Today’s day trading guide: The main indices of the Indian stock market, Sensex and Nifty 50, closed on April 29 with notable gains. The Sensex opened at 73,982.75, higher than the previous close of 73,730.16 and touched an intraday high of 74,721.15. It recorded an increase of 991 points (1.34 percent). In the end, the 30-stock pack recorded an increase of 941 points, or 1.28%, with 26 stocks gaining, closing at 74,671.28. Meanwhile, Nifty 50 started the day at 22,475.55 compared to the previous closing level of 22,419.95, gaining 236 points or 1.05% to hit an intraday high of 22,655.80. The index rose 223 points, or 1%, to close at 22,643.40.
“The market witnessed incredible buying support as the Sensex rapidly approached the crucial 75,000 mark after investors cheered on strong corporate earnings of frontline banks and cement companies. The deal showed smooth sailing for the company despite global vagaries, as lower U.S. Treasury yields and mid-term dispute disappointments, as well as lower oil prices, generated tremendous enthusiasm among investors. Optimism prevailed from the start. Voting season has begun and markets are expecting a clear mandate to support the ruling party. The Fed’s two-day monetary policy meeting starting Tuesday will be closely watched by global investors, but the market expects no change in the policy outcome,” said Mehta Equities Senior Vice President, Research. said Prashanth Tapse.
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Today’s stock market day trading guide
Commenting on the outlook for Nifty today, Rupak De, Senior Technical Analyst, LKP Securities said, “Nifty continued its upward trend as the index closed on a solid note. The index remains above the important 21 EMA. It maintained its position and signaled the continuation of the economy.” The bullish trend indicator RSI (14) is predicted to move towards 22800-22850 in the short term with 22550 as support. ”
Commenting on the outlook for Bank Nifty, Rupak De said, “The bulls have pushed the index beyond the previous swing highs, indicating the strength of the bullish trend. Moreover, the index has moved beyond the recent consolidation phase. “The RSI(14) index is currently at its current level.” It is a bullish crossover and is trending up. In the short term, it is expected to rise further towards 49,800-50,000. ”
On the technical front, Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services, said, “The Nifty started on a positive note and gained momentum throughout the session, rising 223 points (+1%) to 22,643. It closed at the highest price for the day.” Most sectors ended in the green, with buying seen in banking, financials, and oil and gas. Banking index rises 2% to record high as index giants like ICICI Bank, Axis Bank, Indusindh Bank and HDFC Bank announce inline Q4 results; smaller PSU banks also have a great year Reported financial results. The domestic stock market this week will be influenced by the US Federal Reserve Board (FRB) meeting and global economic indicators. Ahead of these key events and Tuesday’s expiration of home bank Nifty’s monthly derivatives, volatility index India VIX rose 12% to 12.30. US core PCE inflation is holding steady at 2.8%, with expectations that the US Federal Reserve will provide some positive insight on rate cuts at its next Fed meeting. After Nifty’s 1,000-point drop at the beginning of the month, the index has steadily recovered and is now 133 points away from a new high. We expect Nifty to continue its positive trend on the back of a strong earnings season and macro data. On the economic front, investors will focus on European consumer confidence data and China’s manufacturing and non-manufacturing data. ”
Today’s day trading stocks
Today’s intraday stocks, stock market experts Sumeet Bagadia, Executive Director, Choice Broking, Shiju Koothupalakkal, Technical Analyst, Prabhudas Liladhar, Senior Technical Research, Bonanza Portfolio Analyst Kunal Kumble recommends 6 stocks to buy today.
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Sumeet Bagadia’s Intraday Stocks Today
- Jindal Steel and Power: Buy at INR940, stop loss is INRTarget stock price is 914 INR1000
Jindal Steel is currently trading at 940. The stock has been consistently supported around the 720 level, which has been established as a reliable support zone. The expected trading range for the stock is expected to be between 945 and 920 yen, and there is a possibility that it will move sideways within this range. A definitive close above the 945 level could push the stock towards the 1000 level in the coming days.
JINDALSTEL’s Relative Strength Index (RSI) is 67.6, indicating upside potential. Additionally, the stochastic RSI shows a positive crossover, further confirming the bullish sentiment. Notably, the stock is trading above all key moving averages, highlighting its overall strength.
Considering these technical indicators and the current market situation, now is probably the best time to consider buying Jindal Steel at its current market price of 940. A reasonable target for this trade could be set at 1000, with a recommended stop loss of 914. To manage potential risks.
2. Buy from Aegis Logistics Ltd. INR696.15, stop loss is INR677 at target price INR733
AEGISCHEM is showing strong bullish momentum and is currently trading at its all-time high level of 707.45. This breakout reinforced the stock’s strength, with a strengthening bull market characterized by higher highs and higher lows supported by solid trading volumes. This jump suggests the uptrend could continue, giving investors optimism.
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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 confirming its bullish stance. The Relative Strength Index (RSI), an indicator of momentum, is at the 84.89 level.
For traders, we recommend keeping an eye on the strong support around the 677 level, as a breakout of this level could signal a change in sentiment. Overall, AEGISCHEM’s current technical settings suggest a favorable environment for further upside potential, as long as traders and investors remain vigilant for a possible reversal and closely monitor key support and resistance levels. Masu.
Based on the above analysis, we recommend buying AEGISCHEM and CMP696.15 with stop loss 677 against target 733.
Shiju Koothupalakkal Intraday Stocks Today
3. Union Bank: Purchase at INR156.75, stop loss is INR152 at target price INR164
The stock maintains a solid foundation near the 138 zone and regained strength above the key 50 EMA level at the 147 zone to improve the bias and look for further upside in the coming sessions. The RSI, which indicates a trend reversal, is trending upwards and could move significantly higher from current rates. We recommend keeping the stop loss at the 152 level and buying the stock at the first target of the 164 level.
4. Torrent Power: Purchase at INR1534.90, stop loss is INR1500 at target price INR1604
The stock has been consolidating for quite some time and is currently seeing decent volume participation, indicating positive candlestick formation, and an improving bias to expect further upside in the coming days. The RSI has cooled from the overbought zone and is now solid, indicating a trend reversal and likely to continue rising. Since the chart looks good, we recommend keeping the stop loss at the 1500 level and buying the stock towards the first target of 1604.
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Kunal Kumble Intraday Stocks Today
5. Indian Oil Corporation: Purchase at INR176.75-176.90, stop loss INR170 at target price INR188
IOC on the daily time frame closed above the downtrend line, indicating a breakout to the upside. A steady increase in volume indicates that buyers are eager to purchase the security.
The price is trading above the Fast(50) Ema and Slow(200) Ema, which indicates an uptrend for the security. The momentum indicator RSI is trading in a higher zone, indicating that the security is trading in an upward direction. In terms of direction, DI+ continues to outperform DI-, indicating an upward trend.
6. Buy from UltraTech Cement Ltd: INR9962-9968, stop loss INRTarget stock price is 9650 INR10600
Ultra Tech Cement completed correction wave E and started trading in the primary trend.
The price may close above the 50 Ema due to a spike in volume indicating buyers’ interest in purchasing the security. On the momentum front, the RSI is moving northward supporting price movements. In terms of direction, DI+ is trading higher than DI-, which indicates an uptrend for the security.
Disclaimer: The views and recommendations expressed in this article are those of individual analysts. They do not represent the views of the Mint. We recommend checking with a certified professional before making any investment decisions.
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