Top stock market recommendations: According to Aakash K Hindocha, Deputy Vice President – WM Research, Nuvama Professional Clients Group, Ambuja Cements, Jubilant FoodWorks and SBI Cards and Payment Services are the top buy calls for today.Here’s his view on Nifty, Bank Nifty and the top stock picks for April 24, 2025:
Index View: Nifty
After completing its 24k target and reclaiming above the 200 DMA, this is the third consecutive day wherein the index has closed above the same after a 10% flash rally. Given the geopolitical developments and a stretched rally looking tired on charts, we shift our stance to sideways from buy on dip with a short term support seen at 23900 below which weakening momentum could pick up. Despite a strong handover from the global front this morning, charts do not warrant an immediate upside after a flash rally seen in the past 10 trading days.
Bank Nifty
Bank Nifty continued to lead the charge amongst the widely tracked indices with staging a 1800 odd point rally for this week at yesterday’s high. An additional 2000 points target had opened up on charts after its strong closing on Thursday. Yesterday was the first instance since the panic lows of 7th April that Bank Nifty underperformed Nifty marking an end to its upper hand in this leg. Any closing below 55240 is likely to drag the index on a negative momentum from here on.We shall further the case after Bank Nifty’s reaction near the 56200 levels, as it looks extremely overbought daily and hourly charts.
AMBUJACEM (BUY):
LCP: 574.35
Stop Loss: 560
Target: 606
Ambuja Cements stock has found strong support from its 5 year trendline earlier this month and this is its 6th touch base on this trendline in the past 5 years , making it all the more stronger. In the short term the 200 DMA has also been reclaimed along with the index as this helps in establishing its short term trend northwards.
JUBLFOOD (BUY):
LCP: 713.45
Stop Loss: 685
Target: 765
QSR stocks had been sliding since the start of this calendar year. Marking an end to the slide, Jubilant FoodWorks has given a breakout of a 3 month long correction while making a higher bottom formation all through the past 4 weeks. A quick 6-8% upside follows through this breakout on the stock.
SBICARD (BUY):
LCP: 915.90
Stop Loss: 882
Target: 1005
SBI Cards and Payment Services stock has closed at a fresh 22 month high with repeated lower high formation suggesting accumulation on every dips being observed. The scrip has held its neck above its 200 DMA as well as 200 WMA for the past 8-10 weeks now suggesting that its short term as well as medium term trend has now been established northwards and dips are likely to get bought into.
Disclaimer: The opinions, analyses and recommendations expressed herein are those of brokerage and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.
