Market Outlook: A Closer Look at Astra Microwave, Nestle India, and Other Stocks for April 22
Indian Equity Market Sees Nearly 1% Gain on April 21
The Indian equity market witnessed a nearly 1% gain on April 21, driven by positive market breadth. This gain was supported by a higher number of shares witnessing buying interest compared to those declining. A total of 1,875 shares experienced buying interest, while 1,109 shares saw a decline in value on the National Stock Exchange (NSE).
US-Iran Ceasefire Deadline Extension to Impact Market
The market's sustainability of the three-day gains will be closely watched in the upcoming session, following the announcement of the US extending the ceasefire deadline with Iran. This development is likely to have a significant impact on the market's performance in the coming days.
Read also: Expert Portfolio Manager Raja Venkatraman Names Top Investment Picks for June 4
Short-Term Trading Ideas
Several stocks are exhibiting bullish trends and are expected to continue their upward momentum in the near term. Some of the key stocks to consider for short-term trading are:
| Stock | CMP | Target | Stop-Loss |
|---|---|---|---|
| Marico | Rs 762.5 | Rs 815 | Rs 735 |
| Lodha Developers | Rs 875.7 | Rs 930 | Rs 845 |
| Lupin | Rs 2,311.5 | Rs 2,470 | Rs 2,230 |
| Astra Microwave Products | Rs 1,111.1 | Rs 1,150, Rs 1,175 | Rs 1,060 |
| Nestle India | Rs 1,379.9 | Rs 1,425, Rs 1,480 | Rs 1,315 |
| Deepak Fertilizers and Petrochemicals Corporation | Rs 1,266.35 | Rs 1,330 | Rs 1,200 |
| Bank of Maharashtra | Rs 80.18 | Rs 86 | Rs 76 |
| Graphite India | Rs 737.25 | Rs 820 | Rs 700 |
| Delhivery | Rs 472 | Rs 500 | Rs 458 |
Technical Analysis
The stocks listed above have exhibited bullish trends and are expected to continue their upward momentum in the near term. The technical analysis suggests that these stocks have the potential to break out of their current consolidation patterns and move towards their target prices.
Key Levels to Monitor
The key levels to monitor for each stock are as follows:
- Marico: Rs 735 (immediate support)
- Lodha Developers: Rs 845 (immediate support)
- Lupin: Rs 2,230 (trend-decider level)
- Astra Microwave Products: Rs 1,095-1,105 (dip support), Rs 1,150 (resistance)
- Nestle India: Rs 1,360-1,375 (buying opportunity), Rs 1,425, Rs 1,480 (upside targets)
- Deepak Fertilizers and Petrochemicals Corporation: Rs 1,245-1,250 (dip support), Rs 1,200 (immediate support)
- Bank of Maharashtra: Rs 79 (minor dip support)
- Graphite India: Rs 820 (upside target), Rs 700 (stop-loss)
- Delhivery: Rs 500 (upside target), Rs 458 (stop-loss)
Investment Strategies
The investment strategies for each stock are as follows:
- Marico: Buy
- Lodha Developers: Buy
- Lupin: Buy
- Astra Microwave Products: Buy
- Nestle India: Buy
- Deepak Fertilizers and Petrochemicals Corporation: Buy
- Bank of Maharashtra: Buy
- Graphite India: Buy
- Delhivery: Buy
Investor Takeaway
Monitor Marico's stock for a potential breakout above Rs 735.
More in Market
Expert Portfolio Manager Raja Venkatraman Names Top Investment Picks for June 4
MarketSmith India's 4 June Stock Recommendations
Foreign Investors Outpace Domestic Mutual Funds in Rupee Returns Despite Record Withdrawal of $27 Billion
