Best stock recommendations today: MarketSmith India’s top picks for 17 April
Gains in banking stocks, fueled by improved interest margin expectations and a recovery at IndusInd Bank, supported the market. Strong domestic fundamentals, including low inflation and an optimistic monsoon forecast, further boosted investor sentiment.
However, declines in auto and pharma stocks, along with selective profit-booking, tempered some of the intraday gains.
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Best stock recommendations today | Two stock picks by MarketSmith India:
● Why it’s recommended: Strong financial performance, impressive solvency ratio
● Key metrics: P/E: 9.62, 52-week high: ₹525.50, volume: ₹4.48 Lakh
● Technical analysis: Reclaimed 100-DMA
● Risk factors: Exposure to natural catastrophes, underwriting performance challenges
● Buy at: ₹417.35
● Target price: ₹475 in 3 months
● Stop loss: ₹390
Buy: Indian Bank (current price: ₹568)
● Why it’s recommended: Stable asset quality, strong earnings growth
● Key metrics: P/E: 7.08, 52-week high: ₹632.70, volume: ₹38.10 Cr
● Technical analysis: Downward sloping trendline breakout
● Risk factors: Asset quality concerns in retail lending, interest rate fluctuations
● Buy at: ₹568
● Target price: ₹670 in 3 months
● Stop loss: ₹520
Nifty 50 performance on 16 April
On Wednesday, the Nifty 50 extended its winning streak for the third consecutive session, forming a bullish candle with a higher-high and higher-low price structure on the daily chart.
The index opened flat and remained volatile in the first half, but strong buying interest emerged in the latter part of the session, pushing the index to close at its highs. All sectoral indices, except Auto and Pharma, ended in the green. The advance-decline ratio stood at 5:2, reflecting broad-based buying support.
From a technical perspective, the index has decisively reclaimed both the 100-day moving average (DMA) and the 200-day exponential moving average (EMA), closing above these key levels. The Relative Strength Index (RSI) continues to trend upwards with a positive slope, while the Moving Average Convergence Divergence (MACD) has shown a bullish crossover—both signals point to strengthening momentum in the near term.
Since 11 April, the Indian market has shifted from a Downtrend to a Rally Attempt, as the Nifty held above the recent low of 21,744 for three sessions. A follow-through day or a new high is needed to confirm an uptrend. However, if the Nifty breaches 21,744, the market will return to a Downtrend.
Looking ahead, the bias remains positive as long as the index stays above 23,400. On the upside, the Nifty 50 could retest 23,800, with potential to extend toward 24,200 in the coming sessions. Immediate support is at 23,300, followed by 22,900.
How did the Nifty Bank perform on 16 April?
The Nifty Bank index extended its bullish momentum on Wednesday, rallying 1.41% and closing near the day’s high after a strong gap-up open. The surge was largely driven by expectations of improved net interest margins, following a reduction in savings deposit rates by major lenders.
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The index formed a bullish candle on the daily chart and is now trading comfortably above all key moving averages, underscoring strong positive sentiment.
Momentum indicators reinforced the strength in the trend, with the RSI climbing to 68 and the MACD turning positive and moving above the central line.
As per O’Neil’s methodology for gauging market direction, the Nifty Bank has been upgraded to a “Confirmed Uptrend” from an “Uptrend Under Pressure.”
With strong participation and relative outperformance, the index appears poised to continue its upward trajectory. It may test the 53,500–54,000 zone in the near term. On the downside, immediate support is seen between 52,500 and 52,300, which could offer a cushion against short-term pullbacks.
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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.
