Top three stocks to buy today, 29 April, Ankush Bajaj’s market insight

The Sensex surged 1,006 points, or 1.27%, to close at 80,218.37, while the Nifty 50 advanced 289 points, or 1.20%, to settle at 24,328.50.

Top 3 stocks to buy, recommended by Ankush Bajaj:

Buy: Hindustan Aeronautics Ltd (current price: ₹4426)

• Why it’s recommended: The stock has given a triangle breakout on the hourly time frame. Also, there was a volume spike on Monday. Once the stock crosses the ₹4,444 level, we might see a good rally.
• Key metrics: Breakout level: ₹4,444, Chart pattern: Triangle breakout with volume spike, Time frame: Hourly
• Technical analysis: A triangle breakout with increasing volume suggests strong upside potential. Crossing the ₹4,444 level could trigger further bullish momentum towards higher resistance levels.
• Risk factors: Defence sector stocks may face volatility due to changes in government policies, order flow uncertainty, and global geopolitical developments.
• Buy at: ₹4,426
• Target price: ₹4500– ₹4520 in 1–2 weeks
• Stop loss: ₹4385

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Buy: Jio Financial Services Ltd (current price: ₹257.90)

• Why it’s recommended: The stock has given a reverse Head and Shoulder breakout in the lower time frame. Also, on the hourly chart, RSI is above 60, indicating bullish momentum.
• Key metrics: Breakout level: ₹255, Chart pattern: Reverse Head and Shoulder breakout with bullish RSI, Time frame: Lower Time Frame and Hourly
• Technical analysis: A reverse Head and Shoulder breakout supported by a bullish RSI suggests strong upside potential. The stock is likely to move towards its next resistance levels.
• Risk factors: Financial sector stocks may face volatility due to macroeconomic factors, interest rate changes, and liquidity conditions.
• Buy at: ₹257.90
• Target price: ₹272– ₹276 in 1–2 weeks
• Stop loss: ₹249

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Buy: Bank of Baroda (current price: ₹252.55)

• Why it’s recommended: Stock has given a Bullish Flag breakout with supporting volumes. Also, RSI and MACD are on the positive side, supporting the ongoing uptrend.
• Key metrics: Breakout level: ₹250, Chart pattern: Bullish Flag breakout with volume confirmation, Time frame: Hourly
• Technical analysis: A Bullish Flag breakout combined with positive RSI and MACD signals suggests continuation of the upward trend. The stock is likely to move towards its next resistance levels.
• Risk factors: Banking sector stocks may face volatility due to changes in interest rates, credit demand, and regulatory policies.
• Buy at: ₹252.55
• Target price: ₹264– ₹268 in 1–2 weeks
• Stop loss: ₹244

Market update: Nifty and Sensex surge on broad-based buying

The Indian stock market staged a strong rally on Monday, fuelled by broad-based buying across all major sectors. After a slight gap-up at the open, bullish sentiment held firm through the session, with no major pullbacks.

The Nifty 50 gained 289.15 points, or 1.20%, to close at 24,328.50. The BSE Sensex advanced 1,005.84 points, or 1.27%, to settle at 80,218.37, reflecting robust risk-on sentiment.

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Banking stocks also rallied, with the Bank Nifty climbing 768.75 points, or 1.41%, to close at 55,432.80, buoyed by renewed optimism in financials and strong institutional flows.

Sectoral performance: A sea of green

All major sectors ended in the green, underscoring the breadth of the rally.

Oil & Gas led gains, rising 3.18% on firm global cues and upbeat corporate commentary. PSU Banks followed with a 2.44% jump amid sustained buying interest. Healthcare stocks rose 2.07% as investors rotated into defensives alongside broader strength.

Stock highlights

Reliance Industries led the rally, surging 5.26% after a strong earnings outlook. Sun Pharma gained 3.03% on sector momentum, while JSW Steel rose 2.53% on the back of robust rural and industrial demand.

However, a few stocks bucked the trend. Shriram Finance slumped 5.07% after a disappointing quarterly update. HCL Technologies slipped 1.83%, and Ultratech Cement fell 1.01%, largely due to profit-taking after recent gains.

Read all Ankush Bajaj recommendations here.

Nifty daily and hourly analysis 

On the daily chart, Nifty has made a big green candle yesterday, covering the last 2–3 days of weak candles. The trend is still positive where 24,025 is acting as a good support on a daily closing basis.

The next target in Nifty is 24,575, and if we close above this level, 25,000 could come soon.

The Nifty’s hourly chart looks strong following the recent sell-off, having established a solid base around the 24,000 mark. The RSI is holding above 60, signaling positive momentum.

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A move towards 24,500 appears likely in the near term.

On the downside, 24,000 remains immediate support. If this level is breached, the next key support lies at 23,800. A closing below 23,800 could open the door for a deeper sell-off.

View all stories by Ankush Bajaj here.

Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.

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 guarantee 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.