Breakout Stocks to Watch: Sumeet Bagadia Identifies Five Stocks for Investors to Consider on April 24, 2026

Stock Market Plunges as Benchmark Indices Extend Losses

The Indian stock market continued its downward trend on Thursday, April 23, with the 30-share Sensex plummeting 852 points, or 1.09%, to close at 77,664. The NSE's Nifty 50 declined 205 points, or 0.84%, to settle at 24,173.05.

The Nifty 50 opened with a gap-down at 24,202.35 and traded within a narrow range during the session, marking an intraday high of 24,310.20 and a low of 24,134.80. The index faced selling pressure at higher levels and eventually closed at 24,173.05, registering a decline of 205.05 points over the previous close.

According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a Gravestone Doji-like candlestick pattern indicates rejection from higher levels and selling pressure near the highs, reflecting indecision with a bearish bias. Bagadia noted that the Relative Strength Index (RSI) stands at 53.24, hovering near the midpoint of 50, indicating neutral to slightly weak momentum.

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Technical Analysis

The Bank Nifty index opened with a sharp gap-down at 56,608.95 and attempted a recovery during the session, marking an intraday high of 56,868.70. However, it failed to sustain at higher levels and slipped to an intraday low of 56,217.15. The index eventually closed at 56,305.00, declining by 819.45 points or 1.43% for the day.

Bagadia noted that the formation of a bearish candlestick pattern reflects sustained selling pressure and continued weakness in the banking space. He further recommended traders to remain cautious and rely on price confirmation before initiating fresh positions, as recent price action suggests a weak session marked by gap-down openings and sustained selling pressure across key sectors.

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Sumeet Bagadia's Stocks to Buy

Amid ongoing tensions in US-Iran, Sumeet Bagadia recommends five shares to buy on Friday, April 24:

1. Sai Life Sciences: Buy at ₹1041, Target ₹1111, Stop Loss ₹1000 Sai Life Sciences share price is exhibiting a strong continuation pattern after a recent breakout, currently trading near 1041.
2. Black Box: Buy at ₹548, Target ₹585, Stop Loss ₹525 Black Box share price is gradually transitioning from a sideways phase into a potential upward move, currently trading around 548.
3. Nocil: Buy at ₹182.5, Target ₹195, Stop Loss ₹174 Nocil share price is showing a steady shift in trend after a prolonged downtrend, currently trading near 182.5.
4. Privi Speciality Chemicals: Buy at ₹3250, Target ₹3450, Stop Loss ₹3115 Privi Speciality Chemicals is demonstrating a strong trend continuation setup, currently trading around 3250 after a sustained upward move.
5. Granules India: Buy at ₹686, Target ₹725, Stop Loss ₹665 Granules India is currently trading near its 52-week high, signalling strong bullish sentiment and sustained buying momentum.