Anand Rathi's Ganesh Dongre Picks Three Stocks to Consider for Monday, 20 April 2026

Indian Stock Market Sees Broad-Based Buying Activity

The Indian stock market saw a healthy buying activity on Friday, April 17, enabling the benchmark indices—Sensex and Nifty 50—to post gains for the second straight week. The Sensex advanced 505 points, or 0.65%, to close at 78,493.54, while the Nifty 50 climbed 157 points, also up 0.65%, to settle at 24,353.55.

| Index | Previous Close | Current Close | Change | Percentage Change | | --- | --- | --- | --- | --- | | Sensex | - | 78,493.54 | +505 | 0.65% | | Nifty 50 | - | 24,353.55 | +157 | 0.65% |

Mid- and small-cap stocks outperformed the broader market. The Nifty 50 witnessed a strong rebound for the second consecutive week, staging a sharp bounce from the crucial 22,000 mark—an area that coincides with its 2025 low—and rallying decisively to close above 24,300. The index ended the week at 24,350, registering a solid gain of 1.10%, reflecting robust buying interest across the board.

According to Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, the overall price action remained firmly positive, with aggressive accumulation seen at lower levels. Importantly, the index has reclaimed and sustained above the 24,000 zone, which had earlier acted as a breakdown point when the upward channel was violated. This recovery signals a shift in the short-term trend from a "sell-on-rise" approach to a more constructive "buy-on-dips" strategy, indicating improving sentiment and renewed confidence among market participants.

Ganesh Dongre's market outlook for next week suggests that the 23,500–23,800 zone is expected to act as immediate support for Nifty, while the 24,800–25,000 range remains a crucial resistance band. Sustaining above 24,800 will be key to confirming trend continuation and could pave the way toward the psychologically important 25,000 level, which aligns with the 200-day EMA. On the downside, the 23,000–23,500 zone is likely to serve as a strong demand area in case of profit booking.

On the Bank Nifty outlook, Dongre noted that Bank Nifty is approaching a key resistance zone of 56,500–57,000, also near its 200-day EMA, with immediate support placed around 54,500–55,000 levels. A sustained breakout above resistance could further strengthen bullish momentum in the banking space.

Market sentiment has turned cautiously positive with a clear buy-on-dips approach, though it remains sensitive to global cues. The coming week will be crucial as investors closely monitor geopolitical developments, particularly the outcome of discussions between the United States and Iran. Traders are advised to remain selective, follow disciplined strategies, and stay alert to news-driven volatility, as any escalation or resolution could significantly influence market direction.

Weekly Stocks to Buy or Sell

• Reliance Industries: Buy at ₹1365, target price of ₹1420, stop loss of ₹1330.
• Wockhardt: Buy at ₹1395, target price of ₹1440, stop loss of ₹1370.
• Aditya Birla Sun Life Amc: Buy at ₹1060, target price of ₹1120, stop loss of ₹1030.