Recommended stocks to buy today: Top stock picks by market experts for 16 April

Indian benchmark equity indices staged a strong rebound on Tuesday after a period of volatility triggered by global turmoil. The Nifty 50 crossed the 23,300 mark, while the Sensex soared over 1,600 points in a single session, buoyed by global optimism, easing market volatility, short-covering and a temporary reprieve from steep US tariffs.

Here are the best stock recommendations for Wednesday, 16 April, which you could consider trading in our view. Today's picks are from the banking, tech, and fertilizer sectors.

Three stocks to buy today, as recommended by Ankush Bajaj:

Buy: BHEL (current price: ₹221.80)

Why it’s recommended: The stock has reached a new lifetime high, indicating strong bullish sentiment. Both RSI and MACD are in bullish territory, supporting the ongoing momentum.

Key metrics: Breakout level: New lifetime high, RSI: Bullish,MACD: Positive crossover

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Technical analysis: The breakout to a new lifetime high signals strength in the trend. With RSI and MACD both aligned on the bullish side, the stock is likely to continue its upward movement toward the target range.

Risk factors: PSU stocks may be affected by government policy decisions, sectoral reforms, or market-wide volatility.

Buy at: ₹221.80

Target price: ₹228– ₹232 in 1–2 weeks

Stop loss: ₹218

Buy: HDFCBANK (current price: ₹1,865)

Why it’s recommended: The stock has given a breakout from the ₹1,840 level, indicating bullish momentum. On the hourly chart, RSI is above 60, confirming strength in the current upmove.

Key metrics: Breakout level: ₹1,840, RSI: 60+ (bullish)

Technical analysis: The breakout on the chart supported by RSI above 60 suggests the start of a bullish leg. The price action and momentum indicators point toward a move toward the upper target zone.

Risk factors: Banking stocks can be affected by interest rate changes, credit growth trends, and regulatory policy shifts.

Buy at: ₹1,865

Target price: ₹1,920– ₹1,930 in 1–2 weeks

Stop loss: ₹1,838

Buy: EXIDEIND (current price: ₹379.70)

Why it’s recommended: The stock has given a breakout above the ₹375 level after a long consolidation phase. The breakout is supported by strong volumes, indicating bullish strength and potential for an upward rally.

Key metrics: Breakout level: ₹375, Volume: Above average, RSI & MACD: Bullish

Technical analysis: The price breakout with volume confirmation signals the end of consolidation and the start of a new trend. With bullish momentum indicators, the stock is expected to move toward the target range.

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Risk factors: Stocks in the auto ancillary and battery space may be impacted by input cost volatility, EV sector policies, and demand fluctuations.

Buy at: ₹379.70

Target price: ₹390– ₹395 in 1–2 weeks

Stop loss: ₹375

Three stocks to buy, recommended by NeoTrader’s Raja Venkatraman:

• Buy Intellect Design Arena (current price ₹681.65)

Buy at: CMP and dips to near ₹725

Target: ₹795-815

Stop loss: ₹705

Buy Data Patterns (current price ₹1,681.95)

Buy above: ₹1,885 and dips to ₹1,850

Target: ₹2,025-2,125

Stop loss: ₹1,830 

• Buy Deepak Fertilisers and Petrochemicals (current price ₹1,263.70)

Buy above: ₹1,265 and dips to ₹1,230

Target price: ₹1,350-1,400

Stop loss: ₹1,220

Best stock recommendations today | Two stock picks by MarketSmith India:

Buy Lux Industries (current price: ₹1,435.50)

● Why it is recommended: Robust domestic economy tailwind, strong core operating performance, stable asset quality, focused loan growth.

● Key metrics: P/E: 23.70 | 52-week high: ₹2,493 | Volume: ₹21.15 crore

● Technical analysis: Reclaimed 50 DMA after forming a rectangular base

● Risk factors: Intense competition in the innerwear segment, raw material price volatility.

● Buy at: ₹1,400–1,440

● Target price: ₹1,686 in three months

● Stop loss: ₹1,290

Buy Axis Bank (current price: ₹ 1,114.05)

● Why it’s recommended: Rising coal demand, government support and monopoly advantage

● Key metrics: P/E: 11.73 | 52-week high: ₹1,339.65 | Volume: ₹1,032 crore

● Technical analysis: Bullish flag continuation pattern, 100-DMA support

● Risk factors: Sluggish deposit growth, margin pressure, external economic challenges.

● Buy at: ₹1,114

● Target price: ₹1,255 in three months

● Stop loss: ₹1,040 

Also read | India's economy strengthened in February, but external weakness remains a worry, shows Mint tracker

About the authors:

Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.

Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.

MarketSmith India: Trade name: William O'Neil India Pvt. Ltd. Its Sebi-registered research analyst registration number is INH000015543.

Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions."