Two stock recommendations by MarketSmith India:
Navin Fluorine International Ltd(current price: ₹4,448.7)
Why it’s recommended:Strategic positioning in specialty chemicals, strong financial performance, and consistent growth
Key metrics:P/E: 81.50 | 52-week high: ₹4,562.10 | Volume: ₹11.79 lakh
Technical analysis:Trading above all key moving averages
Risk factors:Exposure to raw material price volatility, competitive pressures
Buy at: ₹ 4,448.7 | Target price: ₹ 5,050 in three months | Stop loss: ₹4,180
Tata Consultancy Services Ltd(current price: ₹ 3,4448 )
Why it’s recommended:Consistent financial performance, strong market position, and global presence
Key metrics: P/E: 25.22 | 52-week high: ₹ 4,592.25 | Volume: ₹ 27.43 lakh
Technical analysis: Emergence of buying interest from the lower level and reclaimed its 21 DMA
Risk factors:Geopolitical and trade policy risks, cybersecurity and data privacy concerns
Buy at: ₹3,448 | Target price: ₹ 3,850 in three months | Stop loss: ₹ 3,290
How Nifty 50 performed on 28 April
On Friday, the Nifty 50 extended its pullback for the second straight session. The index briefly breached the 100-week moving average during intraday trade but managed to close above the 24,000 psychological mark, thereby holding key support. It formed a bearish candle, reflecting persistent profit booking and a cautious tone at higher levels. Barring the Nifty IT index, all major sectoral and broader market indices ended in the red. The advance-decline ratio weakened significantly to 1:5, indicating broad-based selling pressure across the market.
On the weekly chart, the Nifty 50 formed a bullish candle with a long upper wick, indicating profit booking at higher levels. Despite this, the index held above 24,000, suggesting underlying strength with key support near the 100-week moving average.
From a technical perspective, the Nifty 50 breached the 200-day moving average and closed slightly below it, signaling a potential shift in trend. The RSI on the daily chart has turned downward, indicating weakening momentum, while the MACD is still trending above the central line on a flat note.
According to O’Neil’s methodology of market direction, the Nifty50 transitioned from a “Rally Attempt” to a “Confirmed Uptrend”.
The Nifty 50 ended the week above the 24,000 mark, sustaining its broader bullish structure. A decisive break above 24,200 will be critical to resume an upward momentum and potentially push the index toward the 24,700–24,900 resistance zone. Conversely, the 23,900–23,800 range remains a crucial support base. A breakdown below this could lead to weakness and signal the start of a consolidation phase.
How Nifty Bank performed
On Friday, the Bank Nifty continued its decline for the third consecutive session, closing at 54,664, down 0.97%. The index opened at 55,233, marked an intraday high of 55,350.55, and slipped to a low of 54,176.45. The decline was primarily driven by weakness in key heavyweights like Axis Bank, HDFC Bank, and SBIN, which weighed down the overall banking sector. Similarly, FINNIFTY index also declined, closing at 26,036, down 1.02%.
Despite today’s mild pullback, the index continues to trade above all its key moving averages, indicating that the broader uptrend remains intact. However, momentum indicators such as the RSI and MACD are beginning to show signs of slight exhaustion on the daily chart, hinting at a potential short-term consolidation.
According to O’Neil’s methodology of market direction, the Nifty Bank transitioned from an “Uptrend Under Pressure” to a “Confirmed Uptrend”.
The outlook for the Nifty Bank remains positive as long as it is above the critical support zone of 54,500. For the bullish momentum to gain strength, the index needs to clear 56,000 in the near term. On the downside, key support lies in the 54,500–54,000 range, and a break below this zone could signal a shift in market sentiment.
MarketSmith India is a stock research platform and advisory service focused on the Indian stock market.
Trade name: William O’Neil India Pvt. Ltd. (Sebi Registered Research Analyst Registration No.: INH000015543)
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.
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