Best stocks to buy today: Raja Venkatraman recommends three stocks for 24 April

Here are three stocks to buy or sell as recommended by Raja Venkatraman for Thursday , 24 April.

JUBLFOOD: Buy CMP and dips to ₹690, stop ₹670 target ₹770-790

• Why it’s recommended: The company’s innovative strategies and strong market position in the foodservice sector provide growth potential.
• Key metrics: P/E: 120.98, 52-week high: ₹796.75, volume: 1.03M.
• Technical analysis: Support at ₹680, resistance at ₹820.
• Risk factors: High valuation and dependence on discretionary consumer spending.
• Buy at: CMP and dips to ₹690.
• Target price: ₹770-790 in 3 months.
• Stop loss: ₹670.

KIRLPNU: Buy CMP and dips to ₹1200, stop ₹1175 target ₹1450-1500

• Why it’s recommended: The stock has shown robust growth in revenue and profit, with strong demand for its industrial machinery products.
• Key metrics: P/E: 39.45, 52-week high: ₹1,817, volume: 160.14k.
• Technical analysis: Support at ₹1,165, resistance at ₹1,500.
• Risk factors: Dependence on industrial demand and global economic conditions.
• Buy at: CMP and dips to ₹1,200.
• Target price: ₹1,450-1,500 in 3 months.
• Stop loss: ₹1,175.

NEWGEN: Buy CMP and dips to ₹950, stop ₹925 target ₹1120-1180

• Why it’s recommended: The company’s strong position in digital transformation solutions and recent international contract wins make it a compelling choice.
• Key metrics: P/E: 43.66, 52-week high: ₹1,798.90, volume: 198.81k.
• Technical analysis: Support at ₹900, resistance at ₹1,200.
• Risk factors: High valuation and competition in the software sector.
• Buy at: CMP and dips to ₹950.
• Target price: ₹1,120-1,180 in 3 months.
• Stop loss: ₹925.

Also Read: Big Four of Indian IT lose market share; HCL Tech's outlook offers little relief

Recap of Stock Market 

In a turbulent trading session, Indian benchmark indices managed to close higher for the seventh session in a row, powered by gains in IT, Pharma, and Auto sectors. At the end of the day, the Sensex rose by 520.90 points or 0.65%, reaching 80,116.49, while the Nifty gained 161.70 points or 0.67%, finishing at 24,328.95.

The Nifty50 index ended well above the 24,300 mark, achieving a 4-month peak, and the BSE Sensex surpassed the 80,000 level for the first time since December 2024. Meanwhile, in the US market, stocks bounced back on Tuesday following a sharp decline the previous day, as investors shifted focus to corporate earnings. The US dollar strengthened after Treasury Secretary Scott Bessent expressed optimism during a private meeting, indicating a potential easing of trade tensions between the United States and China.

European markets were trading in positive territory, while Asian markets also closed with gains. This rally was fueled by comments from President Donald Trump, who clarified that he had no intention of dismissing the Federal Reserve Chair and hinted at the possibility of reduced tariffs on Chinese goods.

Outlook for Trading

As the April series draws to a close, we need to factor in the rampant volatility that was the highlight of this series. As we delve deeper into the markets, we need to consider how to handle this situation, as global cues will continue to hinder the upward march.

Moving to the daily charts, we find that the bearish pressure is being absorbed, however, small body candles that are emerging after the previous highs around 23800 are being surpassed quickly, indicating that the market could receive a pullback to 23800, which could become the new base for the trends ahead.

With the expiry volatility kicking in, we should now look at the possibility of the market trends remaining in a volatile state. The Pitchfork seen in the chart attached below highlights the possibility of the trends to face resistance around 24800 which is the upper end of the channel in the coming sessions. 

As the trends unfold, the long body candle we saw last Thursday clearly hinted at the possibility of steady advances. Bank Nifty is seen tiring out as this index had already flashed a new high, and the momentum was getting stretched.

The Max Pain point remains at 24100 and at the moment the immediate support zone around 23800-24000 would now be the new base going ahead. The Option data reveals the higher levels around 24500 has Call writing and would play a role in containing the revival. So, we could be looking at a subdued start on Thursday as there is no clarity in the market at higher levels. The RSI is still holding firm hoping for a revival. The strong showing in Nifty has ensured that the targets mentioned last week of 24200 has been achieved opening door towards 24500. One should remain a buyer on dips.

Also Read: Sebi's big move: Common contract note launch set for 30 April, but market players express concerns

Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.

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.