Best stocks to buy today—4 April, recommended by Raja Venkatraman
Summary
- Here are the best stocks to buy today, as recommended by NeoTrader’s Raja Venkatraman
India’s stock markets have managed to stabilise from lower levels as the scare created by US President Donald Trump’s reciprocal tariffs seemed to be receding. A stock-specific action continued to dominate the proceedings as Indian markets attempted to decode the impact created by the global cues. Today’s stock picks are from banking, financial and industrial sectors.
Here are three stocks to buy or sell as recommended by Raja Venkatraman of NeoTrader for Friday, 4 April.
Best stocks to buy today
•ANGEL ONE: Buy above: ₹2,470 | Stop: ₹2,430 | Target: ₹2,590-2,675
•CREDITACC: Buy above: ₹1,025 | Stop: ₹995 | Target: ₹1,095-1,100
•POLYPLEX: Buy CMP and on dips: ₹1,211 | Stop: ₹1,200 | Target: ₹1,325-1,350
Stock market today
The benchmark Sensex and Nifty 50 indices witnessed a decline on Thursday, weighed by a substantial selloff across sectors such as IT, auto, metals, and oil & gas following the US’ decision to impose a 26% reciprocal tariff on Indian goods.
However, gains in banking, pharmaceutical, and broader market segments offered some respite, cushioning the overall downturn. The Sensex closed 322.08 points lower, marking a 0.42% drop, to settle at 76,295.36 points, while the NSE Nifty ended at 23,250.10, losing 82.25 points or 0.35%. The market breadth remained upbeat, with 2,463 stocks advancing, 1,033 declining, and 102 staying unchanged.
Despite the weakness in large-cap indices, the broader markets outperformed. Both the Nifty Midcap 100 and Smallcap 100 indices climbed nearly 0.5%, demonstrating resilience amid the broader decline.
Outlook for trading
Moving to the charts, we note that the trends have been largely oriented towards trading rather than investing. Hence, from a trading perspective we note that the charts highlight the support zone around 23,200, combining with the 38.2% Fibonacci supports that helped the prices revive. The sharp rebound that we witnessed last week is now facing challenges to stage a further upmove on Monday.
The trend that is emerging clearly suggests that the rally seen last week was a relief rally that retraced one-third of the rise seen since the March lows. Hence, one should track the trends that are in progress as an upmove needs to retain itself above 23,000, holding on to the bullish bias.
Momentums on hourly charts indicate that the prices after settling down seem to have witnessed a resumption of selling pressure. With the gradual and hesitant rise emerging from lower levels we can expect the rise to remain hesitant.
The Option Data is clearly spelling out that the higher levels are pressured and the sustained selling at higher levels continue to show that the Max Pain in Bank Nifty at 51,500 and Nifty at 23,250 are having strong headwinds. But the inability to close below these levels is slowly and steadily inducing more bullishness in the market. The markets are trading with a tilt to the bullish bias heading into tomorrow.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
•ANGELONE: Buy above: ₹2,470 | Stop: ₹2,430 | Target: ₹2,590-2,675
Buy: Angel One (current price: ₹2,461.65)
- Why it’s recommended: Strong surge seen after some hesitation at the resistance zone around 2,400 spells that there is some strong underlying momentum. With the market showing renewed momentum, we should keep an eye on this stock now.
- Key metrics: P/E: 15 | 52-week high: ₹3,503 | Volume: 1.53 million.
- Technical analysis: Support at ₹2,165, resistance at ₹2,900.
- Risk factors: Being a brokerage firm, it is highly sensitive to market volatility and investor sentiment.
- Buy at: ₹2,470
- Target price: ₹2,590-2,675 in 3 months
- Stop loss: ₹2,430
•CREDITACC: Buy above: ₹1,025 | Stop: ₹995 | Target: ₹1,095-1,100
Buy: Creditacc (current price: ₹1,011.35)
- Why it’s recommended: After a disappointing Q3, prices were struggling to generate some upward traction. Now, with the buying interest at lower levels we are once again seeing a steady buying interest emerge.
- Key metrics: P/E: 19 | 52-week high: ₹1,553 | Volume: 762,500.
- Technical analysis: Support at ₹850, resistance at ₹1,100.
- Risk factors: As a microfinance institution, it faces risks of loan defaults, especially in economically weaker regions.
- Buy at: ₹1,025
- Target price: ₹1,095-1,100 in 3 months
- Stop loss: ₹995
•POLYPLEX: Buy CMP and on dips to: ₹1,211 | Stop: ₹1,200 | Target: ₹1,325-1,350
Buy: Polyplex (current price: ₹1,248.40)
- Why it’s recommended: After the sharp decline seen from December, the recovery has been quite robust with the formation of a higher low and steady participation.
- Key metrics: P/E: 48 | 52-week high: ₹1,480 | Volume: 62,000.
- Technical analysis: Support at ₹1,170, resistance at ₹1,400.
- Risk factors: Exposure to fluctuations in raw material prices and foreign exchange rates can impact profitability.
- Buy at:CMP and dips to ₹1,211
- Target price: ₹1,325-1,350 in 3 months
- Stop loss: ₹1,200
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.
