Stock market today: Day trading guide for Nifty 50 to Sensex, seven stocks to buy or sell today — April 9

Stock market today: On account of strong global market sentiments and a sharp upside in auto stocks, the Indian stock market ended higher on Monday. Two out of three benchmark indices touched a new peak and the market cap of the BSE listed stocks crossed ₹400 lakh crore. The Nifty 50 index climbed to a new peak of 22,697 mark and finished 152 points higher at the 22,666 level. The BSE Sensex hit a new high of 74,869 during Monday deals and ended 494 points higher at the 74,72 mark. In the broad market, the small-cap index came close to its lifetime high of 46,821 while the mid-cap index scaled a new lifetime high of 41,113 in the previous session.

“The Nifty 50 index began the week on a strong note and compounded its gains throughout the day to breach its previous high and end the session at a fresh high of 22,666.30 with gains of 152.60 points. On a sectoral front, Auto was the star performer followed by the Realty and Energy sectors (gas stocks) while the PSU Banking sector witnessed a profit booking correction,” said Aditya Gaggar, Director of Progressive Shares.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 9

On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “A reasonable positive candle was formed on the daily chart with the gap-up opening. Technically, this pattern indicates a positive bias for the market ahead. Though Nifty placed at the new highs, still there is no signal of any reversal pattern building up at the highs. Positive chart patterns like higher tops and bottoms are intact as per the daily chart and the present upside move is in line with the new higher top formation of the pattern. Still, there is no confirmation of any higher top reversal completing at the highs. The short-term uptrend of the Nifty remains intact and the next upside levels to be watched are around 22,800 levels (1.618% Fibonacci projection). Immediate support is at 22,520 levels.”

On the outlook for Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, “The Bank Nifty concluded the session at 48,581.70, up 0.18% as the primary trend remains steady and strong. The index is following higher highs and lower lows and remains above the short-term moving averages. The volume profile indicates the index has a strong base around 48,000 levels. A potential trajectory could lead to the crucial milestone of 50,000 in the upcoming days.”

Buy or sell stock ideas by experts

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

Sumeet Bagadia’s stocks to buy today

1] TVS Motor: Buy at ₹2134, target ₹2274, stop loss ₹2060.

TVS Motor share is currently trading at ₹2134, a Reversal from the support level forming higher lows with good volume indicating a potential reversal. A potential breakout above ₹1670 could propel the stock towards the ₹2274 level, with immediate resistance at ₹2240. On the flip side, ₹2060 serves as a crucial support level.

2] Torrent Power: Buy at ₹1568.40, target ₹1650, stop loss ₹1515.

Torrent Power share price daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company’s recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Shiju Koothupalakkal’s buy or sell stocks

3] Larsen and Toubro or LT: Buy at ₹3807, target ₹3930, stop loss ₹3740.

LT share price has once again indicated a higher low formation on the daily chart taking support near the ₹3716 zone and indicating a pullback has improved the bias. The RSI also showing a trend reversal has increased the scope for further upward movement in the coming days. We suggest buying the stock for an initial target of ₹3930 level keeping the strict stop loss of ₹3740 levels.

4] Bharat Forge: Buy at ₹11173, target ₹1210, stop loss ₹1150.

Bharat Forge share after making a double bottom formation on the daily chart, has picked up to indicate a pullback to improve the bias moving past the important 50EMA level of ₹1157 zone anticipating for further rise. With the RSI on the rise has indicated strength to carry on with the positive move and we suggest buying the stock for an initial target of ₹1210 keeping the stop loss of ₹1150 level.

5] NMDC: Buy at ₹224, target ₹234, stop loss ₹220.

The stock has picked up well after the short correction witnessed to move past the important 50 EMA level of ₹217 zone to improve the bias and anticipate for further rise. The RSI has recovered significantly from the oversold zone to indicate a trend reversal and signal a buy. With the chart looking attractive, we suggest buying the stock for an initial target of ₹234 keeping the stop loss of ₹220.

Virat Jagad’s shares to buy today

6] PI Industries: Buy at ₹3950 to ₹3970, target ₹4200, stop loss ₹3850.

PI Industries share has broken out of a Rounding Bottom Pattern on the daily chart, signaling a potential bullish trend. The increased trading volume suggests a growing demand for the stock. To attract more buyers, the stock needs to rise above the 3920 level. The RSI shows a broader range, indicating an upward trend. Moreover, the positive trend is confirmed by the DI+, which is above DI-. Overall, these indicators suggest a favorable outlook for PI Industries Ltd, with potential for further gains.

7] Maruti Suzuki India: Buy at ₹12,850 to ₹12,875, target ₹13,500, stop loss ₹12,550.

Maruti share price has recently shown a Flag and Pole pattern on its daily chart, typically signaling a continuous trend. In this case, the pattern indicates a bullish sentiment with eager buyers expecting the stock to rise. The stock price is currently above significant EMAs, reflecting a positive trend. The Slow EMA (50) aligns with the upward trend, reinforcing positivity. Additionally, the DMI+ surpasses DMI-, affirming the positive trend, while the ADX above DMI- underscores the strength in the ongoing upward movement. This suggests favorable prospects for Maruti Suzuki India Ltd.

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