1 week Ago
The Reserve Bank of India's policy decision is now behind us— —but the market trends remain unclear as global cues still have a deep overhand that can lead to confusion. Thus, we need to find some encouraging triggers to arrest the bearish mindset in the days to come. Meanwhile, here are three stocks to buy as recommended by Raja Venkatraman of NeoTrader for Friday, 11 April.
Best stocks to buy today • : Buy above: 24.25 | Stop: 23.25 | Target: 26-28 • : Buy above: 380 | Stop: 365 | Target: 410-425 • : Buy CMP and on dips to 730 | Stop: 720 | Target: 820-845 The stock market on 9 April On 9 April, benchmark indices Nifty and Sensex faced significant declines, primarily impacted by sharp drops in IT, metal, and PSU bank stocks.
The market sentiment took a hit after the Reserve Bank of India reduced its FY26 GDP growth projection to 6.5% from 6.7%.
Despite this, RBI announced a 25-basis point reduction in its key lending rate, unanimously approved by the Monetary Policy Committee. The central bank has shifted its focus decisively towards fostering growth. With inflation expectations firmly managed—the FY26 CPI estimate adjusted downward to 4%—RBI has identified an opportunity to stimulate demand while maintaining macroeconomic stability.
Most of the sectoral indices ended the session in negative territory barring FMCG and auto. The widespread selloff highlighted the market's vulnerability to global economic uncertainties and the potential consequences of trade conflicts. With RBI's policy not proving to be much of a trigger we are now forced to move ahead to look at the Q4 numbers and decide on the way ahead.
Post the Q3 results the impact has been quite stressed. This time around the expectation is on similar lines. Global markets continuing on a bearish momentum would create some continued volatility that shall force us to keep our expectations curtailed.
As far as Nifty is concerned, we are noting a gap-up on the daily charts, which has held quite well. The last two trading sessions have managed to hold above the long body candle pattern. Further, the down sloping Pitchfork has managed to arrest the decline.
With the median line lending strong supports we can expect the market to attempt a revival. At the moment, the trends remain muted as there are not many cues emerging. However, the result season is around the corner and the markets are attempting to stabilize.
The financials will have the key to revival from here on. The option data clearly spells out that the higher levels are pressured. The sustained selling at higher levels shows that given the max pain in Bank Nifty at 51,000 and Nifty at 22,450, the trends are having strong tailwinds.
The reaction from lower levels continues to fuel some upside. As trends remain hesitant it highlights that the levels are slowly and steadily inducing more bullishness in the market. PARSVNATH JYOTHYLAB AVANTIFEED.
