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Stock market recommendations: According to Bajaj Broking Research, Jindal Steel and Reliance Infra are the top stock picks for tomorrow. Here’s its view on Nifty, Bank Nifty and the top stock picks for April 21, 2025:
NIFTY
Previous Week Highlights
- Benchmark indices witnessed strong rally during previous week rallying more than 4% amid firm global cues and sustained foreign fund inflows. Banking stocks were the standout performers, rallying on the back of easing CPI data and normal monsoon forecast, which boosted hopes of a deeper rate cut cycle by the Reserve Bank of India. U.S. President Donald Trump announced tariff exemptions for smartphones and computers and signaled a possible pause on auto tariffs which boosted sentiments. Nifty started the week on a strong note and gained momentum as the week progressed to close the week near 23,850 levels up by 4.5%.
- Bank Nifty led the rally as it closed the week near all-time high up by 6.5% on a weekly basis. The broader market performed in line with the benchmark indices as the Nifty Midcap and Small cap closed the week higher by 4.2% and 4.5% respectively.
- Weekly Candle Pattern: It has formed a sizable bull candle with a higher high and higher low signaling continuation of the up move. Index in the process formed a higher high in the monthly chart highlighting strength.
Outlook For Next Week
- Index to maintain overall positive bias and gradually head towards 24,200-24,300 levels in the coming weeks being the high of January 2025 and 123.6% external retracement of the recent breather (23,869- 21744).
- Volatility is expected to remain elevated amid Tariff related development and the progress of the Q4 earnings season. Dips if any in the coming week should be used as buying opportunity with key support placed at 23,200 levels.
NIFTY BANK
- Bank Nifty extended its rally for the fourth session in a row and closed the week with strong gains of 6.5%. Index in is currently placed near all-time high as it continues to outperform.
- It has generated a breakout above a falling channel containing the entire decline and has also registered a faster retracement of the five months decline in just 2 months signaling strength. We expect Bank nifty to head towards 54,800-55,000 levels in the coming weeks.
- Ratio Chart of Bank Nifty/Nifty has also generated a range breakout signals the current outperformance to continue in the medium term.
- Bank Nifty dips should be used as a buying opportunity with key support placed at 51,800-52,300 levels being the recent breakout area and the weekly gap up area.
Stock Recommendations:
JINDAL STEEL
Buy in the range of Rs 870-884
- The counter, after exhibiting a classic lower high–lower low sequence on the weekly timeframe, appears to be bottoming out near the 835–850 demand zone, signaling accumulation at these levels. It is now poised for a potential breakout from a falling channel pattern, hinting at a shift in trend dynamics.
- Price action has reclaimed the 21-EMA and 50-EMA, currently positioned at 865 and 875 respectively, reflecting underlying bullish undertones. On the momentum front, the daily RSI has decisively crossed above the equilibrium level of 50, indicating a resurgence in buying momentum. Moreover, a rising ADX on the hourly chart underscores strengthening trend strength, lending further support to the evolving bullish setup.
RELIANCE INFRA
Buy in the range of Rs 255-265
- The stock is currently trading above its key moving averages on the daily timeframe, having recently rebounded from the lower boundary of a falling channel, indicating a potential reversal setup. It has been consolidating with a positive undertone within the 220–270 zone and has managed to close above its 21-week EMA, currently placed at 256, further reinforcing the bullish undertone.
- A decisive breakout above the immediate resistance zone could trigger a fresh leg of up move towards 305 levels, aligning with the prior swing high and acting as a potential target zone. Momentum oscillator RSI has convincingly sustained above the 50 mark, reflecting strengthening bullish sentiment, which is further corroborated by an uptick in volumes — a classic confirmation of accumulation and trend strength.
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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