Three paints and coating stocks to buy: Ankush Bajaj’s stock recommendations for 11 April

With Nifty closing below 22,500, the focus now shifts to whether the benchmark index can sustain above 22,300 in the coming sessions or if further downside risks are in play. Until a clear breakout occurs, traders may expect more consolidation in this tight range

Here are the best paints and coating stock recommendations for today, which you could consider trading in our view. Today's picks are from the paints & coatings sector, as recommended by Ankush Bajaj:

Buy: ASIANPAINT (current price: ₹2,411)

Why it’s recommended: Stock has given a rectangle breakout on the hourly chart. RSI is above 60, indicating strong bullish momentum. The stock has also witnessed long consolidation between ₹2,190– ₹2,360 levels.

Key metrics: RSI: 63 (bullish), Breakout zone: ₹2,360+, Recent range: ₹2,190– ₹2,360

Technical analysis: Price has broken out of a tight consolidation zone; a move above ₹2,360 confirms strength. RSI confirms momentum is with the bulls.

Risk factors: Paint sector stocks can be impacted by crude-based raw material cost, demand fluctuations in real estate, and macroeconomic slowdown.

Buy at: ₹2,411

Target price: ₹2,500– ₹2,520 in 1–2 weeks

Stop loss: ₹2,364

Buy: BERGEPAINT (current price: ₹537.60)

Why it’s recommended: On the hourly chart, the stock has given a breakout from the ₹515 level. RSI is above 60, and ADX is above 35, indicating strong bullish momentum likely to continue.

Key metrics: RSI: 62 (bullish), ADX: 36 (strong trend), Breakout zone: ₹515+, Recent range: ₹490– ₹515

Technical analysis: Price has broken out of a consolidation zone with strong indicators supporting the move. RSI and ADX confirm strength and trend continuation.

Risk factors: The paint sector can be affected by crude oil price fluctuations, raw material costs, and demand cycles in housing and infrastructure.

Buy at: ₹537.60

Target price: ₹572– ₹580 in 1–2 weeks

Stop loss: ₹515

Buy: PIDILITIND (current price: ₹2,939.80)

Why it’s recommended: Stock has broken the upper channel of a falling wedge pattern. RSI is at 63 and ADX is at 36, indicating strong bullish momentum.

Key metrics: RSI: 63 (bullish), ADX: 36 (strong trend), Breakout pattern: Falling Wedge, Breakout zone: ₹2,900+

Technical analysis: The breakout from the falling wedge suggests a trend reversal. RSI and ADX confirm the strength and sustainability of the upward move.

Risk factors: Specialty chemical stocks can be influenced by raw material price volatility, currency fluctuations, and global demand trends.

Buy at: ₹2,939.80

Target price: ₹3,215– ₹3,230 in 1–2 weeks

Stop loss: ₹2,788

Nifty Struggles to Hold Ground

The Indian stock market opened on a subdued note on Wednesday, 9 April, extending the weak sentiment carried over from the previous day. Nifty opened below the critical 22,500 level and failed to reclaim it throughout the trading session. Instead, the index spent most of the day drifting sideways in a narrow range, hovering between 22,300 and 22,400 — reflecting indecision and caution among investors.

Despite global cues remaining largely stable, domestic markets failed to find upward momentum, as traders remained on the sidelines ahead of key macro data and earnings season. The broader mood was subdued, with no significant sectoral leadership emerging. Intraday moves were largely range-bound, and attempts at recovery were met with consistent supply near resistance zones.

Bank Nifty also mirrored the broader tone, showing limited movement and consolidating around the 50,000 mark. The absence of institutional buying and lack of fresh triggers contributed to the sluggish price action.

Overall, the session was marked by low conviction, with the market seemingly in a wait-and-watch mode. As Nifty closes below 22,500, the focus now shifts to whether it can sustain above 22,300 in the coming sessions or if further downside risks are in play. Until a clear breakout occurs, traders may expect more consolidation in this tight range

Benchmark Indices: Strong Recovery with Positive Momentum

The Indian stock market opened on a weak note today, with the Nifty registering a gap-down start and struggling to find direction throughout the session. The broader market remained largely sideways, with the Nifty hovering in a narrow range between 22,300 and 22,400 for most of the day. This lack of momentum reflected a cautious sentiment, with neither bulls nor bears taking clear control.

By the end of the session, the BSE Sensex had slipped by 379.93 points, closing 0.51% lower at 73,847.15. The NSE Nifty 50 also ended in the red, falling 136.70 points or 0.61% to settle at 22,399.15, firmly below the 22,500 mark. Bank Nifty mirrored the broader trend, closing down by 270.85 points or 0.54% at 50,240.15. Despite some intraday recovery attempts, the index couldn’t sustain above the 50,500 level, adding to the overall subdued tone

Broader Market Stays Muted, Selective Pressure Seen in PSU Banks and Pharma

Unlike the previous session’s strong recovery, today's market action was far more restrained, with sectoral trends reflecting a lack of clear direction. The broader sentiment remained cautious as indices moved sideways in a narrow range. Most sectors failed to extend the previous day’s gains and instead showed signs of consolidation.

The PSU Bank index saw the sharpest decline, ending down 2.52% as traders booked profits amid concerns of rising yields and valuation stretch. Pharma stocks also remained under pressure, with the index slipping 1.97% due to global regulatory concerns and mixed earnings expectations. Realty, which had recently shown resilience, lost 1.90%, dragged down by worries around input cost inflation and tepid sales momentum.

On the positive side, FMCG managed to hold ground, supported by defensive buying and easing commodity prices, though gains were limited. The Auto sector stayed mostly flat, ending marginally higher by 0.01%, buoyed by stable crude prices and ongoing festive demand tailwinds. However, no sector could lead a meaningful rally today, reflecting the broader market's indecision.

Stock-Specific Highlights: Mixed Bag as Broader Market Consolidates

After showing signs of recovery in the previous session, the market took a breather today with stock-specific action turning muted and momentum scattered. While a few pockets managed to hold gains, many heavyweights came under pressure, dragging overall sentiment down.

Nestle showed relative strength, ending up 3.05% on sustained institutional buying and defensive appeal. Hindustan Unilever and Tata Consumer also remained firm, rising 2.65% and 1.87% respectively, as investor preference leaned toward consumption-oriented names amidst market uncertainty.

However, the broader market lacked uniform support. Wipro tumbled 4.29%, facing continued sector-specific challenges in the IT space. State Bank of India witnessed sharp profit booking, falling 3.43%, while Larsen & Toubro declined 3.38% amid weak order inflow updates and global headwinds.

Overall, while a few quality names showed resilience, today's stock action reflected caution. Investors appear to be adopting a selective approach as the market hovers near key support zones, with eyes on global cues and upcoming earnings for clearer direction.

Indian Stock Market Outlook

After recent volatile sessions, Nifty has formed an inside candle on the daily chart, which also qualifies as both an NR4 (Narrowest Range in 4 days) and NR7 (Narrowest Range in 7 days) setup. Historically, such formations often lead to a strong one-sided move. However, MACD is still in a sell mode and RSI is near 40, indicating a neutral to weak momentum. Additionally, Nifty is trading below multiple EMAs, which suggests continued underlying weakness

Technical Indicators: Nifty on Hourly Chart

The Nifty 50's hourly chart on April 9, 2025, indicates consolidation between the 22,250 support and 22,500 resistance levels. The neutral RSI and weak ADX suggest a lack of strong momentum, while the negative MACD points to potential bearishness. Traders should monitor these levels closely for a decisive breakout or breakdown to determine the next directional move.

Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.

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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.