Best stock recommendations today: MarketSmith India's top picks for 24 April

Positive global cues—including a weaker US dollar and signs of easing trade tensions—further lifted sentiment. Investor confidence remained high on the back of continued economic resilience and robust corporate earnings, pushing the index past the 24,300 mark.

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Two stock recommendations by MarketSmith India:

Buy: Godrej Properties Ltd (current price: ₹2152.4)

● Why it’s recommended: Strong sales growth and robust pipeline, strategic land acquisitions, and project launches

● Key metrics: P/E: 41.11, 52-week high: ₹3,402.70, volume: ₹ 15.01 lakh

● Technical analysis: Reclaimed its 50-DMA

● Risk factors: Market and economic cyclicality, financial leverage, and liquidity concerns

● Buy at: ₹ 2,152.4

● Target price: ₹ 2,425 in three months

● Stop loss: ₹ 2,040

Buy: Max Healthcare Institute Ltd (current price: ₹ 1,129)

● Why it’s recommended: Robust financial performance, strategic expansion

● Key metrics: P/E: 103.48, 52-week high: ₹ 228, volume: ₹ 19.45 crore

● Technical analysis: Downward sloping trendline breakout

● Risk factors: Capex Execution Risks, Market Competition

● Buy at: ₹ 1,129

● Target price: ₹ 1,295 in three months

● Stop loss: ₹ 1,055 

Nifty 50: How the benchmark index performed on 23 April

On Wednesday, the Nifty 50 extended its winning streak for a seventh consecutive session, forming a bullish candlestick with a long lower shadow and a structure of higher highs and higher lows. This pattern signals strong buying at lower levels, supported by gains in IT, pharma, and auto stocks.

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In contrast, broader markets delivered a mixed performance: the Nifty Midcap 100 rose 1.18%, while the Smallcap 100 gained 0.44%. Sectorally, Nifty Bank and Financials saw profit booking, slightly weighing on sentiment. The advance-decline ratio stood at 1:1, indicating balanced market participation.

Technically, Nifty reclaimed its 200-day moving average on Monday and has remained above it. The Relative Strength Index (RSI) continues to trend upward on both daily and weekly charts, reflecting growing bullish Momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) on the daily chart is rising and remains above the zero line, reinforcing positive sentiment. However, the weekly MACD is still below the central line, suggesting some caution on the broader trend.

According to O’Neil’s market direction methodology, Nifty Bank has shifted from a “Rally Attempt" to a “Confirmed Uptrend."

The near-term bias remains positive as long as the index holds above the key support level of 24,200. A sustained move above this level could pave the way for a rally toward 24,700–24,900. Conversely, a break below 24,200 may trigger sideways consolidation, with immediate support at 24,200 and deeper support near 23,900.

Nifty Bank's performance on 23 April

On Wednesday, Nifty Bank paused after six consecutive sessions of gains. The index touched a fresh all-time high of 56,098.70 during the day but faced profit booking at elevated levels, forming a bearish candlestick on the daily chart—an early sign of potential reversal. It opened at 56,097.10, moved between 56,098.70 and 55,370.05, and eventually closed at the session’s low of 55,370.05.

Momentum indicators such as the RSI and MACD remain firmly bullish across timeframes, highlighting continued strength. Notably, Bank Nifty has outperformed the broader market, underscoring sectoral leadership and sustained investor interest.

According to O’Neil’s methodology, the index has moved from an “Uptrend Under Pressure" to a “Confirmed Uptrend."

Also read | Tariff-proof Nifty Bank may stretch rally by up to 2% to fresh high this week

The outlook remains positive as long as Bank Nifty stays above the prior pivot level of 54,500. If the current momentum holds, the index could rally toward 57,000, with an eventual target zone of 58,500–60,000. However, a breakdown below the 54,500–54,000 support band could prompt further profit booking and lead to a short-term consolidation phase.

MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. It offers tools and resources to help investors make informed decisions based on the CAN SLIM methodology, founded by legendary investor William J. O'Neil. You can access a 10-day free trial by registering on its website.

Trade name: William O’Neil India Pvt. Ltd.

Sebi Registration No.: INH000015543

Website: https://marketsmithindia.com

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.