Markets
Recommended stocks to buy today: Top stock picks by market experts for 23 April
Summary
- Recommended stocks to buy: Discover the top stocks picks by market experts Raja Venkatraman, Ankush Bajaj, and MarketSmith India for Wednesday, 23 April.
Indian equities extended their winning streak for a sixth straight session on Tuesday, 22 April, defying a weak overnight lead from Wall Street. Strong gains in financials and auto stocks, along with a sharp rebound in FMCG names, powered the benchmark indices higher.
Metal stocks also contributed to the rally after the government imposed a 12% provisional safeguard duty for 200 days on five categories of steel imports. Realty shares surged as much as 6%, buoyed by improving liquidity conditions.
Three stocks to buy today, as recommended by Ankush Bajaj:
Max Healthcare Ltd (current price: ₹1,128)
Why it’s recommended: Shares of Max Healthcare has given a falling wedge breakout. Also, stock has formed double bottom at ₹1060 and given a strong rally till today.
Read this | Max Healthcare to focus on acquisitions, brownfield development for growth: CMD
Key metrics: Breakout level: ₹1120, 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: Healthcare stocks may face price volatility due to regulatory changes, occupancy rates, and pricing controls.
Buy at: ₹1,128 | Target price: ₹1,170– ₹11,80 in 1–2 weeks | Stop loss: ₹1,107
Colgate Palmolive Ltd (current price: ₹2,658)
Why it’s recommended: If we closely watch, the stock has given the closing above ₹2,645, which was the 50% retracement for the recent high and low, indicating bulls are in charge now. Also, RSI is trending, confirming the bullish trend.
Key metrics: Breakout level: ₹2,645, Chart pattern: Fibonacci 50% retracement + RSI trending, Time frame: Hourly
Technical analysis: A closing above the key retracement level with a strengthening RSI signals potential upside. The stock is showing signs of bullish continuation and may test higher resistance levels.
Risk factors: FMCG stocks may face pressure due to changes in consumer sentiment, input cost inflation, or rural demand fluctuations.
Buy at: ₹2,658 | Target price: ₹2,725– ₹2,740 in 1–2 weeks | Stop loss: ₹2,620
Patanjali Foods (current price: ₹1,967)
Why it’s recommended: Overall trend is up in this stock along with the FMCG sector trend. The stock recently touched a new lifetime high, followed by some correction. This is a buy on dips opportunity, and we must take long positions at this level. Expecting it to break new highs in the coming days.
Read this | A new Patanjali: The monk who sold toothpaste is at it again
Key metrics: Recent high: Lifetime high touched recently, Chart pattern: Uptrend with healthy correction, Time frame: Hourly
Technical analysis: The stock remains in a strong uptrend. After a mild pullback, it is offering a fresh entry opportunity. FMCG momentum adds strength to the move, and a breakout to new highs is likely.
Risk factors: FMCG and edible oil segment stocks may be affected by input cost volatility, government regulations, and rural consumption patterns.
Buy at: ₹1,967 | Target price: ₹2,000– ₹2,020 in 1–2 weeks | Stop loss: ₹1,948
Three stocks to buy on 23 April, as recommended by NeoTrader’s Raja Venkatraman:
• SJVN Ltd: Buy CMP and dips to near ₹725 | Stop ₹705 | Target ₹795-815
• Zydus Wellness Ltd: Buy above ₹1,790 and dips to ₹1,740 | Stop ₹1,720 | Target ₹1,925-1,975
• Aarti Industries Ltd: Buy above ₹435 and dips to ₹425 | Stop ₹420 | Target ₹465-480
Two stock recommendations by MarketSmith India:
Jamna Auto Industries (current price: ₹83.50)
Why it’s recommended: Expansion into new markets, strong credit rating, and ROCE
Key metrics: P/E: 16.99, 52-week high: ₹149.66, volume: ₹ 33.70 lakh
Technical analysis: Reclaimed its 50-DMA
Risk factors: Commodity price risk, environmental risks
Buy at: ₹ 83.50 | Target price: ₹ 97 in three months | Stop loss: ₹ 77
Acme Solar Holdings Ltd (current price: ₹ 216.44)
Why it’s recommended: Ambitious capacity expansion, supportive regulatory environment
Key metrics: P/E: 34, 52-week high: ₹ 292.40, volume: ₹ 16.39 crore
Technical analysis: Downward sloping trendline breakout
Risk factors: High leverage, limited experience in new segments
Buy at: ₹ 216.44 | Target price: ₹ 263 in three months | Stop loss: ₹ 197
Also Read: PI Industries bets on innovation and scale to ride out trade turbulence
About the authors:
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
MarketSmith India: Trade name: William O'Neil India Pvt. Ltd. Its Sebi-registered research analyst registration number is INH000015543.
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."
