Nilesh Jain, Assistant Vice-President (Derivative and Technical Research) at Centrum Broking, believes the market could remain under pressure in the short term. "We expect the market to remain volatile in the coming week, and Brent crude is something that should be on the radar. Any further rise will definitely have an adverse effect on the Indian equity indices," the market expert told Business Today on Thursday.

He also shared his views on select stocks:

CarTrade Tech

On CarTrade Tech Ltd, Jain said the stock has been under pressure for the past four to five months, forming a consistent lower top–lower bottom pattern. "It has given a breakdown from Rs 1,900 level, which is now acting as a very crucial resistance. The major support on charts is around Rs 1,400. So it is quite possible that we may see further decline, and it may correct to Rs 1,500–1,400, which can be a good entry point," he said.

"For fresh entry, I would suggest waiting for a further decline towards Rs 1,400. That can be a good entry point, keeping a stop loss below Rs 1,250. One can then take a contra bet for a pullback towards Rs 1,800–2,000. I'm not expecting any V-shaped recovery as of now," Jain added, noting that the stock has remained weak despite a broader mid- and small-cap pullback.

Ashok Leyland

For Ashok Leyland Ltd, Jain pointed to a gap-up opening seen on April 8, with the stock now attempting to fill that gap. "This means there is still some room left on the downside. It may correct further towards Rs 154–152," he said.

"Once the gap is filled, one can look to make a fresh entry. At current levels, it is better to avoid and wait for a correction towards Rs 152–150," he advised.

Jio Financial

On Jio Financial Services Ltd, Jain highlighted a recent breakout from the Rs 240–245 zone, which acted as a key neckline. However, the stock is now facing resistance amid weakness in the market.

"From a positional perspective, if someone wants to invest, I would advise accumulating this counter at current levels and on declines, in a staggered manner. From a momentum perspective, the stock may trade in the Rs 235–255 range," he said.

"It is a good stock to have in the portfolio for 8–12 months, with a strict stop loss at Rs 225," he added.

NTPC Green

On NTPC Green Energy Ltd, Jain said the stock has seen good momentum in recent sessions, though some profit booking was visible.

"This profit-taking is giving an opportunity to start fresh investment. If the stock dips towards Rs 105–108, that can be a good entry point, with a stop loss below Rs 99 and upside targets of Rs 120–125," he stated.

"From a positional perspective, it remains a good bet, and a 'buy-on-dips' strategy should be followed," Jain added.