Top Stock Picks for April 24 Amid Market Volatility
Raja Venkatraman, MarketSmith recommend five stocks for 24 April
Mint
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On April 24, 2023, Raja Venkatraman, Co-founder of NeoTrader, and MarketSmith India recommended five stocks for investors amidst declining market sentiment due to rising crude oil prices and geopolitical tensions. The recommended stocks include Praj Industries, Mankind Pharma, Computer Age Management Services, Sai Life Sciences, and Garware Hi-Tech Films.
- 01Nifty 50 index fell by 205 points, closing at 24,173.05.
- 02BSE Sensex dropped by 852.49 points, ending at 77,664.00.
- 03Rising crude oil prices above $100 per barrel are impacting investor sentiment.
- 04Five stocks recommended for purchase include Praj Industries, Mankind Pharma, and others.
- 05Geopolitical tensions, particularly in West Asia, continue to affect market psychology.
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On April 24, 2023, the Indian stock markets experienced significant selling pressure as the Nifty 50 index fell by 205 points to close at 24,173.05, a 0.84% decline, while the BSE Sensex dropped by 852.49 points to finish at 77,664.00, reflecting a 1.09% decrease. Analysts attribute this downturn to rising crude oil prices, which have surpassed $100 per barrel, and escalating geopolitical tensions, particularly in West Asia. Despite this, Raja Venkatraman, Co-founder of NeoTrader, and MarketSmith India, recommended five stocks for investors: Praj Industries Ltd, Mankind Pharma Ltd, Computer Age Management Services Ltd, Sai Life Sciences Ltd, and Garware Hi-Tech Films Ltd. Each stock has specific buy targets and stop-loss recommendations, reflecting their potential for recovery despite current market volatility. The overall market sentiment remains cautious, with investors wary of geopolitical risks impacting their investment decisions.
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The decline in stock indices may affect investor confidence and lead to cautious spending among consumers, impacting economic activity.
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