Stock market today: Day trading guide for Nifty 50 to Sensex, six stocks to buy or sell today — April 24
Day trading guide for today: Domestic equity benchmarks Sensex and Nifty 50 rose for the third straight day in the previous session following gains in telecom, tech and consumer durable shares amid a strong trend in the global markets. Volatility index plunged to within a margin of its record closing low amid fading worries over a major escalation in the Middle East conflict.
The fear gauge India VIX which suggests how much the Nifty 50 index is likely to change in the next 30 days, plunged 20 per cent to reach near the level of 10. A low India VIX indicates that the market is stable and predictable. The VIX dropped today in its steepest one-day decline since May 23, 2019, and settled just a few points near its record closing low from July 28, 2023.
Sensex settled with a slim gain of 90 points, or 0.12 per cent, at 73,738.45 as gains in shares of heavyweights including Bharti Airtel, ITC, Infosys and SBI were offset by losses in shares of Reliance Industries.
Also Read: India needs 8-10% growth over next decade to reap demographic dividend: RBI
Nifty 50 closed the day at 22,368, up 32 points, or 0.14 per cent. The two indices gained about 1.7 per cent each over the past three sessions. Mid and smallcap indices outperformed the benchmarks. The BSE Midcap index rose 0.52 per cent and the smallcap index jumped 1.05 per cent.
Commenting on markets, Vinod Nair, Head of Research, Geojit Financial Services said, “The domestic market exhibited range-bound performance, tracking positive global cues with sustained outperformance of the broader market. While tensions between Iran and Israel were perceived to have limited escalation, the uptick in crude prices suggests investors’ reassessing the risks.”
Day trading guide for the stock market today
On the outlook for Nifty today, Ajit Mishra, SVP – Technical Research, Religare Broking Ltd said, ‘’We may see a pause in the index after the recent surge but the tone is likely to remain positive citing a sharp dip in the volatility index i.e. India VIX. Meanwhile, traders should continue with stock-specific approach and utilize corrections to accumulate quality names.”
Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd said, “Markets pared most of their early gains due to profit-taking in late trades. The good news to cheer was that India VIX has cooled by another 18.90 per cent to 10.30 levels. Volatility to take the centre stage as F&O contracts for April expire this Thursday and traders would want to rollover their positions to next expiry day.”
On the technical front, Rupak De, Senior Technical Analyst, LKP Securities said, “The Nifty remained sideways throughout the session as it failed to provide any directional breakout. However, the overall trend remains positive as the index closed above the critical moving average. The Relative Strength Index (RSI) is showing a bullish crossover with a reading below 60.”
‘’On the higher end, the range of 22,350-22,400 is likely to act as a resistance zone; a decisive breakout above 22,400 might trigger a rally in the market. On the lower end, support is positioned at 22,250; a breach below this level might weaken the bullish sentiment.”
On the outlook for Bank Nifty, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said, “The Bank Nifty index experienced a sideways trading session following a positive opening, with bears asserting dominance at higher levels. Despite this, the overall sentiment remains bullish, suggesting that dips should be seen as buying opportunities.”
‘’Strong support is observed around the 47,800-47,700 zone. However, the immediate hurdle lies at 48,200-48,500. A breakthrough above this resistance could pave the way for the index to achieve fresh all-time high levels,” added Shah.
Global Cues
Wall Street stocks rose for a second straight session on Tuesday, building on the prior day’s positive momentum following a round of mostly good corporate earnings and advancing amid relief that there was no escalation in tensions between Iran and Israel over the weekend.
The Dow Jones Industrial Average settled higher 0.7 per cent at 38,503.69. The broad-based S&P 500 advanced 1.2 per cent to 5,070.55, while the tech-rich Nasdaq Composite Index jumped 1.6 per cent to 15,696.64.
Tesla kicked off the earnings cycle for technology heavyweights after markets closed, announcing the launch of new electric vehicle models and quarterly revenue that missed analyst estimates. Shares Elon Musk’s electric vehicle (EV) giant jumped six per cent in extended hours trading.
International crude oil prices rose a dollar a barrel, as the US dollar index fell to its lowest in over a week and also as traders shifted focus away from the ongoing geopolitical issues in the Middle East to the state of global economies.
The US dollar index plunged after recent S&P Global data showed US business activity cooled in April to a four-month low on a weaker demand. Brent crude futures rose $1.29, or 1.5 per cent, to $88.29 a barrel. US West Texas Intermediate crude futures rose $1.32, or 1.6 per cent, to $83.22 a barrel.
Gold prices hit a more than two-week low on Tuesday as diminishing fears about an escalation of tensions in the Middle East prompted investors to book profits ahead of key US economic data this week. Spot gold fell 0.3 per cent to $2,318.90 per ounce after earlier hitting its lowest since April 5. Check what’s hurting the yellow metal’s appeal here
Stocks to watch today
Some major companies including Axis Bank, DCB Bank, Equitas Small Finance Bank, LTIMindtree, Hindustan Unilever, among others will declare their January-March quarter results for fiscal 2023-24 (Q4FY24) today. Shares of Tata Cosumer Products, Tata Elxsi, MCX, ICICI Prudential Life Insurance, NELCO, Cyient DLM will also be in focus during today’s session as these companies declared their Q4FY24 post-market hours on Tuesday.
F&O Ban List
Hindustan Copper, Vodafone Idea, and Zee Entertainment Enterprises Ltd (ZEEL) have been put under the futures and options (F&O) segment by the National Stock Exchange (NSE). No fresh positions are allowed for any of the F&O contracts in the particular stock when placed under the F&O ban period by the stock exchanges.
