Stock market today: Day trading guide for Nifty 50 to Sensex, six stocks to buy or sell today

“Markets witnessed phenomenal buying support as Sensex quickly moved towards the crucial 75K mark after investors cheered strong corporate earnings from select frontline banking and cement companies, indicating their smooth sailing despite the global vagaries. Optimism prevailed from the start of the trading session as the cooling of US bond yields and letdown in the Middle Conflict coupled with a drop in crude oil prices generated a lot of enthusiasm amongst the investors. With the polling season on, the market is hoping for a clear mandate in favour of the ruling party. The two-day Fed’s monetary policy meeting starting Tuesday will be closely watched by global investors, although markets don’t expect any change in the policy outcome,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Also read: US Fed meet ahead: What do dimming rate cut hopes mean for Indian stock market?

Day trading guide for the stock market today

On the outlook for Nifty today, Rupak De, Senior Technical Analyst, at LKP Securities, said, “Nifty continued to remain in the uptrend as the index closed with solid gains. The index maintained its position above the critical 21EMA, signaling a continuation of the bullish trend. The momentum indicator, RSI (14), shows a bullish crossover. It is projected to move towards 22800-22850 in the short term, with support at 22550.”

On the outlook for Bank Nifty, Rupak De said, “The bulls have pushed the index above the previous swing high, signaling a strengthening bullish trend. Additionally, the index has moved beyond the recent consolidation phase. The RSI (14) indicator is in a bullish crossover and is rising. Overall sentiment is expected to remain positive in the short term. Higher gains are anticipated towards 49800-50000, with support at 49000.”

On the technical front, Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd., said, “Nifty opened positive and gained strength throughout the session to close at day’s high with gains of 223 points (+1%) at 22643. The majority of the sector ended in green with buying seen in Banking, Financials, and Oil & Gas. Banking Index is up 2% at a record high after index heavyweights like ICICI Bank, Axis Bank, Indusind Bank, and HDFC Bank announced inline Q4 results, while small PSU banks reported impressive quarterly numbers. This week domestic equities will take cues from the US Fed meeting and economic data globally. The Volatility index India VIX rose by 12% to 12.30 ahead of these key events and back home Bank Nifty monthly derivatives expiry on Tuesday. With US Core PCE inflation steady at 2.8%, the hope is that the US Fed will provide some positive insight on rate cuts in the upcoming US Fed meeting. Nifty after witnessing a 1000 points decline at the start of the month, index has recovered smartly and it’s now 133 points away from making a fresh high. We expect Nifty to continue its positive trend, on the back of a healthy earning season and macro data. Investors will watch out for European consumer Confidence data & China Manufacturing & Non-Manufacturing data on the economic front.”

Day trading stocks for today

On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking, Shiju Koothupalakkal – Technical Analyst at Prabhudas Lilladher, and Kunal Kamble, Senior Technical Research Analyst, Bonanza Portfolio Ltd —recommended six stocks to buy today.

Also read: General Elections 2024: No major impact of polls on equity market, says FidelFolio

Sumeet Bagadia’s intraday stocks for today

1. Jindal Steel and Power: Buy at ₹940 with a stop loss of ₹914 at a target price of ₹1000

JINDAL STEEL is currently trading at 940. The stock has consistently found support around the 720 level, establishing it as a reliable support zone. The anticipated trading range for the stock is expected to be between 945 and 920, with the possibility of sideways movement within this range. A decisive close above the 945 level could propel the stock towards the 1000 level in the coming days.

The Relative Strength Index (RSI) for JINDALSTEL is at 67.6, indicating potential upside. Additionally, the Stochastic RSI shows a positive crossover, further confirming the bullish sentiment. Notably, the stock is trading above all significant moving averages, highlighting its overall strength.

Considering these technical indicators and the current market conditions, it appears to be an opportune moment to consider buying JINDAL STEEL at the current market price of 940. A reasonable target for this trade could be set at 1000, with a recommended stop-loss at 914 to manage potential risks.

2. Aegis Logistics Ltd: Buy at ₹696.15 with a stop loss of ₹677 at a target price of ₹733

AEGISCHEM is exhibiting strong bullish momentum, currently trading at an all-time high of 707.45 levels. This breakout has been accompanied by a consolidation of the upward movement, characterized by higher highs and higher lows, supported by robust trading volumes, reinforcing the strength of the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

Also read: Hero MotoCorp: Up 76% in last 1 year, this auto stock is Axis Securities’ ‘pick of the week’ – 3 key reasons why

Additionally, AEGISCHEM is trading above key moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, further affirming its bullish stance. The momentum indicator, the Relative Strength Index (RSI), is at 84.89 levels.

For traders, keeping an eye on the strong support near the 677 level is advisable, as a breach of this level could signal a shift in sentiment. Overall, AEGISCHEM’s current technical setup suggests a favourable environment for further upside potential, provided traders and investors remain vigilant to potential reversals and closely monitor key support and resistance levels.

Based on the above analysis we recommend buying AEGISCHEM and the CMP of 696.15 with a stop loss of 677 for the target of 733.

Shiju Koothupalakkal intraday stocks for today

3. Union Bank: Buy at ₹156.75 with a stop loss of ₹152 at a target price of ₹164

The stock has maintained a strong base near the 138 zones and regained strength moving past the important 50EMA level of 147 zones to improve the bias and can anticipate for further rise in the coming sessions. The RSI indicating a trend reversal is on the rise and has much upside potential from the current rate. We suggest buying the stock for an initial target of 164 level keeping the stop loss of 152 level.

4. Torrent Power: Buy at ₹1534.90 with a stop loss of ₹1500 at a target price of ₹1604

The stock has been in consolidation for quite some time currently indicating a positive candle formation with decent volume participation witnessed and has improved the bias to anticipate a further upward move in the coming days. The RSI has cooled off from the overbought zone and has consolidated, currently indicating a trend reversal, and can carry on with the positive move further ahead. With the chart looking good, we suggest buying the stock for an initial target of 1604 keeping the stop loss at the 1500 level.

Also read: Small-cap stock GRM Overseas jumps 9% after this order book update. Details here

Kunal Kamble’s intraday stocks for today

5. Indian Oil Corporation: Buy at ₹176.75-176.90 with a stop loss of ₹170 at a target price of ₹188

IOC on a Daily time frame has closed above the falling trend line which is indicating a breakout on the upside. The steady rise in volume is indicating buyers are keen to buy the security.

Prices are trading above the Fast(50) Ema and Slow(200) Ema which indicates an uptrend in the security. The momentum indicator RSI is trading in a higher zone indicating that the security is trading in an upward direction. On the Directional front, DI+ is trading above DI- which indicates an uptrend.

6. UltraTech Cement Ltd: Buy at ₹9962-9968 with a stop loss of ₹9650 at a target price of ₹10600

Ultratech Cement has completed its corrective wave E and started trading in the primary trend.

The price can close above 50 Ema with a volume spike indicating buyers’ interest in buying the security. On the momentum front RSI is moving towards the northern direction supporting the price action. On the directional front, DI+ is trading above DI- which indicates an uptrend in the security.

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 taking any investment decisions.

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Published: 30 Apr 2024, 08:00 AM IST