Trade Call: 2 Buy/Sell Stock Recommendations By Sumeet Bagadia For Monday, 15th April

Global and domestic markets declined as a result of the Fed's timing for the first-rate cu, worries over escalating tensions between Iran and Israel, and a spike in bond rates brought on by higher-than-expected US inflation. Benchmark indices saw a mixed week's finale and closed flat. Although Nifty reached an all-time high of 22,775, it concluded the week with a meagre 0.03% gain, hovering about the 22,500 mark. Although it ended the week at about 74,244 levels, the BSE Sensex also reached an all-time high for the first time at 75,124 levels. Sun Pharma, Titan, and Cipla were the top lost stocks for the week, while Eicher Motors, Hindalco, and Tata Consumers were the top Nifty gainers.

Nifty Metal jumped by 2.76%, Nifty Oil & Gas contributed by 1.48%, and Nifty Realty gained by 1.56% among the sectors. The primary domestic and international economic data, the WPI manufacturing and inflation data for India, the GDP growth rate in China, the US Manufacturing Production Index, the US Initial Jobless Claims, and Q4 company earnings will all influence the market's perspective in the coming sessions.

Market Outlook

"In Nifty, this week, the prices exhibited a predominantly sideways movement, with the resistance range identified at 22750-22,800, and support noted at 22,520. A breakthrough above the 22,750 mark could trigger a rally towards 23,000 in the near future. Given the market's current range-bound nature, adopting a strategy of buying on declines and selling during upswings could be advantageous, provided it's accompanied by appropriate stop-loss measures," said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.

"In Banknifty, throughout the week, the index maintained a consolidation phase, particularly around the significant threshold of 49,000. Presently, the index finds immediate support at 48,300, while resistance persists at 49,000. Any substantial movement beyond these boundaries is likely to incite significant directional shifts in the market," said Arvinder Singh Nanda.

"Nifty formed a spinning top candlestick pattern on the weekly chart around the 22800 mark. The overall bullish trend remains intact as long as Nifty stays above its 20-day moving average (DMA) of 22300. Below this level, 22000 acts as the next support zone. A breakout above 22800 could pave the way for a rally towards 23000/23300 levels," stated Santosh Meena, Head of Research, Swastika Investmart Ltd.

"Bank Nifty paused at the psychological resistance level of 49000. The 48000-47700 zone is crucial support. If Bank Nifty breaks below this level, it could fall further to 47400 or even 46800. Conversely, a move above 49000 could see Bank Nifty climb to 49500 and potentially reach 50000," further added Santosh Meena.

Stocks To Buy On Monday

Sumeet Bagadia, executive director of Choice Broking, suggested buying or selling of the two stocks listed below on Monday, April 15.

Aarti Industries

Buy AARTIIND in cash @ Rs 750.95, stop-loss: Rs 730, Target: Rs 797

AARTIIND daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company's recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Adding to the positive momentum, there has been an increase in trading volume, indicating growing market interest. The stock formed a strong bullish candle signifying a potential continuation of the uptrend following and the daily strength indicator RSI (14) is moving upwards and positioned above its reference line indicating a positive bias. Furthermore, AARTIIND is currently trading above its crucial 20-day, 50-day, and 100-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend. Given the overall chart pattern, the analysis suggests a favourable long trading opportunity for investors.

Based on the above analysis we recommend buying AARTIIND in cash at CMP of 750.95 for the target of 797 with a stop loss of 730.

ABB India

Buy ABB in cash @ Rs 6752.95, stop-loss @ Rs 6635, target @ Rs 6969

ABB is exhibiting strong bullish momentum, currently trading at an all-time high of 6773.1 levels. The recent breakout above the crucial resistance at 6666 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength of the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

Additionally, ABB is trading above key moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, further affirming its bullish stance. The momentum indicator, Relative Strength Index (RSI), is at 74.42 levels.

For traders, keeping an eye on the strong support near 6635 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, ABB's current technical setup suggests a favourable environment for further upside potential, provided traders and investors remain vigilant to potential reversals and closely monitor key support and resistance levels.

Based on the above analysis we recommend buying ABB and the CMP of 6752.95 with a stop loss of 6635 for the target of 6969.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.