Three stocks to buy: Ankush Bajaj’s expert recommendations for 23 April

Metal stocks also contributed to the rally after the government imposed a 12% provisional safeguard duty for 200 days on five categories of steel imports. Realty shares surged as much as 6%, buoyed by improving liquidity conditions.

Three stocks to buy today, as recommended by Ankush Bajaj:

• Why it’s recommended: Shares of Max Healthcare has given a falling wedge breakout. Also, stock has formed double bottom at ₹1060 and given a strong rally till today.

Read this | Max Healthcare to focus on acquisitions, brownfield development for growth: CMD

• Key metrics: Breakout level: ₹1120, Chart pattern: Falling wedge breakout + Double bottom, Time frame: Hourly
• Technical analysis: A technical breakout along with strong support formation and bullish chart patterns suggests upside momentum. The stock is likely to move towards its next resistance levels.
• Risk factors: Healthcare stocks may face price volatility due to regulatory changes, occupancy rates, and pricing controls.
• Buy at: ₹1,128
• Target price: ₹1,170– ₹11,80 in 1–2 weeks
• Stop loss: ₹1107

• Why it’s recommended: If we closely watch, the stock has given the closing above ₹2,645, which was the 50% retracement for the recent high and low, indicating bulls are in charge now. Also, RSI is trending, confirming the bullish trend.
• Key metrics: Breakout level: ₹2,645, Chart pattern: Fibonacci 50% retracement + RSI trending, Time frame: Hourly
• Technical analysis: A closing above the key retracement level with a strengthening RSI signals potential upside. The stock is showing signs of bullish continuation and may test higher resistance levels.
• Risk factors: FMCG stocks may face pressure due to changes in consumer sentiment, input cost inflation, or rural demand fluctuations.
• Buy at: ₹2,658
• Target price: ₹2,725– ₹2,740 in 1–2 weeks
• Stop loss: ₹2,620

Buy: Patanjali Foods (current price: ₹1,967)

• Why it’s recommended: Overall trend is up in this stock along with the FMCG sector trend. The stock recently touched a new lifetime high, followed by some correction. This is a buy on dips opportunity, and we must take long positions at this level. Expecting it to break new highs in the coming days.

Read this | A new Patanjali: The monk who sold toothpaste is at it again

• Key metrics: Recent high: Lifetime high touched recently, Chart pattern: Uptrend with healthy correction, Time frame: Hourly
• Technical analysis: The stock remains in a strong uptrend. After a mild pullback, it is offering a fresh entry opportunity. FMCG momentum adds strength to the move, and a breakout to new highs is likely.
• Risk factors: FMCG and edible oil segment stocks may be affected by input cost volatility, government regulations, and rural consumption patterns.
• Buy at: ₹1,967
• Target price: ₹2,000– ₹2,020 in 1–2 weeks
• Stop loss: ₹1,948

Market Recap: Nifty opens higher, trades in narrow band of 24,000–24,300

The Indian stock market kicked off Tuesday’s session with a strong gap-up opening, reflecting positive domestic sentiment. However, despite the powerful start, indices remained trapped within a narrow range throughout the day, hinting at a pause in momentum rather than aggressive follow-through buying.

The Nifty 50 closed 41.70 points higher, gaining 0.17% to settle at 24,167.25, while the BSE Sensex rose 187.09 points or 0.24%, ending the day at 79,595.59. Nifty traded between 24,000 and 24,300 during the session, signaling intraday consolidation amid recent bullish moves.

Nifty Bank leads with steady gains

Among the key indices, Nifty Bank outperformed, rising 342.70 points (0.62%) to close at 55,647.20. Strong buying was seen in private and PSU banks, supported by optimism around credit growth and a shift toward financial heavyweights.

Sector view: Rotation in play

The market reflected a healthy rotation, with select sectors witnessing accumulation while others saw mild profit booking. Realty surged 2.42%, showing continued strength in property-linked counters. FMCG rose 1.89%, backed by strong demand indicators and earnings expectations. Healthcare added 0.80%, reflecting stability in pharma and diagnostic names.

On the flip side, defensive and government-linked sectors witnessed mild selling. Infrastructure slipped 0.49%. The PSE Sector dropped 0.37%, and the Energy index ended 0.36% lower.

Stock action: Mixed moves across the board

ITC gained 2.54% amid strong earnings projections. Hindustan Unilever rose 2.03%, driven by consistent retail traction. Mahindra & Mahindra advanced 1.92%, supported by favorable rural data and credit strength.

However, a few major names came under pressure. IndusInd Bank fell 4.91% post disappointing quarterly numbers. PowerGrid slipped 2.33% following its earnings release. Hero MotoCorp declined 2.13%, amid mild rotation away from auto stocks.

Indian stock market outlook

On the daily chart, as highlighted in previous reports, the 24,210 level remains a key resistance to watch. A decisive close above this mark would be a strong bullish signal, potentially paving the way for an upward move toward 24,630 in the coming sessions.

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Momentum indicators reinforce this outlook: the RSI is at 65, reflecting sustained bullish momentum, while the ADX at 22.50 indicates a trend in the early stages of development. The MACD line remains above its signal line, supporting the possibility of further upside.

Read this | Tariff-proof Nifty Bank may stretch rally by up to 2% to fresh high this week

On the hourly chart, however, caution is warranted. The ADX stands at 53 and the RSI has climbed to 72, suggesting the index is in a strong trend but nearing overbought territory—raising the risk of resistance or short-term pullbacks. Notably, 24,210 acted as a rejection zone in the previous session. If Nifty fails to break above this level again, some selling pressure could emerge.

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In the event of a reversal, the next key support lies around 23,750, a level that could serve as a potential base or bounce zone.

For short-term traders, the strategy remains “buy on dips”, especially near strong support levels, as the broader trend continues to favor the bulls.

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.

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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.