The Indian equity benchmark Nifty 50 experienced a 2% decline for the week ending April 24, influenced by geopolitical tensions between the US and Iran, rising crude oil prices, and mixed Q4 earnings reports. Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, noted that despite this decline, the Nifty 50 is consolidating after a strong rally, with immediate resistance levels at 24,400–24,800 and support at 23,800–23,500. Patel believes this correction is healthy and could lead to a rebound towards 24,600–25,000 levels.

For short-term investments, Patel recommends three stocks: PVR INOX, with a previous close of ₹1,004.15, a buying range of ₹1,010 to ₹980, a target price of ₹1,165, and a stop loss at ₹910. He highlights the stock's strong base formation near the 88.6% Fibonacci retracement level.

Intellect Design Arena, closing at ₹688.70, is suggested with a buying zone of ₹695 to ₹675, a target price of ₹825, and a stop loss of ₹605. Patel notes a bullish pattern indicating a potential trend reversal.

Lastly, JSW Energy, which closed at ₹544.95, is recommended with a buying range of ₹545 to ₹535, a target price of ₹610, and a stop loss at ₹505. The stock shows signs of strength after a consolidation phase and has positive momentum indicators, suggesting potential upside movement.