Shares to buy or sell: Sachin Gupta of 5paisa recommends ICICI Bank, ONGC — 29 April 2025

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, experienced a slight increase at the opening on Tuesday, bolstered by reduced trade tensions and ongoing foreign investments in the domestic market. In early trading, Sensex rose by 442.94 points to reach 80,661.31, while Nifty 50 advanced by 129.15 points to hit 24,457.65.

Other Asian markets also saw gains, with the MSCI Asia ex-Japan index climbing by 0.5%, as the dollar headed toward its biggest monthly decline in years, with investors preparing for the impact of the trade war on earnings and economic indicators. On Monday, US Treasury Secretary Scott Bessent remarked that numerous key trading partners proposed "very good" tariff solutions, and indicated that one of the initial agreements could be signed with India as early as this week or next.

Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, expressed that the market has already factored in, as has everyone else, that India will respond appropriately to the terrorist attacks; however, there is hope that these tensions won't escalate into a war, which could have severe consequences.

The market currently enjoys robust support from continuous foreign institutional investor (FII) buying, which has persisted for nine consecutive days, totaling ₹34940 crores. India's potential to outperform other major economies could bolster FII inflows and enhance the market's stability.

Scott Bessent, the US Treasury Secretary, mentioned yesterday, “I would guess that India would be one of the first trade deals we would sign,” which is a significant positive development for India.

Market Review and Outlook - Sachin Gupta, Senior Research Analyst at 5paisa

The Nifty 50 surged 1.2% on Monday session driven by strong gains in heavyweight Reliance Industries and Pharma/Banking sector. Overall, the index rallied throughout the day and closed near day’s high.

Despite the geopolitical uncertainty, Nifty 50 is witnessing strong buying interest even at moderately lower levels. Momentum remains reasonably strong as the index continues to trade above medium term trendline. The index sustained above 200-DEMA with positive crossover in RSI that indicates bullish strength. Short term support and resistance levels are 24,050/23,800 and 24,400/24,650.

Shares to buy or sell today on Tuesday- Sachin Gupta

On shares to buy on Tuesday, Sachin Gupta recommends ICICI Bank Ltd, and Oil and Natural Gas Corporation Ltd (ONGC).

ICICI Bank Ltd

ICICI Bank share price shows a favourable technical outlook, highlighted by a breakout above the 1,363 level from a Cup & Handle pattern last week. The stock has reached an all-time high, and its relative strength line has demonstrated positive momentum, suggesting continued strength. Moreover, the stock is finding support near the 200-day exponential moving average (DEMA) and has formed a reversal pattern, indicating the potential for further gains. On Monday, the stock experienced another bullish move, gaining 1.71% for the day amid positive sentiment.

Based on these factors, we anticipate a bullish trend for ICICI Bank in the short term. Traders may consider buying in the range of ₹1,420-1,430, with a stop loss at ₹1,349 for the potential target of ₹1,492 and 1,545 levels.

ONGC Ltd

On the daily chart, the stock is currently in a consolidation phase following a breakout from a Falling Trendline, signaling bullish strength in the near term. Additionally, the stock has surpassed the 100-day Exponential Moving Average and the middle Bollinger Band, indicating increased buying interest above the ₹252 level during this consolidation phase. On the weekly chart, there are signs of recovery, with a positive crossover in the RSI suggesting a potential reversal from the recent low.

Therefore, we expect a bullish move in ONGC if it holds above the ₹252 level, with potential targets of ₹265 and ₹275. Traders should set a stop loss at ₹239 for any buying positions.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.