MarketSmith India provides stock recommendations for April 1 amid bullish signals from the Nifty 50 and Nifty Bank indices. Key stocks highlighted include Aster DM Healthcare and Fortis Healthcare, recommended for their growth potential. Despite recent market volatility, positive technical indicators suggest sustained upward momentum in the indices.
On April 1, MarketSmith India presented stock recommendations amid a mixed performance from the Indian stock market. The Nifty 50 index experienced volatility but concluded the week with a modest gain of 0.72%. March demonstrated a robust recovery with a monthly growth of 6.20%, marking a bullish turn after five months of decline.
The recommended stocks for investors include Aster DM Healthcare, with a current market price of ₹483.50, a suggested buy range of ₹470–487, a profit target of ₹560, and a stop loss at ₹448, with a time horizon of 2-3 months. Fortis Healthcare Ltd is also highlighted, currently priced at ₹698.35, with a buy range of ₹678–702, a profit goal of ₹845, and a stop loss at ₹625, also within a 2-3 month timeframe.
The Nifty 50 faced challenges on March 28, closing 0.31% lower amidst negative sentiment driven by year-end pressures and the anticipation of the RBI policy announcement. Despite this, the index is still perceived technically as bullish, with resistance at the 50-week moving average and strong support near the 200-day exponential moving average.
The Nifty Bank index had a similar trend, closing flat on March 28 and forming a bearish Doji pattern. It performed relatively well in the previous weeks, posting a monthly gain of 6.66%. The upward momentum in the Nifty Bank is indicated by a strong RSI at 70 and favorable MACD readings, suggesting continued strength in this sector.
Under the guidance of O’Neil’s market analysis, Nifty Bank remains classified as a ‘Confirmed Uptrend.’ Despite recent dips, the index is secure above its 200-day moving average, supported by a robust trading range which could propel the index higher if maintained.
In summary, MarketSmith India’s stock recommendations for April 1 emphasize potential growth in healthcare stocks, particularly Aster DM Healthcare and Fortis Healthcare Ltd. Meanwhile, the market indices have shown resilience despite recent fluctuations, with the Nifty and Nifty Bank maintaining positive technical signals that suggest continued upward momentum. Investors are advised to proceed cautiously and consider expert advice before making investment decisions.
Original Source: www.livemint.com
