Stocks to buy today: Ankush Bajaj's expert recommendations for 16 April

Three stocks to buy today, as recommended by Ankush Bajaj

Buy: BHEL (current price: ₹221.80)

• Why it’s recommended: The stock has reached a new lifetime high, indicating strong bullish sentiment. Both RSI and MACD are in bullish territory, supporting the ongoing momentum.
• Key metrics: Breakout level: New lifetime high,RSI: Bullish,MACD: Positive crossover
• Technical analysis: The breakout to a new lifetime high signals strength in the trend. With RSI and MACD both aligned on the bullish side, the stock is likely to continue its upward movement toward the target range.
• Risk factors: PSU stocks may be affected by government policy decisions, sectoral reforms, or market-wide volatility.
• Buy at: ₹221.80
• Target price: ₹228– ₹232 in 1–2 weeks
• Stop loss: ₹218

Buy: HDFCBANK (current price: ₹1,865)

• Why it’s recommended: The stock has given a breakout from the ₹1,840 level, indicating bullish momentum. On the hourly chart, RSI is above 60, confirming strength in the current upmove.
• Key metrics: Breakout level: ₹1,840, RSI: 60+ (bullish)
• Technical analysis: The breakout on the chart supported by RSI above 60 suggests the start of a bullish leg. The price action and momentum indicators point toward a move toward the upper target zone.
• Risk factors: Banking stocks can be affected by interest rate changes, credit growth trends, and regulatory policy shifts.
• Buy at: ₹1,865
• Target price: ₹1,920– ₹1,930 in 1–2 weeks
• Stop loss: ₹1,838

Buy: EXIDEIND (current price: ₹379.70)

• Why it’s recommended: The stock has given a breakout above the ₹375 level after a long consolidation phase. The breakout is supported by strong volumes, indicating bullish strength and potential for an upward rally.
• Key metrics: Breakout level: ₹375, Volume: Above average, RSI & MACD: Bullish
• Technical analysis: The price breakout with volume confirmation signals the end of consolidation and the start of a new trend. With bullish momentum indicators, the stock is expected to move toward the target range.
• Risk factors: Stocks in the auto ancillary and battery space may be impacted by input cost volatility, EV sector policies, and demand fluctuations.
• Buy at: ₹379.70
• Target price: ₹390– ₹395 in 1–2 weeks
• Stop loss: ₹375

Market Update: Global optimism lifts Indian indices

The Indian stock market opened on a strong note on Tuesday, 15 April 2025. The market continued its upward trajectory today as the positive momentum triggered by the US tariff pause extended into a second consecutive session. Riding the wave of global optimism, the market opened with a solid gap-up start, driven by easing trade tensions and upbeat cues from major global indices. Investor sentiment remained upbeat as hopes grew that central banks may take a more dovish approach in upcoming meetings amidst cooling inflation and tariff de-escalation.

The Nifty 50 opened above 23,300 and held strong throughout the day, signaling a high-conviction rally backed by institutional inflows and retail participation. The broader market was energized by the global risk-on mood, further reinforced by improving economic data from China and expectations of a soft landing in the US economy.

The BSE Sensex closed 1.77% higher, gaining 1310.11 points to settle at 75,157.26. The NSE Nifty 50 surged 500 points or 2.19%, ending at 23,328.55, marking one of the strongest sessions in recent weeks. Bank Nifty soared 2.70%, closing at 52,379.50, buoyed by hopes of improved credit demand and easing pressure on global bond yields.

Sectoral trends: All sectors in green, broader participation continues

The market rally was broad-based, with no sector closing in the red — a rare occurrence highlighting the depth of today’s bullish sentiment. The Realty Index led the charts, jumping 5.64%, supported by cooling input costs and expectations of a pickup in commercial leasing. The auto sector climbed 3.39%, benefiting from stable crude oil prices and stronger-than-expected sales data from top OEMs.

Metals surged 3.20%, lifted by upbeat Chinese industrial output numbers and a rebound in base metal prices. Energy and PSU stocks also posted solid gains, tracking global crude stabilization and investor confidence in government-led reforms. With all sectors participating in the rally, the market reflected strong alignment between domestic drivers and improving global macro signals.

Also Read: Is this sector the ultimate defence against markets crashes and economic turmoil?

Stock-Specific Highlights: Green Sweep in Nifty 50

It was a one-sided session for most of the frontline stocks, with 48 out of 50 Nifty constituents closing in the green. IndusInd Bank soared 6.73%, leading the pack with robust institutional buying interest. Shriram Finance and Tata Motors rose 5.20% and 4.56%, respectively, gaining from strong sectoral tailwinds and improving risk appetite. Metal names like Tata Steel and JSW Steel also posted healthy gains amid favorable global cues.

ITC and Hindustan Unilever, however, saw mild declines, down 0.27% and 0.20%, respectively, as investors rotated out of defensives and into cyclical plays.

Indian stock market outlook

On daily chart, Nifty has closed above the 100 EMA at 23,310 and is near the 200 EMA at 23,360, showing some bullishness.

Also, Nifty has closed above the 61.80% retracement level from the recent high and low, which is also a sign of bullishness.

Next key level will be 23,600 which can act as a resistance. Above this, we can see a decent rally. On the downside, 23,000 might act as a support.

If we see the hourly chart of Nifty, RSI is trading in the overbought zone.

Interpreting the OI data, we can see maximum OI at 23,500 on the Call side and 23,300 on the Put side, indicating a narrow range. These levels can act as key trend deciders.

On the hourly chart, SMA 20 is trading above SMA 40, showing bullish strength.

So, 'buy on dips' remains the strategy as long as we are above the 23,000 level.

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.