Nuvama Analyst Unveils Top Stock Recommendations for April 23, 2026
Aakash K Hindocha, Deputy Vice President - WM Research of Nuvama Professional Clients Group, has identified three standout stocks for investors to consider on April 23, 2026. The recommendations include AJAX Engineering, ELGI Equipments, and KFin Technologies, each backed by detailed technical analysis and specific price targets. This guidance comes alongside a broader market outlook for the Nifty and Bank Nifty indices, providing a comprehensive view of current trading opportunities.
Market Index Outlook: Nifty and Bank Nifty Analysis
Nifty: In Wednesday's session, the Nifty relinquished all its gains from the previous day, primarily due to persistently elevated oil prices. Despite this pullback, the overall upside potential remains open, with a key resistance level identified at 24,750+. On the downside, support is firmly established around the 24,100 mark, offering a cushion against further declines.
Bank Nifty: The Bank Nifty has been trading near its 200-day moving average following a significant rally from recent lows. A crucial weekly closing is anticipated at 57,100 by the upcoming Friday, which could catalyze the next phase of upward movement. The current setup favors a buy on dip strategy, with a target of 57,650 and support positioned around 56,700.
Detailed Stock Recommendations and Technical Insights
AJAX Engineering (BUY):
- Last Close Price (LCP): 525
- Stop Loss: 480
- Target: 590
The stock experienced a nearly 50% decline from its all-time highs to lows in under a year. Recently, it has shown a sharp rebound, resulting in a bullish trendline breakout that has been in play for the past six months. Additionally, an inverted (bullish) head and shoulder pattern has formed on short-term charts, suggesting potential for a quick 10-12% rally from the current market price.
ELGI Equipments (BUY):
- Last Close Price (LCP): 554
- Stop Loss: 528
- Target: 595
Technically, the stock is attempting to break out from an 18-month descending trendline, which has acted as a key resistance across multiple timeframes. It has successfully reclaimed its 200-week moving average, indicating exhaustion of the downside trend. Momentum indicators, including RSI divergence and a confirmed trendline breakout, support this move. This improving setup points to a potential 7-9% upside, signaling a strengthening trend continuation ahead.
KFin Technologies (BUY):
- Last Close Price (LCP): 990
- Stop Loss: 950
- Target: 1065
A 15-month trendline breakout has been confirmed on both daily and weekly charts for KFin Technologies. Complementing this, a strong base formed below 900 last month, as the stock resisted incremental selling pressure during a period when frontline and broader markets experienced sharp declines. An initial bounce of 7-8% upside is considered highly plausible in the current scenario.
Important Disclaimer and Author Information
Disclaimer: The recommendations, views on the stock market, other asset classes, and personal finance management tips provided by experts are their own and do not represent the views of The Times of India. Investors are advised to conduct their own research or consult with financial advisors before making any investment decisions.
This analysis was compiled by the TOI Business Desk, a dedicated team of journalists focused on delivering timely and relevant business news from around the globe. Their mission is to keep readers informed about economic trends, market movements, and breaking stories that impact businesses and economies worldwide.
