Stock market today: Day trading guide for Nifty 50 to Sensex, six stocks to buy or sell today — April 24

The fearfulness gauge India VIX which suggests however overmuch the Nifty 50 scale is apt to alteration successful the adjacent 30 days, plunged 20 per cent to scope adjacent the level of 10. A debased India VIX indicates that the marketplace is unchangeable and predictable. The VIX dropped contiguous successful its steepest one-day diminution since May 23, 2019, and settled conscionable a fewer points adjacent its grounds closing debased from July 28, 2023.

Sensex settled with a slim summation of 90 points, oregon 0.12 per cent, astatine 73,738.45 arsenic gains successful shares of heavyweights including Bharti Airtel, ITC, Infosys and SBI were offset by losses successful shares of Reliance Industries.

Also Read: India needs 8-10% maturation implicit adjacent decennary to reap demographic dividend: RBI

Nifty 50 closed the time astatine 22,368, up 32 points, oregon 0.14 per cent. The 2 indices gained astir 1.7 per cent each implicit the past 3 sessions. Mid and smallcap indices outperformed the benchmarks. The BSE Midcap scale roseate 0.52 per cent and the smallcap scale jumped 1.05 per cent.

Commenting connected markets, Vinod Nair, Head of Research, Geojit Financial Services said, "The home marketplace exhibited range-bound performance, tracking affirmative planetary cues with sustained outperformance of the broader market. While tensions betwixt Iran and Israel were perceived to person constricted escalation, the uptick successful crude prices suggests investors’ reassessing the risks.''
 

Day trading usher for the banal marketplace today

On the outlook for Nifty today, Ajit Mishra, SVP - Technical Research, Religare Broking Ltd said, ‘’We whitethorn spot a intermission successful the scale aft the caller surge but the code is apt to stay affirmative citing a crisp dip successful the volatility scale i.e. India VIX. Meanwhile, traders should proceed with stock-specific attack and utilize corrections to accumulate prime names.''

Also Read: Gold hits implicit two-week debased contempt touching grounds highs successful 2024; What's hurting the yellowish metal's appeal?

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd said, “Markets pared astir of their aboriginal gains owed to profit-taking successful precocious trades. The bully quality to cheer was that India VIX has cooled by different 18.90 per cent to 10.30 levels. Volatility to instrumentality the centre signifier arsenic F&O contracts for April expire this Thursday and traders would privation to rollover their positions to adjacent expiry day.''

On the method front, Rupak De, Senior Technical Analyst, LKP Securities said, "The Nifty remained sideways passim the league arsenic it failed to supply immoderate directional breakout. However, the wide inclination remains affirmative arsenic the scale closed supra the captious moving average. The Relative Strength Index (RSI) is showing a bullish crossover with a speechmaking beneath 60.''

‘’On the higher end, the scope of 22,350-22,400 is apt to enactment arsenic a absorption zone; a decisive breakout supra 22,400 mightiness trigger a rally successful the market. On the little end, enactment is positioned astatine 22,250; a breach beneath this level mightiness weaken the bullish sentiment."

Also Read: Tata Consumer Products Q4 Results: Net nett drops 22% to ₹267 crore, gross down 8.5% YoY; dividend declared

On the outlook for Bank Nifty, Kunal Shah, Senior Technical & Derivative Analyst astatine LKP Securities said, "The Bank Nifty scale experienced a sideways trading league pursuing a affirmative opening, with bears asserting dominance astatine higher levels. Despite this, the wide sentiment remains bullish, suggesting that dips should beryllium seen arsenic buying opportunities.''

‘’Strong enactment is observed astir the 47,800-47,700 zone. However, the contiguous hurdle lies astatine 48,200-48,500. A breakthrough supra this absorption could pave the mode for the scale to execute caller all-time precocious levels," added Shah.

Global Cues

Wall Street stocks roseate for a 2nd consecutive league connected Tuesday, gathering connected the anterior day's affirmative momentum pursuing a circular of mostly bully firm net and advancing amid alleviation that determination was nary escalation successful tensions betwixt Iran and Israel implicit the weekend.

The Dow Jones Industrial Average settled higher 0.7 per cent astatine 38,503.69. The broad-based S&P 500 precocious 1.2 per cent to 5,070.55, portion the tech-rich Nasdaq Composite Index jumped 1.6 per cent to 15,696.64. 

Tesla kicked disconnected the net rhythm for exertion heavyweights aft markets closed, announcing the motorboat of caller electrical conveyance models and quarterly gross that missed expert estimates. Shares Elon Musk's electrical conveyance (EV) elephantine jumped six per cent successful extended hours trading.

International crude lipid prices roseate a dollar a barrel, arsenic the US dollar scale fell to its lowest successful implicit a week and besides arsenic traders shifted absorption distant from the ongoing geopolitical issues successful the Middle East to the authorities of planetary economies. 

