.
Hence, we recommend a BUY in Triveni Engineering & Industries around ₹405-400 with a Stop Loss of ₹382 and a Target of ₹450-462.
PCBL Chemical has undergone a notable recovery over the past few weeks, with prices retracing above its 20 and 50-DEMA and momentum indicators turning bullish. Recent price action suggests stabilization at lower levels, indicating emerging buying interest on the daily chart. Furthermore, the MACD histogram has exhibited a positive crossover and surged above the zero line, reinforcing the likelihood of a bullish reversal. This technical setup highlights a favorable risk-reward proposition and suggests potential for a gradual recovery in the near term.
Hence, we recommend a BUY in PCBL Chemical around ₹285-280 with a Stop Loss of ₹260 and a Target of ₹318-325.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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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