It's been a bumpy old ride for ASX investors recently. The S&P/ASX 200 Index (ASX: XJO) closed for the Easter break on 28 March sitting on healthy year-to-date gains of 4%.

But just as investors were settling back into work and easing towards the middle of April, fears over US inflation and conflict in the Middle East sent the Aussie bourse tumbling.

Despite briefly clocking a new intra-day high on the first trading day of April, the ASX 200 has gone on to drop a nasty 4.3% over the rest of the month to date.

All this share market volatility can be hard to stomach, but it can also present exciting buying opportunities.

So, if you are not afraid "to be greedy when others are fearful" (in the words of the great Warren Buffett), then read on!

Because we asked our Foolish writers which cheap ASX shares they reckon offer top buying right now.

Here is what the team came up with:

(Market capitalisations as of market close 19 April 2024).

What it does: Accent retails a broad range of shoe brands in Australia. It acts as the distributor for global brands such as CAT, Dr Martens, Henleys, Herschel, Hoka, Kappa, Merrell, Skechers, Ugg, and Vans. It also has its own shoe businesses, including The Athlete's Foot, Glue Store, Nude Lucy, and Platypus.

By Tristan Harrison: Down almost 30% over the past year, I think Accent shares are going cheap right now, especially considering the company's promising outlook.

In Accent's FY24 half-year trading update, total owned sales in the year to date to the end of January were up 1.6%, despite the soaring cost of living, while owned retail sales over this period were up 5.6%, reflecting new store openings.

Like-for-like retailer sales for the first seven weeks of the second half were down only 0.7%, but the gross profit margin percentage continued to be above last year.

The ASX 300 retailer continues to open new stores, which is boosting the company's scale and giving it a good footprint for future periods when economic/retail conditions are stronger. It plans to open 20 new stores in the second half of FY24.

At this low price, Accent stock also has a high dividend yield. Commsec numbers suggest it could pay a grossed-up yield of around 10% in FY25 and 11% in FY26. 

Motley Fool contributor Tristan Harrison owns shares of Accent Group Ltd.

What it does: Zip is an Australian financial technology company focused on the buy now, pay later (BNPL) market. The company provides point-of-sale credit and digital payment services to consumers and merchants, offering interest-free repayment via instalments.

By Bernd Struben: If you'd asked me at the end of March, Zip would never have made my list of 'oversold' or 'cheap' ASX shares. Over the previous four months the stock had just rocketed an eye-watering 317%!

But, perhaps having flown too close to the sun, the Zip share price has tumbled 27% since 27 March.

Zip released its third-quarter results on 16 April. Despite the stock closing down sharply on the day, I think there's plenty to be optimistic about, particularly with interest rates likely to come down in the company's core markets of the United States and Australia later this year. Historically, BNPL stocks have proven highly susceptible to higher rates.

For the quarter just past, Zip reported a 14.6% year-on-year increase in total transaction volume (TTV) to $2.4 billion. And with revenue margins up 0.8%, Zip reported a 26.6% increase in revenue to $219 million.

Motley Fool contributor Bernd Struben does not own shares of Zip Co Ltd.

What it does: This company does exactly what it says on the tin. It's a travel management company for corporate clients. Corporate Travel Management looks after business-travel corporate customers across the US, Europe, Asia, Australia, and New Zealand through its services and technology.

By Mitchell Lawler: The Corporate Travel Management share price is down by around 23% in 2024. Its first-half results are where it came unstuck. 

On 21 February, shares in the company tumbled from $19.85 to $15.85. Despite a 25% increase in revenue and profits rocketing up to $50.4 million, investors were rattled by the subdued full-year forecast. 

I think this is a short-term panic. A weak six to 12-month stretch does not define a business. If analysts are roughly right, profits in FY26 could be around $166 million. Based on today's market capitalisation, that's a forward price-to-earnings (P/E) ratio of 14 times earnings. 

For a founder-led company with no debt and an incredible track record of growth, it seems like an unmissable opportunity. 

Motley Fool contributor Mitchell Lawler does not own shares of Corporate Travel Management Ltd.

What it does: Woolworths is one of the most famous names on the ASX. This supermarket and grocery giant owns the eponymous network of grocers across the country, which commands the highest market share in the Australian supermarket space. Woolworths also owns the Big W department store chain. 

By Sebastian Bowen: I think Woolworths shares are looking mighty cheap this April. Investors are not used to seeing the company's share price take a tumble. But that's exactly what has happened over 2024 so far, with shares down around 16% year to date. 

I think this makes a deeper look at Woolworths stock worthwhile right now. Sure, investors didn't really like what the company had to say (or show) in its most recent earnings report. The concurrent (and surprise) exit of CEO Bradford Banducci didn't help either. 

However, I think this presents an opening for opportunistic investors. I don't see Woolworths giving up its lead in the grocery space anytime soon. The hiccup in the earnings report doesn't contain anything that indicates the company's long-term success is in danger. In addition, this share price drop has also done wonders for Woolworths' fully-franked dividend yield, which is now well north of 3%.

As such, Woolworths shares are looking pretty compelling for value investors this April, in my view.

Motley Fool contributor Sebastian Bowen does not own shares of Woolworths Group Ltd.

What it does: Telstra is Australia's largest telecommunications company providing approximately 22.5 million retail mobile services and 3.4 million retail bundle and data services.

By James Mickleboro: The Telstra share price has come under pressure this year despite the company delivering a solid half-year result in February and increasing its dividend for the second year in a row.

I believe the catalyst for this weakness has nothing to do with the company's performance and everything to do with interest rates. Unfortunately, many investors treat Telstra as a bond proxy. This means that when bond yields are high, investors tend to avoid the telco giant and its industry peers. Instead, they will invest their money in risk-free bonds.

So, with interest rate cuts now unlikely in 2024, the company's shares have been sold down to multiple fresh 52-week lows this month. 

While I'm not expecting a sudden uptick in its share price, I believe the risk/reward is firmly to the upside for investors now. Furthermore, I believe its shares will begin to re-rate once inflation shows signs of being truly under control and the Reserve Bank starts talking up future cuts.

In the meantime, investors buying today should expect to receive an attractive 5%+ dividend yield over the next 12 months.

Motley Fool contributor James Mickleboro does not own shares of Telstra Group Ltd.