by Mr. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
🕗 Last Updated: 28 April 2026, 8.00 PM
Analysis for 29 April 2026
The reasonable bounce back of Monday has failed to continue on Tuesday, as Nifty was not able to sustain the gains and slipped into weakness amidst choppy movement. The market faced selling pressure around 24200 levels and slipped into weakness amidst choppy movement for mid to later part of the session.
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A small red candle was formed on the daily chart with minor upper shadow. Technically, this market action indicates a range bound action in the market with weak bias.
 The short-term uptrend status remains intact and Nifty seems to have formed a higher bottom at 23813 on 24th April. A decisive move above the immediate resistance of 24200 could bring bulls back into action again. However, immediate support is placed at 23800 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.