Top Stock Recommendations: Osho Krishan of Angel One suggests buying Radico Khaitan and HDFC AMC today

Stock Market News: The domestic equity benchmark indices, the Sensex and the Nifty 50, opened in green on Thursday after declining for three straight sessions. The domestic indices tracked Asian counterparts and were led by PSU bank stocks, energy companies due to a decline in oil prices, and metals stocks as a result of concerns over global supply.

On Thursday, the S&P BSE Sensex opened up 239.42 points, or 0.33%, at 73,183.10, while the NSE Nifty 50 began up 64.40 points, or 0.29%, at 22,212.35.

Also Read: Sensex Today Live Updates : Sensex up 140pts, Nifty at 22,212.35; Broader markets, O&G, PSB, Auto gain; Health under pressure

Geojit Financial Services' Chief Investment Strategist, Dr. V K Vijayakumar, noted that the tension between Israel and Iran in West Asia is still having an impact on stock markets around the world. Markets are unlikely to make a significant upward direction shift until this uncertainty is resolved. It is hoped that a regional crisis will not grow as a result of the anticipated Israeli reaction. The 3% decline in the price of crude oil during the last two trading sessions is indicative of this.

Sensex and the Nifty 50, continued their losing streak for the third day in a row on Tuesday as heavy selling pressure was witnessed in the early trade. However, Nifty 50 recovered swiftly from intraday lows, lessening the ugly tone of the decline.

On Tuesday, the S&P BSE Sensex ended down 456.10 points, or 0.62%, at 72,943.68, while the NSE Nifty 50 closed down 124.60 points, or 0.56%, lower at 22,147.90.

Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 18

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Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One

Weakening global sentiments spread pessimism to our markets, and the Nifty 50 corrected over 350 points in the last two sessions. It had been a sentimental turnaround for the ongoing momentum as the benchmark plunged toward the 50 DEMA on the daily chart and concluded slightly below the 22,150 zone, said Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One.

The formations of bearish runaway gaps in the last two sessions have not only dampened sentiments but also showcased the bears' tightening grip. The technical setup construes inherent weakness and brings the 22000 mark in the vicinity of the bears. For now, a decisive breach below the 50 DEMA could further disrupt the chart structure, and 22,000, followed by the previous swing closure around 21800, is to be seen as the last hope for the bulls' comeback. On the flip side, 22,350 (20 DEMA) is likely to act as an intermediate hurdle, followed by the bearish gap of 22,430–22,500 in the comparable period, explained Krishan.

Also Read: Sagar Doshi of Nuvama recommends these three stocks for April 18

Share Market Tips

As we advance, the sustenance of broader markets is likely to pivot on global developments; hence, keeping a close track of the global peers is prudent. Simultaneously, identifying thematic movers could play a significant role in outperforming the markets, and refraining from aggressive trades until uncertainty subsides is strictly advisable, said Osho. 

Top Stock Recommendations For Thursday by Osho Krishan

On stocks to buy today, Osho Krishan recommended two stocks - Radico Khaitan Ltd and HDFC Asset Management Company Ltd.

Radico Khaitan Ltd

Radico Khaitan has been trading with bullish biases for quite some time, hovering above all its EMAs near its lifetime high zone. In recent periods, the counter has witnessed some buying interest at the elevated levels and managed to sustain itself even in harsh market scenarios, suggesting its inherent strength. Also, the technical parameters are strongly aligned with the primary trend of the counter, suggesting an opportunity to gauge upcoming momentum in the counter.

“Hence, we recommend BUY Radico Khaitan on dips around ₹1,740-1,720, Keeping a stop loss of ₹1,660 for a positional Target of ₹1,820,” said Osho.

Also Read: Day trading guide for stock market today: Six stocks to buy or sell today amid Iran-Israel war

HDFC Asset Management Company Ltd (HDFC AMC)

HDFC AMC has been in a secular uptrend, hovering above all its major EMAs on the daily time frame. The stock has witnessed strong traction in the last trading session, which construes for a sloping trendline breakout, indicating a potent momentum in the near period. On the oscillator front, the 14-period RSI has seen a positive crossover from the lower levels, adding a bullish quotient to the primary trend of the counter.

“Hence, we recommend to BUY HDFC AMC around ₹3,720-3,700, keeping a stop loss of ₹3,580 for a positional Target of ₹3,900,” said Krishan. 

Also Read: Stock market today: Sensex, Nifty fall for 3rd consecutive session; IT stocks among top drags; mid, smallcaps outperform

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.