Stock Market Shows Resilience with Sharp Focus on Scrips

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Angel One analysis flags 23600–23500 as crucial near-term support; 24000–24100 seen as immediate resistance

By S. JHA

Mumbai, April 15, 2026 — Indian equity markets staged a resilient intraday recovery on Monday, even as global tensions tied to the US-Iran conflict weighed on sentiment and pushed benchmark indices to a negative close. But the markets are poised for positive opening on Wednesday, tracking global cues. Asia is trading higher after gains in the US markets.

According to brokerage firm Angel One, the session on Monday told a more nuanced story than the headline numbers suggest. “Nifty opened with a gap down below the 23,600 mark. However, as the session progressed, there was no follow-through selling. Instead, prices gradually recovered most of the early losses, with Nifty touching an intraday high near 23,900 before eventually settling below 23,850,” the brokerage said in its daily market note.

Metal Stocks Buck the Trend

In a session marked by weakness across most sectoral indices, metal stocks stood apart. “After opening with a gap down, the sector gradually pared losses during the session, eventually managing to close the overhead bearish gap. As a result, the sectoral index wrapped up the day with marginal losses of just 0.22%, outperforming the broader market,” Angel One noted, highlighting the sector’s relative strength as a potential bright spot for traders watching sectoral rotation.

Geopolitics in the Driver’s Seat

The market’s weakness was largely externally driven. “Global markets continue to remain volatile and are largely moving in line with developments on the US–Iran conflict front. Following the failure of ceasefire talks over the weekend, investor sentiment turned cautious once again, leading to weakness across major global bourses,” Angel One said.

Despite the headwinds, the brokerage struck a measured tone on the outlook. “Markets now appear to be absorbing geopolitical developments more efficiently, suggesting that unless there is a major escalation, reactions may remain measured. Considering the improving strength in broader markets, the overall bias remains cautiously positive.”

Key Levels to Watch

From a technical standpoint, Angel One identified the 20-Day Exponential Moving Average (DEMA) as the session’s critical anchor. “Nifty managed to defend the short-term moving average of the 20 DEMA, with the recovery emerging precisely from this support,” the brokerage said.

On the downside, Angel One pegged the 23,600–23,500 zone as immediate support, coinciding with the 20 DEMA, with the next level at the bullish gap around 23,150. On the upside, the 24,000–24,100 zone — representing the 50% retracement of the decline from the March swing high — is the immediate resistance, while the 24,400–24,600 band, aligning with the 50–89 EMA cluster and the 61.8% Fibonacci retracement, marks a stronger medium-term barrier.

Stocks in Focus

Angel One flagged two stocks with noteworthy momentum. New India Assurance surged over 10 per cent, bouncing sharply after Friday’s 20 per cent fall, with volumes nearly twice the weekly average — a sign of aggressive bottom-fishing. Ather Energy, meanwhile, logged a third consecutive session of 5 per cent-plus gains, with volumes exceeding five times the weekly average, indicating strong trend conviction.

Additionally, power sector stocks are inviting sharp investors’ interests. The likes of NTPC, NTPS Green Energy, renewable scrips were buzzing on Monday.

(Disclaimer: This article recommends no trade in the stock market.)