Best Stock Picks for Tomorrow: April Investment Recommendations
According to Bajaj Broking Research, Jindal Steel and Reliance Infra are highlighted as the top stock picks for investors looking ahead to tomorrow’s trading session. The report also provides insights into the performance of key indices, including Nifty and Bank Nifty, and outlines expectations for the upcoming week. With a strong rally in the previous week, market sentiment remains optimistic, driven by favorable global cues and significant foreign fund inflows.
Market Performance Overview
The stock market experienced a robust rally last week, with benchmark indices climbing over 4%. This surge was fueled by positive global indicators and sustained inflows from foreign investors. Banking stocks emerged as the primary beneficiaries, buoyed by easing Consumer Price Index (CPI) data and a favorable monsoon forecast, which raised expectations for a deeper rate cut cycle by the Reserve Bank of India. Additionally, announcements from U.S. President Donald Trump regarding tariff exemptions for smartphones and computers contributed to the positive market sentiment. As a result, the Nifty index began the week on a strong note, ultimately closing near the 23,850 mark, reflecting a 4.5% increase.
The Bank Nifty index also performed exceptionally well, closing the week at an all-time high with a weekly gain of 6.5%. The broader market mirrored this performance, with Nifty Midcap and Smallcap indices rising by 4.2% and 4.5%, respectively. The formation of a sizable bullish candle on the weekly chart, characterized by higher highs and higher lows, indicates a continuation of the upward trend, further reinforcing the strength observed in the market.
Outlook for the Coming Week
Looking ahead, analysts anticipate that the Nifty index will maintain a positive bias, gradually moving towards the 24,200 to 24,300 levels in the coming weeks. This projection aligns with the high recorded in January 2025 and the 123.6% external retracement of the recent pullback. However, market volatility is expected to remain elevated due to ongoing tariff developments and the progression of the Q4 earnings season. Investors are advised to view any dips as potential buying opportunities, with key support identified at the 23,200 level.
The Bank Nifty’s upward momentum is also expected to continue, with projections suggesting it could reach between 54,800 and 55,000 in the coming weeks. The index has successfully broken out of a falling channel, indicating a strong recovery from a previous decline. Analysts recommend utilizing any dips in the Bank Nifty as buying opportunities, with support levels established between 51,800 and 52,300, marking the recent breakout area.
Stock Recommendations
Bajaj Broking Research has identified Jindal Steel and Reliance Infra as top stock picks for investors. For Jindal Steel, the recommended buying range is between Rs 870 and Rs 884, with a target price of Rs 1,020 and a stop loss set at Rs 820. The stock has shown signs of bottoming out near the 835-850 demand zone, indicating potential accumulation. Recent price action has reclaimed key moving averages, reflecting bullish undertones and a resurgence in buying momentum.
Similarly, Reliance Infra is recommended for purchase within the range of Rs 255 to Rs 265, with a target price of Rs 305 and a stop loss at Rs 240. The stock has recently rebounded from the lower boundary of a falling channel, suggesting a potential reversal. It has been consolidating positively within the 220-270 zone and closing above its 21-week EMA, reinforcing the bullish sentiment. A decisive breakout above immediate resistance could lead to further upward movement towards the target price.
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