The Indian stock market witnessed volatility during the week ending April 24, 2026, with the Nifty 50 declining nearly 2% amid rising crude oil prices and global uncertainty linked to the US-Iran conflict. The index initially surged above 24,500 due to positive global cues but later slipped below 24,000 as investor sentiment weakened due to profit booking, IT sector pressure, and foreign outflows.
According to Mehul Kothari of Anand Rathi, the current correction is a healthy pullback rather than a long-term downtrend. He expects strong support for Nifty around the 23,600–23,500 zone, with potential recovery toward 24,600 and even 25,000 once stability returns.
Similarly, the Bank Nifty faced resistance near 57,500 and slipped below 56,000, indicating short-term weakness. However, it is expected to find support near 54,500, with a possible rebound once the corrective phase ends.
Despite broader market pressure, mid- and small-cap stocks showed resilience, suggesting selective buying opportunities. Based on technical analysis, Mehul Kothari recommended three stocks under ₹200 for short-term trading:
Aditya Birla Fashion and Retail Limited (ABFRL): Buy at ₹60, Target ₹66, Stop Loss ₹57
Canara Bank: Buy at ₹137, Target ₹150, Stop Loss ₹131
Wipro: Buy at ₹197, Target ₹218, Stop Loss ₹188
The overall market trend remains positive in the medium term, with the current dip seen as a correction phase within a broader uptrend. Investors are advised to monitor key support levels and global cues, especially crude oil prices, before making short-term trading decisions.
