Three oil and gas stocks to buy with solid risk-reward recommended by Ankush Bajaj for 9 April

Three stocks to buy today, as recommended by Ankush Bajaj

HINDPETRO (current price: ₹369)

• Why it’s recommended: The stock is ready to give a breakout after consolidating in a narrow range of ₹350– ₹370. Relative Strength Index (RSI) on the 15-minute chart is above 60, indicating strong bullish momentum.
• Key metrics: RSI: 61 (bullish), Breakout zone: ₹370+, Recent range: ₹350– ₹370
• Technical analysis: The price is tightly consolidating; a breakout above ₹370 can trigger a quick upside. RSI confirms strength in the move.
• Risk factors: Oil marketing companies can be impacted by crude oil price volatility, government policies, and currency fluctuations.

Buy at: ₹369 | Target price: ₹384– ₹388 in 1–2 weeks | Stop loss: ₹364

PETRONET (current price: ₹285)

• Why it’s recommended: The stock has formed a double bottom near the ₹270 level and has successfully closed above the key resistance zone of ₹282, indicating bullish strength and a potential upward move.
• Key metrics: Double bottom at ₹270, Breakout above ₹282 resistance, Strong closing price at ₹285
• Technical analysis: A classic double-bottom pattern has emerged, and the recent breakout above ₹282 confirms a trend reversal. Momentum is likely to continue towards higher levels.
• Risk factors: The gas distribution sector is sensitive to global LNG prices and regulatory policies, which may affect margins.

Buy at: ₹285 | Target price: ₹295– ₹298 in 1–2 weeks | Stop loss: ₹278

ATGL (Adani Total Gas Ltd) (current price: ₹352)

• Why it’s recommended: The stock has shown a strong recovery from ₹324 levels and is now approaching a breakout zone near ₹355. On the 15-minute chart, RSI is trading at 60, indicating building bullish momentum.
• Key metrics: RSI: 60 (bullish), Breakout level: ₹355, Recent low: ₹324
• Technical analysis: The price is nearing a critical breakout point. Sustaining above ₹355 could lead to a sharp upward move. Recovery from recent lows adds to the bullish setup.
• Risk factors: The sector is sensitive to policy changes, input costs, and global gas price fluctuations.

Buy at: ₹352– ₹355 | Target price: ₹370– ₹375 in 1–2 weeks | Stop loss: ₹344

Nifty and Nifty Bank analysis for 9 April

The session opened with a much-needed gap-up, offering some respite to bruised investors and hinting at a short-term recovery attempt. The broader market spent the day trying to fill the massive gap left by yesterday’s sell-off, while some beaten-down sectors finally saw green.

Also Read: Trump tariff time bomb: Shield your portfolio from the brewing chaos

The initial rebound was driven by short-covering and selective value buying, especially in defensive and rate-sensitive stocks. Although market sentiment remained cautious in the backdrop of heightened global trade tensions, the bounce offered a breather from the carnage. The Nifty reclaimed the 22,300 zone intraday, while the Bank Nifty showed signs of base-building near the 50,000 level.

While it’s too early to call it a full reversal, today’s move signals the market's attempt to stabilize and digest the global tariff shock. Eyes will remain on further global cues and institutional activity as investors assess whether this is a dead-cat bounce or the start of recovery.

What added to the drama was the Nifty opening below the psychological 22,000 mark—a level not seen breached since late 2024. However, despite the intense volatility, the index managed to recover slightly and close just above that critical level, offering a faint glimmer of hope to traders and investors. The question now on everyone's mind is whether the market can sustain above 22,000 in the coming sessions or if this recovery will turn out to be short-lived, paving the way for further downside.

Benchmark indices: Strong recovery with positive momentum

The momentum remained positive throughout the day as investors found value at lower levels, and global sentiment showed signs of stabilization. The BSE Sensex rallied by 1,089.18 points, ending the day up 1.49% at 74,227.08. The NSE Nifty 50 also surged by 374.25 points, a strong gain of 1.69%, to settle at 22,535.85, after briefly reclaiming the critical 22,000 mark early in the session.

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The Nifty Bank, which often acts as a bellwether for market sentiment, bounced back smartly—gaining 650.90 points or 1.31%—to close at 50,511. The index confidently surged above the 50,000 mark once again, bringing relief to banking and financial names and helping boost overall sentiment on Dalal Street.

Sectoral trends: Broad-based rally, PSU banks and realty lead the charge

The Indian market staged an impressive comeback today, with all major sectors closing in the green, reflecting renewed optimism and a strong shift in sentiment. The PSU Bank Index led the rally, soaring 2.64%, as value buying dominated and global tariff fears took a backseat. The realty sector followed closely, rising 2.47%, fueled by hopes of sustained demand and potential policy tailwinds from the government.

The Oil & Gas Index climbed 2.20%, supported by steady crude prices and upbeat guidance from industry majors. Across the board, sectors participated in the uptrend, offering relief to investors and hinting at a possible short-term bottom after recent volatility.

Stock-specific highlights: Market-wide green, Power Grid bucks the trend

In a refreshing rebound from yesterday’s sharp sell-off, today witnessed a broad-based recovery across frontline stocks. Heavyweights in the financial and defense sectors led the charge, with Jio Financial surging 5.23% on strong buying interest. Shriram Finance and Bharat Electronics Limited also showed impressive momentum, gaining 4.47% and 3.46% respectively, as improving global cues and bargain hunting lifted sentiment.

Most blue-chip counters closed firmly in the green, signalling renewed investor confidence after the recent volatility. The only outlier was Power Grid, which slipped marginally into the red, weighed down by sector-specific headwinds. Overall, the session delivered much-needed relief, with sustained buying across sectors hinting at a possible stabilization in the near term.

Indian stock market outlook

After testing the recent low of 21,754, the markets bounced back sharply to the level of 22,535, almost filling the gap from the recent sell-off. The overall trend remains bullish, with major sectors contributing to the upside.

Today being the weekly expiry, if we look at the OI (open interest) data, we observe:

•23,000 has the maximum OI on the call side

•22,500 has the maximum OI on the put side

This indicates a bullish bias in the market, with the spot closing at 22,653.

On the daily time frame, a bullish RSI divergence is clearly visible—while the Nifty made a new low, the RSI formed a higher low, signalling potential reversal strength. However, the Nifty is still trading below major EMAs, which indicates that bearish pressure hasn’t completely faded.

Technical indicators: Nifty on hourly chart

On the hourly chart, multiple resistance levels are visible on the upside at 22,793 and 22,960, while support levels lie at 22,562 and 22,075 (futures levels).

Also Read: Here are the sectoral winners and losers from Trump's reciprocal tariffs

If the market slips below the 22,550–22,500 zone, we may witness renewed selling pressure. Hence, traders are advised to keep tight stop-losses and book profits frequently, as there are 2–3 nearby resistance zones that could limit the upside.

Currently, the RSI is at 47, indicating a neutral stance, while a MACD positive crossover from below the zero line suggests bullish potential in the short term.

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 guarantees 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.