Essential Stock Picks for April 24: Today’s Top Recommendations

According to Aakash K Hindocha, Deputy Vice President of WM Research at Nuvama Professional Clients Group, investors should consider Ambuja Cements, Jubilant FoodWorks, and SBI Cards and Payment Services as top stock picks for today. Hindocha provided insights on the Nifty and Bank Nifty indices, highlighting recent market trends and potential support levels. His analysis suggests a cautious approach in the current market environment, with specific recommendations for each stock.

Nifty Index Analysis

The Nifty index has recently shown resilience, closing above its 200-day moving average (DMA) for the third consecutive day after a significant rally. This upward movement follows a remarkable 10% surge over the past ten trading days. However, Hindocha notes that geopolitical developments and a potential exhaustion in the rally may lead to a sideways market trend. He identifies a short-term support level at 23,900, cautioning that a drop below this threshold could signal weakening momentum. Despite a positive global market handover, the current charts do not indicate an immediate upside, prompting a shift in strategy from a “buy on dip” approach to a more cautious stance.

Bank Nifty Performance

The Bank Nifty index has been a standout performer among major indices, achieving an impressive rally of approximately 1,800 points this week. Following a strong closing on Thursday, the index has opened up the possibility of an additional 2,000 points target. However, Hindocha points out that Bank Nifty underperformed compared to Nifty for the first time since early April, suggesting a potential shift in market dynamics. He warns that a close below 55,240 could trigger negative momentum, and further analysis will depend on the index’s reaction around the 56,200 level, as it appears overbought on both daily and hourly charts.

Stock Recommendations

Hindocha recommends Ambuja Cements (AMBUJACEM) as a buy, with a last closing price (LCP) of 574.35. He suggests a stop loss at 560 and a target price of 606. The stock has shown strong support from a five-year trendline, indicating a robust upward trend. Similarly, Jubilant FoodWorks (JUBLFOOD) is also a buy, with an LCP of 713.45, a stop loss at 685, and a target of 765. The stock has recently broken out of a three-month correction, suggesting a potential 6-8% upside. Lastly, SBI Cards and Payment Services (SBICARD) is recommended with an LCP of 915.90, a stop loss at 882, and a target of 1,005. The stock has reached a 22-month high and shows signs of accumulation, indicating a positive trend for both short and medium-term investors.

Investment Caution

While these stock recommendations present potential opportunities, Hindocha emphasizes the importance of consulting with a qualified investment advisor or financial planner before making any investment decisions. The market’s current volatility and the recent performance of indices highlight the need for careful consideration and strategic planning in investment choices.

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