The stock market has been buzzing with activity as the Nifty-50 index concluded the week ending April 17 with an impressive uptick of 4.5%. The Bank Nifty outperformed with gains exceeding 6%, while the Realty sector also showed strong performance. However, the IT and FMCG sectors faced challenges, resulting in losses. Broader market indices mirrored this positive trend, each rising around 4%.
Market Outlook for Monday
Looking ahead to Monday’s trading session, the Nifty-50 is expected to find crucial support at 23,500 and 23,350. Should the index push higher, resistance levels are projected between 24,000 and 24,200. Amol Athawale, VP of Technical Research at Kotak Securities, warns that if the market dips below 23,350, overall sentiment might shift negatively.
For Bank Nifty, the bullish momentum is likely to continue, with potential targets of 54,500 to 55,000. Athawale also sees upside potential that could take the index to 55,300.
Key Earnings Reports on the Horizon
Next week is pivotal as major companies like Infosys, HDFC Bank, and ICICI Bank prepare to release their quarterly earnings. Other notable firms, including HCL Technologies, Axis Bank, Hindustan Unilever, and Maruti, will also unveil their financial results. Additionally, the upcoming expiry of April contracts in the derivatives market may introduce heightened volatility. Jit Mishra, SVP of Research at Religare Broking Ltd, emphasizes the importance of monitoring global tariff updates and their repercussions on international markets.
Recommended Stocks for Today
Several analysts have identified key stock picks for today. Sumeet Bagadia, Executive Director at Choice Broking, highlights two stocks, while Ganesh Dongre from Anand Rathi suggests three, and Shiju Koothupalakkal from Prabhudas Lilladher points to another two. Sugandha Sachdeva, Founder of SS WealthStreet, advises selling one stock.
Top Stock Picks:
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Max Financial Services Ltd: Bagadia recommends buying at ₹1218 with a stop loss at ₹1175, targeting ₹1303. The stock is showing a robust upward trend, recovering from recent lows and forming a series of higher highs.
- Affle (India) Ltd: Suggested buy at ₹1566, with a stop loss at ₹1511 and a target of ₹1676. The stock has rebounded from a significant support zone and is displaying strong buying interest.
Additional Picks from Ganesh Dongre
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HEG Ltd: Suggested buy at ₹480 with a stop loss at ₹470 and a target of ₹510. The stock is currently in a bullish trend, indicating potential for further price increases.
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Punjab National Bank: Buy at ₹99, with a stop loss at ₹95 and a target of ₹105. A bullish reversal pattern suggests a good chance for price appreciation.
- Tourism Finance Corporation of India Ltd: Buy at ₹175, with a stop loss at ₹168 and a target of ₹185. The stock currently appears oversold, indicating a potential recovery.
Insights from Shiju Koothupalakkal
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CG Power and Industrial Solutions Ltd: Buy at ₹619.80 for a target of ₹655, with a stop loss at ₹605. The stock has shown strong recovery and is likely to continue its upward trajectory.
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Gujarat State Fertilizers & Chemicals Ltd: Buy at ₹193 with a target of ₹205 and a stop loss at ₹188. The stock has broken out positively, indicating strength and potential for further gains.
- IOL Chemicals & Pharmaceuticals Ltd: Buy at ₹66.70, targeting ₹70 with a stop loss at ₹65. The stock has made significant upward moves and shows promise for continued growth.
This week promises to be engaging for investors, with significant fluctuations expected in response to earnings reports and broader market movements. Keeping an eye on these stock recommendations could yield fruitful opportunities.
