Best stock recommendations today: MarketSmith India's top picks for 21 April
- Best stock recommendations today: Discover MarketSmith India's expert top picks for Monday, 21 April. Get insights into top-performing stocks and make informed investment decisions.
The Nifty 50 surged past 23,800 on Thursday, driven by strong gains in banking stocks such as HDFC Bank and ICICI Bank, and Reliance ahead of Q4 results. Heavy FII inflows – more than ₹10,000 crore in two days – boosted market sentiment. Optimism over India-US trade talks, crude oil prices dropping to around $65 a barrel, and expectations of strong Q4 earnings supported the rally. Overall, positive global cues and sectoral strength fueled investor confidence.
Two stock recommendations by MarketSmith India for 21 April
Buy: Bank of Baroda (current price: ₹242.81)
- Why it’s recommended: Strong financial performance, improving asset quality
- Key metrics: P/E: 6.17; 52-week high: ₹ 299.70; volume: ₹102.50 lakh
- Technical analysis: Reclaimed 200-DMA
- Risk factors: Credit risk, market and economic risks
- Buy at: ₹ 242.81
- Target price: ₹ 275 in 3 months
- Stop loss: ₹ 226
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Buy: State Bank of India (current price: ₹797)
- Why it’s recommended: Robust credit expansion
- Key metrics: P/E: 8.52; 52-week high: ₹ 912, volume: ₹ 270.34 lakh
- Technical analysis: horizontal trendline breakout
- Risk factors: Asset quality concerns, interest rate fluctuations
- Buy at: ₹797
- Target price: ₹910 in 3 months
- Stop loss: ₹745
How Nifty 50 performed on 17 April
On Thursday, the Nifty 50 extended its rally for the fourth straight session, rising around 1.77% and forming a strong bullish candle with higher highs and higher lows on the daily chart. All sectoral indices ended in the green, and the advance-decline ratio favored the bulls at 2:1.
On the weekly timeframe, the index gained nearly 4.50%, closing near the week’s high and forming a bullish candle with rising momentum. However, it now approaches the 50-WMA, near the 23,900 mark, a key resistance level to watch.
From a technical perspective, the RSI continues to trend upward with a positive slope on both the daily and weekly charts, indicating strengthening momentum. The MACD on the daily chart is also rising and remains above the central line, reinforcing the prevailing bullish sentiment. However, on the weekly chart, MACD is still trading below the central line.
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The market status has shifted from ‘rally attempt’ to a ‘confirmed uptrend’ on 17 Apri, as Nifty confirmed a follow-through day, advancing around 1.77% on higher d/d volume.
The bias remains positive for the coming week, supported by strong momentum on the daily and weekly charts. However, the Nifty 50 is now approaching a key hurdle zone of 23,900–24,200, which aligns with previous swing highs as well as placement of the 200-DMA. A decisive breakout and sustained move above 24,200 could trigger fresh bullish momentum. On the downside, immediate support lies near 23,300, with the weekly structure remaining intact above this level.
How did Nifty Bank perform?
On Thursday Nifty Bank index surged 2.21%, outperforming the benchmark index, driven by strong gains in major banking stocks. The Nifty Financial Services index hit a new high, reflecting broad-based strength in the financial sector.
On a weekly basis, this key sectoral index has jumped over 6%, approaching its previous all-time high. Price action throughout the week formed a strong bullish candle on the weekly chart, supported by robust technical momentum, signaling continued strength in the near term.
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In accordance with O'Neil’s methodology for assessing market direction, Nifty Bank has transitioned from "uptrend under pressure" to a “confirmed uptrend" status.
The bias remains positive, and a sustained move above the 54,500 level could trigger further bullish momentum in the coming days. Immediate support is placed around 53,700.
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.
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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.
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