by Mr. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
🕗 Last Updated: 24 April 2026, 8.00 PM
Analysis for 27 April 2026
The downside momentum continued in the market for the third consecutive sessions on Friday and the Nifty closed the day lower by 275 points on the backdrop of sharp decline in IT sector. After opening on a negative note, the market continued with weak trend for better part of the session. Minor recovery attempt of mid to later part was failed to sustain and Nifty finally closed at the lows.
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A long bear candle was formed on the daily chart, which signals strengthening of downside momentum in the market. The immediate support of 10-and 20-day EMA has been broken on the downside and the support of previous opening up gap of15th April has been filled completely and no reasonable bounce back was seen.
 The underlying short-term trend of Nifty continues to be weak. Further declines from here could drag Nifty down to the next support of 23500 in the short term. Immediate resistance is placed at 24100 levels.
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Stock recommendations by Nagaraj Shetti
Stock Recommendations by Nagaraj Shetti (HDFC Securities)
Senior Technical Analyst Nagaraj Shetti has identified a select group of stocks showing strong chart setups and momentum for short-term traders.
According to him, the near-term market structure remains supportive for selective long positions, especially in scrips showing breakouts above key resistance levels and higher-high formations on the daily chart.
Shetti recommends traders focus on stocks with rising volumes and bullish crossover patterns on the short- and medium-term moving averages.
He advises maintaining strict stop-loss levels and booking partial profits near resistance bands.
These recommendations are part of his latest weekly outlook published in Chanakya Ni Pothi, providing guidance on potential outperformers for the coming sessions.