Best stocks to buy today: Ankush Bajaj's stock recommendations for 8 April

Three stocks to buy today, as recommended by Ankush Bajaj

Buy: Hindustan Unilever (current price: ₹2,249)

• Why it’s recommended: The stock is ready to take a triangle breakout at the ₹2,260 level. If it crosses, we might see ₹2,350 coming soon. Also, the RSI on the hourly chart is at 53, indicating bullish momentum.
• Key metrics: RSI: 53 (bullish), Triangle breakout near ₹2,260, 52-week high: ₹2,711
• Technical analysis: Price consolidating in a triangle pattern; a breakout above resistance could trigger a strong upside. RSI and price action support bullish continuation.
• Risk factors: Consumer sector may face volatility due to inflation, raw material costs, and changing consumption trends.
• Buy at: ₹2,249
• Target price: ₹2,350– ₹2,370 in 2–3 weeks
• Stop loss: ₹2,198

Buy: Delhivery (current price: ₹268.35)

• Why it’s recommended: Hourly RSI at 63 indicates bullish momentum. The stock has given a falling wedge breakout at ₹264, and despite a bearish market yesterday, it rallied 3.69% — showing relative strength.
• Key metrics: RSI: 63 (bullish), Falling wedge breakout at ₹264, Recent rally: +3.69% in weak market conditions
• Technical analysis: Breakout from falling wedge pattern supported by increasing volume. RSI and price action signal strong short-term upside potential.
• Risk factors: Logistics sector volatility due to fuel price fluctuations and economic activity trends.
• Buy at: ₹268.35
• Target price: ₹284– ₹288 in 2–3 weeks
• Stop loss: ₹262

Buy: Power Finance Corp (current price: ₹396)

• Why it’s recommended: Stock recovered sharply in yesterday’s market fall, showing strong relative strength. Hourly RSI is above 60, indicating bullish momentum. Additionally, if we draw a channel from the recent high of ₹420, the stock has closed above that channel—suggesting a possible gap-fill rally today.
• Key metrics: RSI: Above 60 (bullish), Channel breakout above ₹396, Recent high: ₹420
• Technical analysis: Bullish breakout from a descending channel with momentum indicators supporting further upside. Price action suggests potential gap-fill move toward ₹412+.
• Risk factors: Sector linked to interest rate cycles and government policy announcements.
• Buy at: ₹396
• Target price: ₹412– ₹418 in 2–3 weeks
• Stop loss: ₹386

Also Read | Mint Explainer: Global and Indian markets crack under Trump’s tariff shock—what this means for investors

Nifty and Nifty Bank analysis for 8 April

The Indian stock market experienced a brutal sell-off on Monday, 7 April 2025, marking one of the sharpest single-day crashes since the covid slump. The trigger came from a major geopolitical jolt, as the US imposed fresh reciprocal tariffs on key trading partners, sparking fears of a global trade war. This development sent shockwaves through world markets, and India was no exception. Domestic indices opened with a historic gap-down, breaching critical support levels in the early hours, and struggled throughout the day under relentless selling pressure.

What added to the drama was the Nifty opening below the psychological 22,000 mark—a level not 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

Sharp sell-off amid global headwinds

The benchmark indices reflected the deep pain across sectors. The BSE Sensex crashed by 2,226.79 points, ending the day down 2.95% at 73,137.90. The NSE Nifty 50 dropped 742.85 points, a steep decline of 3.24%, to settle at 22,161.60 after briefly slipping below the critical 22,000 mark. Bank Nifty, which often acts as a bellwether for market sentiment, also declined sharply—shedding 1,642.60 points or 3.19%—to close at 49,860.10, slipping below the 50,000 level for the first time in months.

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

Sectoral Trends: Carnage across the board

The market’s deep correction spared no sector, with widespread and intense damage visible across the board. The metals sector bore the heaviest losses, plunging 6.75% as fresh global tariffs rattled export-oriented companies and commodity-linked counters. Realty stocks were hammered as well, sliding 5.69%, with investor sentiment shaken by renewed fears around regulatory tightening and weakening demand.

The auto sector wasn’t far behind, falling 3.78%, as concerns over rising input costs and global slowdown fears weighed on the outlook. Even defensives couldn't offer shelter—FMCG stocks dropped 1.10%, pressured by anxieties around declining consumption and rural demand softness

Stock-Specific highlights: Bloodbath in heavyweights

In today’s brutal session, stock-specific action revealed the depth of investor anxiety, with sharp declines led by heavyweights in the metals and energy sectors. Trent suffered a massive blow, nosediving 14.77%—one of its steepest single-day losses in recent times. Tata Steel collapsed by 7.77%, caught in the crossfire of global tariff fears and commodity weakness. JSW Steel too wasn’t spared, plunging 7.50% as bearish momentum swept through the entire metal basket.

Even traditionally defensive counters weren’t immune to the onslaught. Most blue-chip stocks witnessed intense selling, with only Hindustan Unilever Limited managing to stay afloat, closing with a modest gain of 0.22%. The rest of the broader market painted a stark picture of fear-driven liquidation, highlighting the scale of the risk-off sentiment gripping Dalal Street.

Indian stock market outlook

Nifty max OI at 22000 on put side and on upper side 22700 CE side. Market at 22260 showing strong support at 22000 which is also a key level. For this fall, we touched 23800 level and again back to origin of trend. So according to analysis, if we break 22000 in next two days, we might see heavy selling again, and 22700 might act as a resistance if any rally comes.

Technical indicators: Nifty on hourly chart

Earlier, we had warned that Nifty might touch 22000 again, which happened yesterday — but never thought we would reach this level so fast. Now on the hourly chart, RSI is at 33, showing an oversold zone. Also, MACD line is in the oversold region, so we might see a relief rally till 22700.

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.

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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.