Kamal Ghorui
Top stock market recommendations: AJAX Engineering, ELGI Equipments, and KFin Technologies have been picked as the top stocks to buy on April 23, 2026, by Aakash K Hindocha, Deputy Vice President – WM Research of Nuvama Professional Clients Group. The analyst has also shared his outlook for both Nifty, and Bank Nifty.Index View: NiftyAll of its previous day’s gains were given away by Nifty in Wednesday’s session as oil prices continue to remain elevated. Overall upside continues to remain open for 24750+ with a support seen at 24100 odd.Bank NiftyBank Nifty has been hovering near to its 200 DMA after an extensive rally from recent lows. An important weekly closing is seen at 57100 on the index due on coming Friday at close. This can allow the next leg of rally on the index. Current setup allows a buy on dip for target of 57650 with support seen at 56700 odd.
Stock Recommendations
AJAX Engineering (BUY):
- LCP: 525
- Stop Loss: 480
- Target: 590
Stock saw nearly 50% drawdown from its all-time highs to all-time lows in a span of less than a year. While the stock has recently seen a sharp rebound which has resulted to a bullish trendline breakout which remained in play for the past 6 months. Clubbed with this, there is an inverted (bullish) head and shoulder formation as well on short term charts which open for a quick 10 – 12% rally from CMP. ELGI Equipments (BUY):
- LCP: 554
- Stop Loss: 528
- Target: 595
Technically, the stock is attempting a breakout from an 18-month descending trendline, a key resistance across timeframes. It has reclaimed its 200-week moving average, signalling downside exhaustion. Momentum indicators support the move, with RSI divergence and a trendline breakout. This improving setup suggests a potential 7-9% upside, indicating strengthening trend continuation ahead.KFin Technologies (BUY):
- LCP: 990
- Stop Loss: 950
- Target: 1065
The 15-month trendline breakout has been confirmed on daily and weekly charts of KFINTECH. Adding to this a strong base has formed below 900 last month as the stock did not see incremental selling pressure in a phase wherein the frontline and broader markets saw sharp cuts. Initial bounce of 7-8% upside cannot be ruled out at this space.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
