Top stocks to buy today, April 24: GCPL, IEX, Tata Motors on analyst radar

Market View

Markets traded volatile but managed to close higher, continuing the prevailing trend. After an initial uptick, the Nifty drifted lower; however, a rebound in the latter half pared the losses and helped the index close at 24,328.95. A mixed trend across sectors kept traders engaged, with IT and auto-performing well, while banking and financials witnessed some profit-taking. The broader indices also traded choppily but eventually posted gains in the range of 0.44 per cent to 1.18 per cent.

 

We maintain our positive outlook on the Nifty and recommend continuing with a “buy on dips” approach, citing strong support around the 23,700–23,800 zone. At the same time, we believe a focus on stock-specific opportunities could be more rewarding in case the index enters a consolidation phase, so align your positions accordingly. 

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Stocks Recommendations

Godrej Consumer Products Limited |LTP: ₹1,268.50| Buy | Target: ₹1,370| Stop-loss: ₹1,230

The fast-moving consumer goods (FMCG) sector exhibits a decent recovery and Godrejcp is also participating in the trend. After retesting its key long-term average i.e. 200 WEMA, the stock has been steadily gaining ground. It has formed a new buying pivot above the neckline of its consolidation range. We expect this positive momentum to continue and hence one can consider going long in the mentioned range.

 

Indian Energy Exchange Limited |LTP: ₹191.31| Buy | Target: ₹203| Stop-loss: ₹185

After experiencing a significant decline from 244 odd levels, the stock turned sideways and formed a sturdy base above its long-term moving average i.e. 200 WEMA. The consolidation resulted into an inverted head and shoulder formation, a classic reversal pattern signaling the change in the direction of the trend. The breakout from the mentioned pattern coupled with notable volumes, supports the outlook for an uptrend. Traders can consider long in the mentioned range.  Also Read: Analyst suggests buying CDSL, Hero Motocorp, Glenmark Pharma: Check TP

 

Tata Motors Limited | LTP: ₹659.90| Buy | Target: ₹710 | Stop-loss: ₹632

The stock has rebounded from its previous breakout zone, supported by a positive RSI divergence. It has also reclaimed its 200-week EMA with a strong bullish candle and high volumes. After being in a prolonged corrective phase, there is a high possibility that the recovery may extend further given the favourable technical parameter. Traders can consider longs in the mentioned range.  (This article is by Divya Parmar, technical analyst, Religare Broking Ltd. Views expressed are her own.)