Best stock recommendations today: MarketSmith India's top picks for 23 April
Summary
- Best stock recommendation: Discover MarketSmith India's expert top picks for Wednesday, 24 April. Get insights into top-performing stocks and make informed investment decisions.
The markets extended their winning streak for the sixth consecutive session on Tuesday, fuelled by gains in the banking and FMCG sectors. Nifty 50 climbed 0.17% to settle at 24,167.25. Financial stocks like HDFC Bank and Kotak Mahindra Bank advanced following the RBI’s move to enhance liquidity by lowering the buffer rate on digitally linked deposits. Meanwhile, FMCG leaders like ITC and Hindustan Unilever, rose about 2% each, further supporting the market’s upward trend.
Two stock recommendations by MarketSmith India:
Buy: Jamna Auto Industries (current price: ₹83.50)
- Why it’s recommended: Expansion into new markets, strong credit rating, and ROCE
- Key metrics: P/E: 16.99, 52-week high: ₹149.66, volume: ₹ 33.70 lakh
- Technical analysis: Reclaimed its 50-DMA
- Risk factors: Commodity price risk, environmental risks
- Buy at: ₹ 83.50
- Target price: ₹ 97 in three months
- Stop loss: ₹ 77
Buy: Acme Solar Holdings Ltd (current price: ₹ 216.44)
- Why it’s recommended: Ambitious capacity expansion, supportive regulatory environment
- Key metrics: P/E: 34, 52-week high: ₹ 292.40, volume: ₹ 16.39 crore
- Technical analysis: Downward sloping trendline breakout
- Risk factors: High leverage, limited experience in new segments
- Buy at: ₹ 216.44
- Target price: ₹ 263 in three months
- Stop loss: ₹ 197
Nifty 50 update for 22 April
On Tuesday, Nifty 50 extended its winning streak for a sixth straight session and formed a doji candlestick pattern with a higher-high and higher-low structure, indicating indecision but underlying strength. Broader markets also remained upbeat, with midcap and small-cap indices rising approximately 0.78% and 0.73%, respectively. Barring Nifty IT, PSE, and energy, all sectoral indices ended in the green. The advance-decline ratio stood at a bullish 2:1, signalling widespread market participation.
Technically, the index regained its 200-day moving average in the prior session and continued to trade above it. The relative strength index (RSI) is trending upward with a positive slope on both daily and weekly charts, indicating strengthening bullish momentum. The MACD on the daily timeframe is also rising and remains above the central line, reinforcing the current optimistic sentiment. However, the weekly MACD still lingers below the central line, signalling some caution on the broader trend.
According to O'Neil’s methodology of market direction, Nifty Bank transitioned from a "Rally Attempt" to a “Confirmed Uptrend".
Looking ahead, the bias remains positive in the coming days. However, some consolidation cannot be ruled out. The index continued to trade above its 200-DMA with a strong bullish sentiment, making the 200-DMA an immediate support level, followed by 23,400. On the upside, immediate resistance is placed near 24,200. For the index to become more bullish, it must decisively cross and sustain above 24,200, which could open the path toward 24,700–24,900 in the coming sessions.
Also Read: Tariff-proof Nifty Bank may stretch rally by up to 2% to fresh high this week
Nifty Bank performance
On Tuesday, Bank Nifty rallied 0.62%, extending its bullish momentum and closing at a fresh all-time high of 55,647, strongly outperforming the broader market. The index formed another bullish candle on the daily chart and closed at a fresh all-time high, continuing its move in uncharted territory with strong momentum.
Momentum indicators, RSI and MACD, show a strong bullish trend across various timeframes, highlighting the underlying strength. Furthermore, this key sectoral index has outpaced the benchmark index, signaling clear sector leadership and continued investor interest.
According to O'Neil’s methodology of market direction, Nifty Bank transitioned from an "Uptrend Under Pressure" to a “Confirmed Uptrend".
The bias remains positive in this space as long as it continues to trade above the previous pivot level of 54,500. The current momentum may drive the index toward 57,000, followed by 58,500–60,000 zones in the coming weeks. However, on the flip side, a failure to hold above the 54,500–54,000 support range could trigger profit booking and lead to short-term consolidation.
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.
