Top stocks to buy today: Stock recommendations for April 4, 2025

Stock market recommendations : According to Bajaj Broking Research, NHPC and Symphony are the top stock picks for today. Here’s its view on Nifty, Bank Nifty and the top stock picks for April 4, 2025:

Index View: NIFTY

Nifty during last week on expected lines consolidated in the range of 23,000-23,800 after a 8.5% rally in the preceding 15 sessions. Index in the process worked off the overbought condition developed after the recent sharp rally.

Key observation in the daily chart of Nifty is that it has already taken 7 sessions to retrace just 50% of its preceding 6 sessions up move (22,353-23,869). A shallow retracement signals overall positive price structure and a higher base formation above the 50 days EMA. Nifty during the current consolidation phase has absorbed the entire volatility related to US tariff highlighting strength. Hence, we believe the current breather should be used as a buying opportunity in quality stocks in a staggered manner.

Going ahead, in the coming week we expect the index to resume up move after the recent breather and gradually head higher towards 23,869 (last week high) and then towards 24,200 levels in the coming weeks being the high of January 2025 and 50% retracement of the entire 5 months decline (26,277-21965)

On the downside, 23,000-22,700 would act as strong support being the confluence of the recent breakout area and 50% and 61.8% retracement area of the recent up move from 21965-23869.

The recent sharp decline of US 10-year yields below 4.2%, Dollar index below 104 and Brent crude staying below $ 75 is positive sign for India’s economy and Equity market.

NIFTY BANK

• Bank Nifty has recently generated a breakout above 10 weeks range (50,500-48,000) and is seen sustaining above the same signaling resumption of up move thus offering fresh entry opportunity.
• The index has recently generated a faster retracement of 5 weeks decline in just 1 week signals strength and a structural turnaround.
• Weekly MACD has also generated a buy signal thus supports the positive bias
• We expect the index to head towards 53,000 levels in the short term being the measuring implication of the last 10 weeks range breakout. The recent breakout area and key retracement area of 50,500-50,000 will act as support for the Index.

Stock Recommendations:

NHPC

Buy in the range of Rs 82.00-85.50

• The stock has generated a breakout above the falling channel containing last 4 months corrective decline and has closed above the 52 weeks EMA thus offers fresh entry opportunity.
• The weekly 14 periods RSI has recently generated a buy signal thus supports positive bias. We expect the stock to head towards 97 levels in the coming quarters being the 61.8% retracement of the entire decline (115-70).

Symphony

Buy in the range of Rs 1090-1150

• The share price of Symphony has formed a higher base at the 80% retracement of previous rally (820-1881) and 200 weeks EMA. Buying demand is seen emerging from the support area. We expect stock to resume fresh up move with favorable risk reward set up.
• We expect the stock to head towards 1320 levels in the coming months being the high of February 2025 and key retracement area

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.