Best stock recommendations for 1 April by MarketSmith India

On the monthly chart, the index posted a strong 6.20% gain in March, forming a bullish candle after five months of correction. It has also advanced about 5.30% in FY 25 so far.

Best stocks to buy today, MarketSmith India's recommendations for 1 April:

1. Aster DM Healthcare: Current market price: ₹ 483.50 | Buy range: ₹ 470–487 | Profit goal: ₹ 560 | Stop loss: ₹448 | Timeframe: 2–3 months

Read this | As the weight of promoter pledge lifts, Aster DM is free to grow again

2. Fortis Healthcare Ltd: Current market price: ₹ 698.35 | Buy range: ₹678–702 | Profit goal: ₹845 | Stop loss: ₹ 625 | Timeframe: 2–3 months

Nifty 50: How the benchmark index performed on 28 March

India’s benchmark index, Nifty 50, opened flat and remained in negative territory for most of the session, closing 0.31% lower on Friday, 28 March, and forming a bearish candle on the daily chart. Except for FMCG (+0.59%), all sectoral indices ended in the red, with IT (-1.76%), Auto (-1.03%), Metal (-0.73%), and Pharma (-0.65%) leading the declines.

Market sentiment was weighed down by year-end closing pressures, the looming US tariff deadline, and the upcoming RBI policy announcement. The advance-decline ratio stood at 1:2, favoring decliners.

Read this | Chasing Nifty newbies like Zomato and Jio for quick gains? A risky bet indeed

Technically, Nifty 50 is facing resistance at its 50-WMA, while support is placed near the 200-EMA. The 14-day Relative Strength Index (RSI) remains in a bullish zone but is trending downward at around 63. Meanwhile, the Moving Average Convergence Divergence (MACD) is positioned above the central line on the daily chart, signaling an upward trend.

MarketSmith India has upgraded the market status to a 'Confirmed Uptrend' under O’Neil’s methodology. Looking ahead, 23,850 remains a key resistance level, with fresh bullish momentum likely if the index sustains above it. On the downside, 23,400 serves as strong support, and a break below this level could push the index toward 23,000.

Nifty Bank's performance on 28 March

Nifty Bank closed flat on Friday, 28 March, after a volatile session, forming a bearish Doji candlestick pattern while maintaining a higher-high and higher-low structure.

The index opened at 51,608.40, touched an intraday high of 51,839.10 and a low of 51,335.35, before settling at 51,564.85. Buying interest in Kotak Mahindra Bank, ICICI Bank, and Axis Bank helped cushion the downside.

The index has been a strong performer in recent weeks, outpacing the benchmark index. It gained 6.66% in March, forming a bullish candle on the monthly chart, and has advanced 9.42% in FY 2024–25.

Technical indicators remain positive. The RSI is at 70, signalling strong bullish momentum, while the MACD continues to trade above its signal line after a positive crossover, reinforcing the uptrend.

Following O’Neil’s market methodology, Nifty Bank remains in a ‘Confirmed Uptrend’.

Also read | Amid an IT slowdown, one company is aiming for double-digit growth

Despite Friday’s dip, the index is holding well above its 200-DMA, indicating no signs of weakness from a positional perspective. The 51,000–50,900 zone (200-DMA) serves as a strong support, while sustained trade above this level could drive the index toward the 52,300–52,500 zone in the near term.

About MarketSmith India:

Trade name: William O'Neil India Pvt. Ltd.

Sebi Registered Research Analyst Registration No.: INH000015543

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.