Top three energy stocks to buy today, 22 April, recommended by Ankush Bajaj

Top 3 Energy Stocks to Buy, Recommended by Ankush Bajaj

Buy: Petronet LNG (current price: ₹313.60)

• Why it’s recommended: The stock has given a good breakout from the ₹307 level. On the hourly chart, it has also broken the upper channel of a falling wedge pattern. Additionally, the stock has taken strong support and formed a double bottom during the recent sell-off, indicating a bullish reversal.
• Key metrics: Breakout level: ₹307, Chart pattern: Falling wedge breakout + Double bottom, Time frame: Hourly
• Technical analysis: A technical breakout along with strong support formation and bullish chart patterns suggests upside momentum. The stock is likely to move towards its next resistance levels.
• Risk factors: LNG-related stocks may face price volatility due to global gas prices, import duties, and currency fluctuations.
• Buy at: ₹313.60
• Target price: ₹323– ₹325 in 1–2 weeks
• Stop loss: ₹307.00

Buy: Tata Power (current price: ₹390.85)

• Why it’s recommended: The stock has given a bullish pennant breakout, signaling continuation of the uptrend. RSI and MACD are also indicating strong bullish momentum, suggesting further upside potential.
• Key metrics: Breakout pattern: Bullish pennant, RSI: Bullish, MACD: Positive crossover
• Technical analysis: A clean breakout from a consolidation pattern supported by momentum indicators like RSI and MACD suggests strength in the trend. The stock is well-positioned to test its next resistance levels.
• Risk factors: Power sector stocks may be impacted by coal price fluctuations, regulatory changes, or project delays.
• Buy at: ₹390.85
• Target price: ₹405– ₹408 in 1–2 weeks
• Stop loss: ₹382.00

Buy: Adani Total Gas Ltd (current price: ₹624.25)

• Why it’s recommended: On the hourly chart, the stock has given a breakout from a triangle pattern. On the lower time frame, it has also closed above the key level of ₹620, confirming bullish intent. RSI is trending upwards, indicating growing momentum.
• Key metrics: Breakout pattern: Triangle breakout, Key level: ₹620, RSI: Trending bullish
• Technical analysis: A breakout above the triangle pattern, along with sustained price action above a key resistance and a rising RSI, suggests bullish continuation. The stock may head toward its next resistance levels.
• Risk factors: City gas distribution stocks can be sensitive to changes in gas prices, regulatory interventions, and demand cycles.
• Buy at: ₹624.25
• Target price: ₹640– ₹645 in 1–2 weeks
• Stop loss: ₹616.00

Market Wrap: Nifty Update for Monday

Indian equity market kicked off the week on a bullish note, opening with a gap-up on Monday, 21 April 2025, and sustaining the positive momentum throughout the session. Supported by robust global cues and firm domestic sentiment, the indices saw relentless buying across sectors, closing the day with strong gains.

The Nifty 50 soared past its key resistance zone to end 273.90 points higher, closing at 24,125.55, while the Sensex rallied 1.96%, gaining 1,508.91 points to settle at 78,553.20. Bank Nifty stole the spotlight, surging 1,014.30 points or 1.87% to close at 55,304.50, bolstered by optimism around credit growth and a favourable global interest rate outlook.

Strong global cues played a major role in today’s rally. U.S. and Asian markets ended on a positive note, driven by expectations of a soft landing for the global economy and easing inflation concerns. Crude oil prices remained stable, offering relief to oil-importing economies like India and boosting sentiment in oil-sensitive sectors. On the domestic front, healthy earnings expectations, strong FII inflows, and optimistic commentary from leading corporates helped drive the rally. Additionally, improved economic signals from China lifted sentiment across the Asian region, particularly benefiting energy and commodity stocks.

Sectoral Snapshot: Market-wide Green Sweep

The day saw a broad-based rally with strong participation across sectors. The Energy sector rose 2.50%, buoyed by firm crude prices and global tailwinds. PSU Banks climbed 2.47% on hopes of strong quarterly numbers and policy support. Oil & Gas stocks gained 2.38% amid global demand stability. On the other hand, defensive sectors saw some rotation, with FMCG ending 0.96% lower as traders booked profits and shifted to high-beta counters.

Stock in Focus: Winners & Laggards

Top gainers included Tech Mahindra, which surged 5.10% on the back of a strong earnings outlook and renewed tech demand. Trent rallied 4.47%, continuing its momentum from solid retail performance. IndusInd Bank jumped 4.22%, supported by robust credit growth data.

On the downside, Adani Ports fell 1.29% following weak earnings. HDFC Life slipped 1.09% post its quarterly results, while ITC declined 1.03% amid a shift away from defensives.

Takeaway: Bulls Regain Command

The decisive move above the 24,000 level signals a potential shift from range-bound trade to a trending bull phase. The strength in high-beta sectors, along with broad-based participation, indicates growing confidence among institutional and retail investors alike. If this momentum sustains, markets could be setting the stage for a new leg up in the coming sessions

Market Update: Nifty Witnesses Strong Rally, Eyes 24010

On the daily chart, as discussed in our earlier reports, 23,950 was the 50% retracement level from the high of 26,276 and the low of 21,749. Yesterday, we closed above this level, which is a positive sign for the bulls. Additionally, RSI is above 60, indicating that the bullish momentum is likely to continue.

Nifty is looking strong on the hourly chart. It’s trading above all key moving averages and has broken out above the 50% Fibonacci retracement level of 23,950 – a good sign for bulls.

RSI is above 80, which shows strong momentum, but also suggests it’s a bit overheated in the short term.

Nifty has shown strong bullish signs – thanks to good support from moving averages, a key breakout, and rising momentum. But since RSI is overbought, it’s better to wait for dips to enter, and manage your risk well as long as we stay above 23,700.

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.

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.