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 Drumil Vithlani, Technical Research Analyst, Bonanza Portfolio Ltd —recommended six stocks to buy today.
Sumeet Bagadia’s intraday stocks for today
1.Sudarshan Chemical Industries: Buy Sudarshan Chemical Industries at ₹717.05 with a stop loss of ₹688 at a target price of ₹755
Sudarshan Chemical Industries daily chart analysis reveals a notable shift in market dynamics, transitioning from a period of minor declines and sideways consolidation to a promising upside bounce.
This breakout has been accompanied by a consolidation of the upward movement, characterized by Bullish Pattern. The strong bullish sentiment is further validated by a noticeable surge in trading volume.
Key technical indicators, particularly the Relative Strength Index (RSI), highlight the positive momentum in the stock. The RSI not only indicates favourable trends but also aligns with the stock trading above important moving averages, including the 20-day, 50-day, and 100-day Exponential Moving Averages (EMA).
This convergence underscores the continued strength in Sudarshan Chemical Industries price action. In summary, the decisive breakout, along with encouraging volume and the positive alignment of key technical indicators, suggests a bullish outlook for Sudarshan Chemical Industries.
Traders and investors may interpret this analysis as indicative of potential sustained upward momentum in the stock. Considering the above analysis, we recommend Sudarshan Chemical Industries in cash at the current market price (CMP) of 717.05, setting a target of 755, and implementing a stop loss at 688.
2.Chambal Fertilizers & Chemicals: Buy Chambal Fertilizers & Chemicals at ₹380.40 with a stop loss of ₹367 at a target price of ₹406
Chambal Fertilizers & Chemicals, currently trading at 380.40 levels, has exhibited a notable rebound from its support levels, indicating underlying strength in the stock. Having surpassed the initial resistance at 367 levels, the stock now trades comfortably above key moving averages, including the short-term (20-day), medium-term (50-day), and long-term (200-day) EMAs.
The momentum indicator, RSI, stands at 59.57 levels, highlighting the stock’s robust momentum and bullish sentiment. A minor resistance is observed near 388 levels, likely indicative of a short-term hurdle. However, sustained trading above this resistance could pave the way for further upward movement.
In light of these technical indicators, the stock appears poised for additional gains, with a potential target of 406 and beyond. Investors may consider maintaining long positions or initiating fresh buy positions, particularly if the stock sustains above the mentioned resistance levels.
However, prudent risk management practices, such as trailing stop-loss orders, are advisable to mitigate potential downside risks. Based on the above technical analysis we advise purchasing Chambal Fertilizers & Chemicals at CMP of 380.40 for the target of 406 with a stop loss of 367.
Shiju Koothupalakkal intraday stocks for today:
3.Rail Vikas Nigam Ltd (RVNL): Buy RVNL at ₹277.35 at a target price of ₹292 with a stop loss of ₹271
The stock has picked up well from the significant 50EMA level of 252 to gain strength and has moved past the previous peak zone of 271 levels to improve the bias and further rise is anticipated. The RSI has spiked after the consolidation period signalling a buy. With the chart looking attractive, we suggest to buy the stock for an initial target of 292 level keeping the stop loss of 271 level.
4.Parag Milk Foods: Buy Parag Milk Foods at ₹221 at a target price of ₹237 with a stop loss of ₹215
The stock has recently maintained above the important 200 period MA at 208 levels and indicated a pullback to improve the bias moving past the significant 50EMA level of 219 to improve the bias anticipating for further rise.
The RSI is well placed and has shown improvement with much upside potential visible from current levels. With decent volume participation witnessed, we suggest to buy the stock for an initial target of 237 level keeping the stop loss of 215 level.
5.GMR Airports Infrastructure: Buy GMR Airports Infrastructure at ₹82.35 at a target price of ₹87 with a stop loss of ₹80.50
The stock has indicated a higher low formation pattern on the daily chart taking support near the important 100 period MA at around 79.50 levels and witnessing a pullback to move past the significant 50EMA level of 81.90 anticipating for further upward move.
The RSI is well placed indicating a trend reversal and has signalled a buy to carry on with the positive move further ahead. We suggest to buy the stock for an initial target of 87 level keeping the stop loss of 80.50 level.
Also Read: India’s crude oil consumption up 4.6% in FY24, output rises marginally at 0.6%, imports steady: PPAC
Drumil Vithlani’s intraday stocks for today:
6.Mahindra Holiday & Resorts India Ltd (MHRIL): BUY| Buying range: Rs. 418-419 Target RS. 432. |Stop Loss Rs. 410
MHRIL is seen to be breaking out of Cup & handle on the daily time frame and making a bullish candlestick which is why a buy recommendation is initiated for targets up to Rs.432. One can initiate buy on dip in the range of 418-419 with stop loss below 410 on daily closing basis.
Chambal Fertilizers & Chemicals: BUY| Buying range: Rs.380-381 Target RS.1597 |Stop Loss 1525
Chambal Fertilizers & Chemicals is seen to be breaking out of a flag & pole pattern on the daily time frame and making a Strong bullish candlestick which is why a buy recommendation is initiated for targets up to ₹390.
One can initiate buy on dip in the range of 380-381 with stop loss below 375 on daily closing basis. The price is trading above the short term EMA (20) indicating uptrend in the security. The RSI is now trading in the northern direction supporting the price action.
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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