MarketSmith Analyst Raja Venkatraman Identifies Four Stocks for Investor Consideration on 17 April

Stocks to Buy on April 17: Indian Market Expected to Open on a Flat to Mildly Cautious Note

The Indian stock market, as indicated by the Nifty 50, closed slightly lower on Thursday, April 16, with a decrease of 0.14% to 24,196.75 points. The Sensex also dropped by 0.16% to 77,988.68. This decline comes despite global markets reaching record levels due to optimism about a potential resolution to the Middle East conflict.

Global markets have been climbing for the 10th consecutive day, with the US indices, such as the S&P 500 and Nasdaq, closing at fresh highs. The optimism around a potential resolution in the Middle East has added to the positive sentiment, with reports of a temporary ceasefire between Israel and Lebanon contributing to the expectation of renewed US Iran negotiations.

However, Asian markets appear less convinced, trading lower as investors remain wary of the durability of these developments, especially given the fragile nature of geopolitical agreements in the region. Back home, the broader small-cap and mid-cap indices rose by 0.9% and 0.6%, respectively, while six out of 16 major sectors ended the day in the red.

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The decreased crude prices are benefiting countries that import the commodity, like India, with Brent crude increasing by 1.6% to $96 per barrel. This is the eighth consecutive session where crude prices have remained below $100 per barrel.

The Gift Nifty Live Chart is showing a flat start for the Indian stock market today, trading around 24,178.5 level, a discount of 17 points from the Nifty futures' previous close of 24,195.80. Ponmudi R, CEO of Enrich Money, has stated that Indian markets are likely to open on a flat to mildly cautious note, with Gift Nifty indicating a subdued start despite strong cues from the US.

Stock-specific action is likely to dominate in the near term as the earnings season gathers pace. Wipro will be in focus after announcing a ₹15,000 crore buyback at ₹250 per share post-market hours, even as its quarterly earnings reflected a marginal decline in net profit. The buyback signals management confidence, but sustainability of growth and commentary on demand will remain key for the IT sector.

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Jio Financial Services will also be closely tracked ahead of its Q4 results, adding to the earnings-driven momentum in financials. Two stocks to trade, recommended by NeoTrader's Raja Venkatraman, are Astra Microwave Products Ltd and HEG Ltd.

Astra Microwave Products Ltd

Astra Microwave Products Ltd is an Indian high-tech company specializing in the design, development, and manufacturing of critical sub-systems for Radio Frequency (RF) and microwave systems. After sharp, volatile movements over the last six months, the last few trading sessions have seen steady volumes. A long body candle thrust above the recent value resistance zone around 1030 has augured well for the prices. With momentum picking up, ably supported by volumes, we are invited to go long.

Recommendation: Buy above ₹1,075, stop loss at ₹1,020, target price at ₹1,175 in two months.

HEG Ltd

HEG Ltd, part of the LNJ Bhilwara Group, is a premier Indian company and the world's largest single-site integrated graphite electrode manufacturer. After a sharp decline since Jan 2026, the V-shaped recovery clearly highlights the strong buying that has emerged at lower levels. One of the key triggers was a positive global cue following GrafTech International's $600-1,200 per tonne price hike. With a strong move above the value resistance area around 595, one can look for more demand to emerge. A surge in the Relative Strength Index suggests we can initiate a long position here, targeting higher levels.

Recommendation: Buy above ₹630, stop loss at ₹595, target price at ₹695 in two months.

Rubicon Research Ltd

Rubicon Research Ltd is a strong growth story in the CRAMS/CDMO segment, expanding its global client base, focusing on complex generics & specialty pharma, and regulatory-compliant manufacturing facilities. The company has increasing revenue diversification, capacity expansion initiatives, improving margin profile, and strategic partnerships & long-term contracts.

Recommendation: Buy at ₹860-875, target price at ₹1,050 in two to three months, stop loss at ₹814.

Maruti Suzuki India Ltd

Maruti Suzuki India Ltd is a market leader in passenger vehicles, with a dominant share, strong brand recall & wide product portfolio, extensive sales & service network, parent support from Suzuki Motor Corp, and strong focus on fuel-efficient & affordable cars. The company has growing presence in SUV & premium segment, EV expansion plans (future growth trigger), and efficient supply chain & scale advantages.

Recommendation: Buy at ₹13,280-13,450, target price at ₹14,800 in two to three months, stop loss at ₹12,600.