Recommended stocks to buy today: Top stock picks by market experts for 29 April
Source: Live Mint
The Sensex surged 1,006 points, or 1.27%, to close at 80,218.37, while the Nifty 50 advanced 289 points, or 1.20%, to settle at 24,328.50.
Top 3 auto stocks to buy, recommended by Ankush Bajaj:
Hindustan Aeronautics Ltd (current price: ₹4426)
Why it’s recommended: The stock has given a triangle breakout on the hourly time frame. Also, there was a volume spike on Monday. Once the stock crosses the ₹4,444 level, we might see a good rally.
Key metrics: Breakout level: ₹4,444, Chart pattern: Triangle breakout with volume spike, Time frame: Hourly
Technical analysis: A triangle breakout with increasing volume suggests strong upside potential. Crossing the ₹4,444 level could trigger further bullish momentum towards higher resistance levels.
Risk factors: Defence sector stocks may face volatility due to changes in government policies, order flow uncertainty, and global geopolitical developments.
Buy at: ₹4,426
Target price: ₹4500– ₹4520 in 1–2 weeks
Stop loss: ₹4385
Jio Financial Services Ltd (current price: ₹257.90)
Why it’s recommended: The stock has given a reverse Head and Shoulder breakout in the lower time frame. Also, on the hourly chart, RSI is above 60, indicating bullish momentum.
Key metrics: Breakout level: ₹255, Chart pattern: Reverse Head and Shoulder breakout with bullish RSI, Time frame: Lower Time Frame and Hourly
Technical analysis: A reverse Head and Shoulder breakout supported by a bullish RSI suggests strong upside potential. The stock is likely to move towards its next resistance levels.
Risk factors: Financial sector stocks may face volatility due to macroeconomic factors, interest rate changes, and liquidity conditions.
Buy at: ₹257.90
Target price: ₹272– ₹276 in 1–2 weeks
Stop loss: ₹249
Bank of Baroda (current price: ₹252.55)
Why it’s recommended: Stock has given a Bullish Flag breakout with supporting volumes. Also, RSI and MACD are on the positive side, supporting the ongoing uptrend.
Key metrics: Breakout level: ₹250, Chart pattern: Bullish Flag breakout with volume confirmation, Time frame: Hourly
Technical analysis: A Bullish Flag breakout combined with positive RSI and MACD signals suggests continuation of the upward trend. The stock is likely to move towards its next resistance levels.
Risk factors: Banking sector stocks may face volatility due to changes in interest rates, credit demand, and regulatory policies.
Buy at: ₹252.55
Target price: ₹264– ₹268 in 1–2 weeks
Stop loss: ₹244
Here are 3 stocks to buy, as recommended by Raja Venkatraman
Paras Defence and Space Technologies (current price at Rs1142.90)
Why it’s recommended: The stock has shown strong momentum, supported by increased demand in the defence sector and strategic government initiatives promoting indigenous manufacturing. With its robust product portfolio and consistent performance, Paras Defence presents a promising long-term opportunity.
Key metrics: P/E: 64.80; 52-week high: ₹1,592.70; Volume: 333.21k
Technical analysis: Support at ₹1,030; Resistance at ₹1,590
Risk factors: Dependency on government contracts and geopolitical tensions could impact revenue. Additionally, fluctuations in raw material costs and regulatory changes may pose challenges.
Buy at: CMP and dips to ₹1,105
Target price: ₹1,268-1,298 in 3 months
Stop loss: ₹1,080
Gufic BioSciences Ltd (current price: ₹386)
Why it’s recommended: This counter is engaged in the manufacturing and marketing of active pharmaceutical ingredients, generic pharmaceuticals and related services. The company is also having a diversified portfolio that is able to withstand the fluctuations and dynamics of the pharmaceutical sector. With its innovative product pipeline and strategic expansions, Gufic Biosciences presents a promising long opportunity.
Key metrics: P/E: 40.71; 52-week high: ₹504.25; Volume: 110.43k
Technical analysis: Support at ₹278; Resistance at ₹504
Risk factors: The frequently changing regulatory approvals and competitive pressures in the pharmaceutical industry could impact growth. Additionally, fluctuations in raw material costs may pose challenges.
Buy at: CMP and dips to ₹370
Target price: ₹408-425 in 3 months
Stop loss: ₹360
Privi Speciality Chemicals (current market price ₹1994.90)
Why it’s recommended: After consolidating for the last few days in April, the trends have started picking up. The company continues to retain its strong fundamentals and consistent growth in the specialty chemicals sector highlights possibility of some renewed demand at lower levels. Consider going long.
Key metrics: P/E: 48.85; 52-week high: ₹2,017; Volume: 24,720
Technical analysis: Support at ₹1,751; Resistance at ₹2,317
Risk factors: Dependency on raw material costs and fluctuations in global chemical prices could impact profitability. Regulatory changes and competitive pressures in the industry may also pose challenges.
Buy at: CMP and dips to ₹1,937
Target price: ₹2,080-2,125 in 3 months
Stop loss: ₹1,900
Two stock recommendations by MarketSmith India:
IdeaForge Technology Ltd (current price: ₹376)
Why it’s recommended: Market leadership in drone technology, robust order book and strong client base.
Key metrics: P/E: NA | 52-week high: ₹864.40 | Volume: ₹17.29 lakh
Technical analysis: Reclaimed its 50-DMA
Risk factors: Customer concentration risk, competition, and technological obsolescence
Buy at: ₹376
Target price: ₹425 in three months
Stop loss: ₹350
Bharat Electronics Ltd (current price: ₹305)
Why it’s recommended: Robust order book and revenue visibility, government support, and indigenous development
Key metrics: P/E: 43.93 | 52-week high: ₹ 340 | Volume: ₹299.13 lakh
Technical analysis: Emergence of buying interest from the lower level and reclaimed its 21-DMA
Risk factors: Dependence on government contracts, execution risks
Buy at: ₹305
Target price: ₹340 in three months
Stop loss: ₹290
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
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.”
