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Business News/ Markets / Stock Markets/  Weekly Stock picks: ICICI Direct suggests these two shares to buy or sell this week
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Weekly Stock picks: ICICI Direct suggests these two shares to buy or sell this week

Analysts at brokerage firm ICICI Direct suggested to buy IDFC First Bank and sell this week.

Stocks to buy this weekPremium
Stocks to buy this week

Indian stock market: The Indian stock market indices, Sensex and the Nifty 50, ended Tuesday, April 30, trading session in negative, attributed to a late-session selloff influenced by weak global cues. The stock market remained closed on Wednesday, May 1 on account of Maharashtra Day.

On Tuesday, Sensex concluded the session 189 points lower, representing a decrease of 0.25 percent, settling at 74,482.78, while the Nifty 50 ended the day at 22,604.85, marking a decline of 39 points, or 0.17 percent.

Throughout the month, both the Sensex and the Nifty saw a one percent increase. In contrast, robust gains were observed in the mid and small-cap segments, with the BSE Midcap index rising by 7 percent and the Smallcap index surging by 10 percent in April.

Also Read: Breakout stocks: REC, Gokaldas Exports to Astral — Sumeet Bagadia recommends 5 stocks to buy or sell on Thursday — May 2

“Equity benchmark overcame Fridays losses and headed higher on Monday to start the week on optimistic note. The BankNifty index spearheaded the rally leading benchmark Nifty to gain 1% to close at 22643. A/D ratio was almost flattish for the session as broader markets consolidated recent gain. Our positive stance only gets substantiated by recent price behaviour as dips are attracting elevated buying demand. As we progress through earnings and general election phases, higher high-low formation with strong domestic flows makes us reiterate our positive stance with Nifty target of 23400 by General election outcome with strong support at 21700," said Jay Thakkar, research analyst at ICICI Direct.

Here are stock picks by ICICI Direct analysts to buy or sell this week -

IDFC First Bank Ltd: Buy at 85.4-85.8 | Target: 91 | Stop Loss: 82.9

IDFC First Bank has been consolidating within the range of 74 to 85 over the past three months and largely remain immune to the ongoing market volatility. Moreover, despite the weakness prevailing in the banking space, the stock managed to close above its upper band, indicating the possibility of a renewed upward trend. On the options front, the highest Call writing for the current series was placed at 85 strike. The stock is likely to see further momentum due to short covering as it is already closed above its Call base. Additionally, there was aggressive Put writing at ATM and OTM strikes, suggesting expectations of limited downside. We anticipate that the stock may move towards 91 levels in the coming sessions.

Also read: After 2 months of decline, midcap and smallcap indices outperformed Nifty in April; will the rally continue?

Jubilant Foodworks: Sell at 440-442 | Target: 414 | Stop Loss: 456.1

Jubilant Foodworks has been consistently underperforming the broader market due to continued delivery-based selling pressure. On the futures front, most of the short open interest observed in the April series has been rolled over to the May series, indicating that the weakness is likely to continue. Additionally, there is significant open interest at the 450 Call strike, which is expected to act as a major resistance zone. Therefore, we believe that the stock will move towards 414 in the coming sessions.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 01 May 2024, 07:42 PM IST
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