Markets
Three banking & financial services stocks to buy today: Ankush Bajaj's recommendations for 4 April
Summary
- Three banking & financial services stocks to buy today: Discover Ankush Bajaj's expert stock picks for 4 April. Get insights into top-performing stocks and informed investment decisions.
The Indian stock market witnessed a volatile session on Thursday, as investors remained cautious amid global economic uncertainties and tariff decisions from the US.
Three stocks to buy today, as recommended by Ankush Bajaj
Buy: IDFC First Bank (current price: ₹60.35)
Why it’s recommended: The stock has given a triangle pattern breakout on the hourly chart, with bullish momentum supported by RSI above 60 on the daily chart.
Key metrics: RSI: 62, Volume surge on breakout, 52-week high: ₹87.20
Technical analysis: Triangle breakout confirmed; strong support seen around ₹55, RSI strength supports continued upside.
Risk factors: Sensitive to rate hike cycles and PSU banking sentiment.
Buy at: ₹60.35
Target price: ₹66– ₹70 in 2–3 weeks
Stop loss: ₹54.90
Check latest stock market news here.
Buy: Bandhan Bank Ltd. (current price: ₹156.60)
Why it’s recommended: The stock has exhibited bullish behaviour with strong support at lower levels, signaling a potential trend reversal.
Key metrics: RSI: 62, Volume surge on breakout, MACD 1.43,ADX 17.75
Technical analysis: Stock has given an upper breakout of a falling wedge pattern on the daily chart and also a triangle breakout on the hourly chart, indicating strong upward momentum.
Risk factors: Potential market volatility and sector-specific risks could impact stock performance.
Buy at: ₹156.60
Target price: ₹180– ₹185 in 2–3 weeks
Stop loss: ₹145
Buy: IIFL Finance Ltd. (current price: ₹350.45)
Why it’s recommended: The stock has shown bullish signs with strong technical indicators supporting upward momentum.
Key metrics: RSI (Daily): 61.7, Volume above 10-day average, 52-week high: ₹450
Technical analysis: Stock has given a rising wedge breakout on the hourly chart, and RSI above 60 on the daily chart confirms ongoing bullish momentum.
Risk factors: Sensitive to interest rate movements and NBFC sector regulations.
Buy at: ₹350.45
Target price: ₹408– ₹415 in 2–3 weeks
Stop loss: ₹322
Also Read: Trump's tariff tantrum: Asian markets rattled, India fares better
Nifty and Nifty Bank Update
The Indian stock market witnessed a volatile session on Thursday, April 3, 2025, as the indices opened with a gap-down but recovered within the first half of the day. However, selling pressure near the 23,300 resistance level halted the recovery, leading to a weak close. Investors remained cautious as global economic uncertainties and upcoming decisions from the United States weighed on sentiment.
Benchmark indices: A choppy session ends mixed
The market failed to sustain its early recovery, with benchmark indices closing with minor losses. The BSE Sensex ended 322.08 points lower (0.42%) at 76,295.36, struggling to maintain its momentum. The NSE Nifty 50 slipped 82.25 points (0.35%), settling at 23,250.10 after facing strong resistance at higher levels. Meanwhile, Bank Nifty climbed 249.30 points (0.49%), closing at 51,597.35, showing relative strength compared to broader indices.
Sectoral trends: Mixed performance as markets struggle
The market witnessed a divided performance across sectors, with defensive plays gaining traction while other segments saw selling pressure. The pharma sector led the gainers, rising 2.25%, supported by buying interest in healthcare stocks. The Healthcare index followed closely, gaining 1.98%, while PSU Banks climbed 1.94%, attracting institutional inflows amid uncertainty.
On the losing side, the auto sector declined by 1.14%, facing headwinds from profit booking. The metal sector slipped 0.82%, impacted by weak global cues, while the Service sector dropped 0.66%, reflecting cautious sentiment among investors.
Stock-specific highlights: Gains and losses
Powergrid emerged as the top gainer, rallying 4.31% as defensive stocks continued to attract buying interest. Sun Pharma surged 3.29%, extending its strong momentum, while Ultratech gained 3.16%, driven by a positive sales outlook.
Conversely, IT stocks struggled throughout the session, with TCS leading the losers, declining 3.97%. Tech Mahindra followed, slipping 3.77%, while HCL Tech dipped 3.76%, reflecting persistent weakness in the technology space.
Indian stock market outlook
On the daily chart, Nifty is trading between the 20 EMA and the 100 EMA, with the 20 EMA at 23,129 acting as a strong support level.
The RSI is at 54, and the MACD signal line is trading above the MACD line, suggesting that bulls are currently in control.
Technical indicators: Nifty on hourly chart
On the hourly chart, Nifty shows signs of weakness, with the RSI trading at 38 and the MACD positioned below the zero line, indicating bearish momentum.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
Investments in securities are subject to market risks. Read all the related documents carefully before investing.
Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
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.
