Stock market today: Day trading guide for Nifty 50 to Sensex, seven stocks to buy or sell today — April 2

Stock market today: On account of positive global market sentiments, the Indian stock market ended higher for the third day in a row on Monday. The Nifty 50 index hit a new peak of 22,529 whereas the BSE Sensex touched a new lifetime high of 74,254. The Bank Nifty index finished 453 points higher at the 47,578 mark. However, the broad market continues to outperform the frontline indices of Dalal Street. The small-cap index skyrocketed nearly 3 percent whereas the mid-cap index surged 1.64 percent.

“Domestic equities started the new financial year on a strong note and touched a new all-time high. It continued the previous day’s momentum following positive economic data releases from the US and China. Nifty opened the gap up and maintained strength throughout the session to close with gains of 135 points (+0.6%) at 22462 levels. The broader market sharply outperformed with Nifty Midcap100/ Nifty SMallcap100 rallying 1.7%/3.3%. Except Auto and FMCG all the sectors ended with gains. Realty and Metals were the biggest gainers of ~4%. India’s housing demand witnessed robust growth in the first quarter of 2024 with unsold inventory falling to 7%, leading to a rally in realty stocks. Metal stocks too saw buying interest post robust PMI data release from China. However, auto stocks saw subdued interest after posting a mixed set of monthly sales numbers. Overall, global sentiments got a boost led by lower than expected US PCE data and robust US GDP numbers which strengthened the hopes of a rate cut,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal.

Day trading guide for stock market today

On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “The overall larger trend of Nifty remains positive and the market is now in an attempt of breaking above the crucial overhead resistance of 22500-22550 levels. Though Nifty is now placed at the crucial hurdle of around 22500 levels, the overall chart pattern remains positive and we are unlikely to see any sharp decline from here. Any consolidation or dip could be a buying opportunity. Eventually, Nifty could show a decisive upside breakout of 22500 levels, and the near-term upside target would be around 22800. Immediate support is at 22200 levels.”

On the outlook for the Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty traded sideways after opening with a strong gap up and closed at 47,578, up 454 points. The 47,500 Strike saw a fierce battle between the call & put writers. The call writers (Bears) eventually managed to keep the put writers (Bulls) quiet throughout the day by keeping the pressure on them. The total OI on the call side at the 47,500 Strike is 1,57,224 contracts compared to 1,49,483 contracts on the put side The option activity at the 47,500 Strike will provide cues about Bank Nifty’s upcoming direction.”

On triggers that may dictate the Indian stock market today, Siddhartha Khemka of Motilal Oswal said, “Now all eyes will be on RBI monetary policy due this Friday where status quo is expected but commentary would be keenly watched. The market is expected to continue its positive momentum but the journey could be volatile on the back of elections and Q4 earnings this month.”

Buy or sell stock ideas by experts

On day trading stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher; and Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended seven buy or sell stocks for today.

Sumeet Bagadia’s intraday stocks for today

1] TCS: Buy at ₹3916.75, target ₹4150, stop loss ₹3800.

TCS share price is currently trading at ₹3916.75 and has recently reversed from the bottom, indicating a strong bullish trend. A potential breakout above ₹3950 could propel the stock towards the ₹4150 level. Furthermore, TCS is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This signifies a robust bullish trend, suggesting the possibility of continued upward movement. The Relative Strength Index (RSI) is currently at 41.9, on an upward trajectory, indicating growing buying momentum. Collectively, these technical indicators.

2] McDowell-N: Buy at ₹1158.30, target ₹1230, stop loss ₹1121.

McDowell share price is currently trading at ₹1158.30 levels, and it has recently experienced a bounce back from a support level at ₹1121 which is also its 50-day EMA level. This bounce suggests that there is significant buying interest in the stock when it approaches the ₹1121 level, which has provided upward momentum.

Shiju Koothupalakkal’s day trading stocks

3] Borosil Renewables: Buy at ₹543.50, target ₹575, stop loss ₹530.

The stock after witnessing a decent erosion from the peak zone of 669 levels has consolidated near the 100 periods MA of ₹495 levels and currently with a positive candle formation moving past the 50EMA level of ₹524 has improved the bias to anticipate further rise in the coming days. The RSI has maintained stability, indicating strength, and can carry on with the positive move further ahead. We suggest buying the stock for an initial target of 575 keeping the stop loss of ₹530.

4] Parag Milk: Buy at ₹214.50, target ₹230, stop loss ₹208.

The stock has witnessed a decent correction from the peak zone of ₹290 levels and has stabilized near the important 200 period MA of ₹198 zone with support maintained around ₹190 levels. Currently, a positive candle formation on the daily chart has slightly improved the bias moving past the 200 period MA of ₹198 and with the RSI also flattening out after the slide has indicated a trend reversal to signal a buy. We suggest buying the stock for an initial upside target of ₹230 keeping the strict stop loss of ₹208 level.

5] Amara Raja Energy: Buy at ₹795, target ₹840, stop loss ₹777.

The stock after the slide has taken support near the ₹750 zone and with consolidation witnessed, has formed a positive candle formation on the daily chart to move past the important 100 period MA of ₹787 levels to improve the bias. The RSI has flattened out and thereafter indicated a buy signal to carry on with the positive move further ahead. We suggest buying the stock for an initial upside target of ₹840 keeping the stop loss of ₹777.

Mitesh Karwa’s stocks to buy today

6] Prestige: Buy at ₹1264 to ₹1367, target ₹1300, stop loss ₹1245.

PRESTIGE is seen to be breaking out of a bullish pattern on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹1300. One can initiate a buy on a dip in the range of ₹1264 to ₹1267 with stop loss below ₹1245 on a daily closing basis.

7] LT Foods: Buy at ₹199 to ₹200, target ₹212, stop loss ₹194.

LTFOODS is seen to be breaking out of a downwards-sloping trendline on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹212. One can initiate a buy-on dip in the range of ₹199 to ₹200 with a stoploss below ₹194 on a daily closing basis.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.