MarketSmith Analyst Raja Venkatraman Identifies Four Stocks of Interest
Market Volatility Continues as Crude Oil Prices Remain Elevated
The Indian equity market is expected to remain cautious and volatile amid persistent geopolitical uncertainty. On Friday, April 24, the equity benchmark indices, Sensex and Nifty 50, fell over 1% marking their third consecutive day of decline.
Market Performance
| Index | Change | Percentage Change | Closing Price |
|---|---|---|---|
| Sensex | -999.79 | -1.29% | 76,664.21 |
| Nifty 50 | -275.10 | -1.14% | 23,897.95 |
The Sensex decreased by 999.79 points, or 1.29%, closing at 76,664.21. At one point during the day, it dropped by 1,260.13 points or 1.62%, reaching a low of 76,403.87. The Nifty 50 fell by 275.10 points, or 1.14%, to finish at 23,897.95.
Gift Nifty Live Chart Signals
The Gift Nifty Live Chart is showing a positive start for the Indian stock market today. By 7:29 AM, the Gift Nifty was trading around the 24,120 level, a premium of 197.2 points from the Nifty futures' previous close of 23,922.80.
Analyst's View
Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth, believes that Indian equity markets are expected to remain cautious and volatile amid persistent geopolitical uncertainty. Ongoing ambiguity around U.S.–Iran tensions and broader developments in the Middle East continues to weigh on risk sentiment, particularly given concerns over potential supply disruptions in the Strait of Hormuz.
Stock Recommendations
Raja Venkatraman, Co-founder of NeoTrader, and stock research platform MarketSmith India, recommended buying the following five shares:
- Vardhman Textiles Ltd
- Current Price: ₹590.05
- Why it's recommended: Vardhman Textiles Ltd has given an ascending triangle breakout and the steady consolidation and follow-up seen ahead of numbers augur well for the prices.
- Key metrics: P/E Ratio: 21.61, 2-week high: ₹604.15, Volume: 2.9M
- Technical analysis: Support at ₹495, resistance at ₹700
- Risk factors: Industry-specific cyclical risks, operational challenges, and financial pressures as of early 2026
- Buy: above ₹595, Stop loss: ₹525, Target price: ₹655 (2 Months)
- Vijaya Diagnostic Centre Ltd
- Current Price: ₹1065.55
- Why it's recommended: Vijaya Diagnostic Centre Ltd has seen a strong surge in Open Interest indicating a steady upward bias.
- Key metrics: P/E Ratio: 64.95, 2-week high: ₹1165.50, Volume: 428.26K
- Technical analysis: Support at ₹2140, resistance at ₹2465
- Risk factors: Geographic concentration, high valuations, and competitive pressure
- Buy: above ₹1070, Stop loss: ₹1020, Target price: ₹1165 (2 Months)
- Polyplex Corporation Ltd
- Current Price: ₹889.65
- Why it's recommended: Polyplex Corporation Ltd has seen a slow and steady revival after declining for more than a year.
- Key metrics: P/E Ratio: 41.49, 2-week high: ₹1396.80, Volume: 164.19K
- Technical analysis: Support at ₹750, resistance at ₹1050
- Risk factors: Promoter pledge, severely declining profitability, and negative operating profits
- Buy: above ₹893, Stop loss: ₹850, Target price: ₹975 (2 Months)
MarketSmith India Recommendations
- Vardhman Textiles Ltd
- Why it's recommended: strong presence in textile value chain, diversified product portfolio, consistent revenue and profit growth, healthy balance sheet with low debt, strong export demand, integrated manufacturing operations, experienced management, and beneficiary of China+1 trend
- Key metrics: P/E: 21.98, 52-week high: ₹602.60, volume: ₹170.04 crore
- Technical analysis: Tight range breakout
- Risk factors: cyclical textile industry, dependence on cotton prices, export market volatility, currency fluctuation risk, margin pressure from input costs, global demand slowdown risk, competition from low-cost countries, and regulatory and policy changes
- Buy: ₹585-593, Target price: ₹680 in two to three months, Stop loss: ₹550
- RBL Bank Ltd
- Why it's recommended: strong retail-focused growth strategy, improving capital position (planned infusion), growth in advances and deposits, expanding customer base and branch network, focus on secured retail lending, digital banking and innovation push, stable asset quality trend (recent), and turnaround potential with strategic stake deal
- Key metrics: P/E: 26.77, 52-week high: ₹340.40, volume: ₹397.91 crore
- Technical analysis: Trendline Breakout
- Risk factors: volatile profitability with inconsistent earnings, declining margins (NIM and profit margin), high dependence on bulk deposits, elevated cost of funds, asset quality and NPA risk, high competition in the banking sector, regulatory and approval risks related to the stake deal, and sensitivity to interest rate cycles
- Buy at: ₹319-224, Target price: ₹350 in two to three months, Stop loss: ₹308
Investor Takeaway
Investors should be cautious due to the ongoing decline in the market and negative sentiment.
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