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Trends test our patience while the lower levels are being held . The road ahead looks challenging, but we will slowly and steadily conquer it. However, at the current juncture, some bit of prudence is of the essence.
Best stocks to buy today (All Buy trades are rates of Equity & Sell rates are based on F&O)
Astra Microwave Products Ltd: Buy above ₹1,715 | Stop ₹1,640 | Target ₹1,915 (multiday)
HEG Ltd: Buy above ₹630 | Stop ₹595 | Target ₹695 (multiday)
On 16 April 2026, Indian equity markets witnessed a volatile session, failing to hold onto early gains. The Nifty slipped below the 24,200 mark, closing at 24,196.75, down 34.55 points or 0.14%, while the Sensex ended 122.56 points lower at 77,988.68, a decline of 0.16%. Indices opened strongly, buoyed by positive global cues and optimism surrounding a potential US-Iran peace deal, which lifted sentiment in the first half of trade. However, persistent selling pressure in the latter half erased intraday advances, dragging benchmarks near the flat line.
Despite the subdued close, market breadth remained healthy, with more stocks advancing than declining, reflecting underlying resilience in the broader market. The session highlighted investor caution amid global uncertainties, where optimism was tempered by profit-booking and risk aversion. Overall, the day’s trade underscored the fragile balance between global optimism and domestic market pressures.
Going into today’s trading, the market remained mixed, as the attempt to suppress bearish sentiment has been successful so far. Each sector has some strong performers keeping the bullish sentiment alive. However, at this juncture, one should note the deep correction we have witnessed, and the fall could escalate once key support levels at 22,800 are broken.
As a rebound is in progress, the resistance remains at 24,500, with the Max Pain Point at 24,200, which will come into contention as the possibility of a rebound unfolds. The levels around 24,200 continue to hold the selling at bay. A closing move above this area is needed; it would be a test of the trends ahead. The heavy Put writing at 24,000 is now holding the fort for the bullish camp. The Put-Call Ratio (PCR) is still below 1 in Nifty and BankNifty, indicating that the bullish camp is attempting to engineer a rebound.
Currently, the ADX/DMI that was bearish has not been able to establish dominance, which is helping the bullish camp revive. This signals that trends are attempting a rebound from lower levels, as shown in the chart below. However, as trends remain under pressure, we have to bide our time, as the last few sessions have been quite range-bound.
Why it’s recommended: Astra Microwave Products Ltd (ASTRAMICRO) is an Indian high-tech company, specializing in the design, development, and manufacturing of critical sub-systems for Radio Frequency (RF) and microwave systems. After sharp, volatile movements over the last six months, the last few trading sessions have seen steady volumes. A long body candle thrust above the recent value resistance zone around 1030 has augured well for the prices. With momentum picking up, ably supported by volumes, we are invited to go long.
52-week high: ₹1,195.65,
Technical analysis: Support at ₹975 | Resistance at ₹1,225.
Risk factors: High Earnings Volatility and Margin Pressure; high susceptibility to input price volatility; and slower decision-making cycles compared to private-sector competitors.
Target price: ₹1,175 (two months)
Why it’s recommended: HEG Ltd, part of the LNJ Bhilwara Group, is a premier Indian company and the world’s largest single-site integrated graphite electrode manufacturer. After a sharp decline since Jan 2026, the V-shaped recovery clearly highlights the strong buying that has emerged at lower levels. One of the key triggers was a positive global cue following GrafTech International's $600-1,200 per tonne price hike. With a strong move above the value resistance area around 595, one can look for more demand to emerge. A surge in the Relative Strength Index suggests we can initiate a long position here, targeting higher levels. Go long now.
52-week high: ₹672.20,
Technical analysis: Support at ₹562 | Resistance at ₹700.
Risk factors: Cyclical steel industry, reliance on a single manufacturing location, and raw material price volatility.
Target price: ₹695 ( two months)
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
Raja Venkatraman is the co-founder of NeoTrader, where he heads the training division. He conducts both offline and live market workshops, seminars, and webinars. He has been working under the guidance of Dr C K Narayan, his mentor and founder of Growth Avenues, for more than 20 years. He is an active trader in multiple asset classes, and actively shares his views on YouTube, blogs at NeoTrader, and on reputed news channels and websites. His Sebi-registered research analyst registration no. is INH000016223.