Best stock recommendations today: MarketSmith India's top picks for 29 April
Summary
Best stock recommendations: Discover MarketSmith India's expert top picks for Tuesday, 29 April. Get insights into top-performing stocks and make informed investment decisions.
On Monday, the Nifty 50 gained 1.2%, closing at 24,328.50, driven by strong corporate earnings, particularly Reliance Industries Ltd's 5% surge after positive Q4 results. Banking stocks like ICICI Bank and State Bank of India also rallied, supported by positive global cues from Asian markets. Broad-based buying was seen across sectors, especially oil and gas, pharma, and PSU banks. Despite geopolitical tensions, strong earnings and foreign inflows kept investor sentiment upbeat, pushing markets higher.
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
Also Read: Samhi's GIC deal may accelerate growth. Could a valuation rerating follow?
How Nifty 50 performed on 28 April
On Monday, Nifty 50 staged a strong rebound, extending gains for the second consecutive session and closing well above the 24,300 mark, reaffirming bullish sentiment. The index formed a large bullish candle on the daily chart, reflecting strong buying interest at lower levels. Most sectoral indices participated in the rally, with only minor weakness seen in the IT sector. The advance-decline ratio improved and settled at 3:2, indicating positive market strength.
From a technical perspective, the index traded above its 200-day moving average (DMA) and decisively closed above it. The RSI on the daily chart has turned upward, signalling renewed momentum, while the MACD remains positive above the central line, supporting the bullish outlook.
According to O'Neil’s methodology of market direction, the Nifty50 transitioned from a "Rally Attempt" to a “Confirmed Uptrend".
The overall sentiment is positive in the market. Going forward, a decisive move above 24,400 could further strengthen bullish momentum and open the path for a rally toward the 24,700–24,900 resistance zone. On the downside, the 24,000–23,900 range remains a critical support area.
Also Read: Hindustan Unilever: Profit margin takes a back seat to growth
How Nifty Bank performed
On Monday, the Nifty Bank witnessed a strong rebound after three days of pause, closing near the day’s high at 55,432, up 1.41%. The index opened at 54,610, touched an intraday low of 54,582, and rallied to a high of 55,577. The recovery was driven by strength in key banking stocks like ICICI Bank, Axis Bank, and HDFC Bank, which lifted the overall sector. Similarly, FINNIFTY index posted a gain, closing at 26,292, up 0.98%.
The index remained traded above all key moving averages, maintaining its broader bullish structure. The momentum indicator, RSI, is trending in the bullish zone along with a positive crossover on MACD on the daily chart. Furthermore, the momentum on the weekly chart is robust along with positive price structure.
According to O'Neil’s methodology of market direction, the Nifty Bank transitioned from an "Uptrend Under Pressure" to a “Confirmed Uptrend".
The outlook for the Nifty Bank remains positive, with the index holding above the critical support zone of 54,500. The index is currently trending in an upward trajectory, and the current trend suggests potential targets around 56,000, followed by 57,500 in the coming days. On the downside, key support is seen in the 54,500–54,000 range. If the index stays above this support zone, the bullish momentum is likely to continue.
Also Read: Market shift: Retail investors and HNIs turn bearish on index futures following Pahalgam attack
View all stories by MarketSmith India here.
MarketSmith India is a stock research platform and advisory service focused on the Indian stock market.
Trade name: William O'Neil India Pvt. Ltd. (Sebi Registered Research Analyst Registration No.: 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.
