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Top stock market recommendations: According to Aakash K Hindocha, Deputy Vice President – WM Research, Nuvama Professional Clients Group, IRCTC, Jubilant FoodWorks and Shree Cement are the top buy calls for today.Here’s his view on Nifty, Bank Nifty and the top stock picks for April 17, 2025:
Index View: Nifty
Nifty has covered over 1700 points from its opening low printed on last Monday, in a matter of 5 sessions. The index is now on the verge of turning positive again for the month as it is still few points in the red on an MTD basis. This double bottom bounce back has been stronger than its last month’s recovery from sub 22000 levels as the market digests a rut cut by the RBI along with easing trade war tensions by US with other countries of the world.With reclamation of 22800-22900 zone on a closing basis the index has turned back to a buy on dip for the medium term and is eyeing to scale back above 24000. There is a gap between 23200 – 22900 on daily charts which can be used as the range to buy on dip for the forthcoming leg upside.
Bank Nifty
Bank Nifty has been the star outperformer in this ongoing correction while the index has broadly held on to its wide range from the start of this calendar year. With tariff fears creating a strong set back on global markets, its impact on Indian indices also pulled leading indices back to its March 2025 lows. However, Bank Nifty stood out strongly, reversing after a 61.8% retracement. We had highlighted a buy on dip level between 49900 and 50400 for targets of 52500 on the upside.This has been complete as of today while the outperformance on Bank Nifty v/s Nifty looks overbought in the short term. With the index now at 4 month high, a consolidation here between 51800 – 53200 looks possible with Nifty now taking charge for upside.
IRCTC (BUY):
LCP: 760.60
SL: 734
Target: 825
IRCTC has given a breakout from a falling trendline which has been in place for the past 10 months now. Adding to this, stock has also closed at a 2 month high on daily charts confirming the end of this 10 month long correction seen on the scrip. Though this breakout allows a based formation and higher targets for the medium term on this monopoly scrip, for now we are looking at a quick 8-10% upside.
JUBLFOOD (BUY):
LCP: 703.05
SL: 673
Target: 755
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.
SHREECEM (BUY):
LCP: 30875
SL: 30100
Target: 33770
Stocks making highs in a market crash, are generally the ones witnessing significant flows and lesser outflows in comparison to the widely traded names. Current strength seen on Shree Cement is likely to extend for another 8-10% given the market reversal being formed on charts. A support seen at yesterday’s low is an ideal risk reward to be played for the upside. Stock is likely to breakout to new all time highs.
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.
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