Investment Analyst Suggests NLC India and RVNL as Promising Stock Picks

Market Volatility Continues as Brent Crude Oil Prices Exceed $100 per Barrel

The domestic benchmark indices were trading lower on Thursday, April 23, as brent crude oil prices exceeded $100 per barrel due to Iran's capture of two ships in the Strait of Hormuz, with no signs of peace talks resuming. This development has had a significant impact on the market, with the Nifty 50 index decreasing by 0.84% to rest at 24,169.3. The BSE Sensex also fell by 1.10% to 77,651.48 by 12:30 IST.

Investors will be keeping a close watch on the earnings reports of various companies, including mid- and small-cap firms such as Union Bank of India, Adani Energy Solutions, Tata Capital LTM, Aditya Birla Sun Life AMC, and Himadri. Additionally, Infosys, a major player in the Nifty 50, is expected to announce its earnings report for the March quarter later in the day.

Market analysts are closely monitoring the situation, with Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities, providing valuable insights into the market trends. According to Shetti, the Nifty 50 has continued to decline for the second consecutive session and is currently trading lower by 170 points. Despite this, the near-term uptrend status of Nifty 50 remains intact, and the bullish chart pattern is visible on the daily timeframe chart.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

The market is expected to remain volatile in the coming days, with investors closely watching the earnings reports of these companies. The immediate support for the Nifty 50 is placed at 24,100-24,000 levels, while the intraday resistance is at 24,400.

In terms of specific stock recommendations, analysts are advising investors to Buy NLC India Ltd at ₹298.45, with a target price of ₹320 and a stop-loss at ₹286, valid for a timeframe of 1 week. Similarly, they are recommending Buy RVNL at ₹306.50, with a target price of ₹325 and a stop-loss at ₹295, also valid for a timeframe of 1 week.