The US dollar scale plunged aft caller S&P Global information showed US concern enactment cooled successful April to a four-month debased connected a weaker demand. Brent crude futures roseate $1.29, oregon 1.5 per cent, to $88.29 a barrel. US West Texas Intermediate crude futures roseate $1.32, oregon 1.6 per cent, to $83.22 a barrel.

Gold prices hit a much than two-week debased connected Tuesday arsenic diminishing fears astir an escalation of tensions successful the Middle East prompted investors to publication profits up of cardinal US economical information this week. Spot golden fell 0.3 per cent to $2,318.90 per ounce aft earlier hitting its lowest since April 5. Check what's hurting the yellowish metal's entreaty here

Stocks to ticker today

Some large companies including Axis Bank, DCB Bank, Equitas Small Finance Bank, LTIMindtree, Hindustan Unilever, among others volition state their January-March 4th results for fiscal 2023-24 (Q4FY24) today.
 
Shares of Tata Cosumer Products, Tata Elxsi, MCX, ICICI Prudential Life Insurance, NELCO, Cyient DLM volition besides beryllium successful absorption during today's league arsenic these companies declared their Q4FY24 post-market hours connected Tuesday.

F&O Ban List

Hindustan Copper, Vodafone Idea, and Zee Entertainment Enterprises Ltd (ZEEL) person been enactment nether the futures and options (F&O) conception by the National Stock Exchange (NSE). No caller positions are allowed for immoderate of the F&O contracts successful the peculiar banal erstwhile placed nether the F&O prohibition play by the banal exchanges.
 

Day trading stocks for today

On intraday stocks for today, banal marketplace experts — Sumeet Bagadia, Executive Director astatine Choice Broking, Shiju Koothupalakkal - Technical Analyst astatine Prabhudas Lilladher, and Drumil Vithlani, Technical Research Analyst, Bonanza Portfolio Ltd —recommended six stocks to bargain today.

Sumeet Bagadia's intraday stocks for today

1.Sudarshan Chemical Industries: Buy Sudarshan Chemical Industries astatine ₹717.05 with a halt nonaccomplishment of ₹688 astatine a people terms of ₹755

Sudarshan Chemical Industries regular illustration investigation reveals a notable displacement successful marketplace dynamics, transitioning from a play of insignificant 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 beardown bullish sentiment is further validated by a noticeable surge successful trading volume.

Key method indicators, peculiarly the Relative Strength Index (RSI), item the affirmative momentum successful the stock. The RSI not lone indicates favourable trends but besides aligns with the banal trading supra important moving averages, including the 20-day, 50-day, and 100-day Exponential Moving Averages (EMA).

This convergence underscores the continued spot successful Sudarshan Chemical Industries terms action. In summary, the decisive breakout, on with encouraging measurement and the affirmative alignment of cardinal method indicators, suggests a bullish outlook for Sudarshan Chemical Industries. 

Traders and investors whitethorn construe this investigation arsenic indicative of imaginable sustained upward momentum successful the stock. Considering the supra analysis, we urge Sudarshan Chemical Industries successful currency astatine the existent marketplace terms (CMP) of 717.05, mounting a people of 755, and implementing a halt nonaccomplishment astatine 688.

Also Read: Oil rises $1 arsenic US dollar slips to one-week low, investors displacement absorption to planetary economy; Brent astatine $88/bbl

2.Chambal Fertilizers & Chemicals: Buy Chambal Fertilizers & Chemicals astatine ₹380.40 with a halt nonaccomplishment of ₹367 astatine a people terms of ₹406

Chambal Fertilizers & Chemicals, presently trading astatine 380.40 levels, has exhibited a notable rebound from its enactment levels, indicating underlying spot successful the stock. Having surpassed the archetypal absorption astatine 367 levels, the banal present trades comfortably supra cardinal moving averages, including the short-term (20-day), medium-term (50-day), and semipermanent (200-day) EMAs.

The momentum indicator, RSI, stands astatine 59.57 levels, highlighting the stock's robust momentum and bullish sentiment. A insignificant absorption is observed adjacent 388 levels, apt indicative of a short-term hurdle. However, sustained trading supra this absorption could pave the mode for further upward movement.

In airy of these method indicators, the banal appears poised for further gains, with a imaginable people of 406 and beyond. Investors whitethorn see maintaining agelong positions oregon initiating caller bargain positions, peculiarly if the banal sustains supra the mentioned absorption levels. 

However, prudent hazard absorption practices, specified arsenic trailing stop-loss orders, are advisable to mitigate imaginable downside risks. Based connected the supra method investigation we counsel purchasing Chambal Fertilizers & Chemicals astatine CMP of 380.40 for the people of 406 with a halt nonaccomplishment of 367.

Shiju Koothupalakkal intraday stocks for today:

3.Rail Vikas Nigam Ltd (RVNL): Buy RVNL astatine ₹277.35 astatine a people terms of ₹292 with a halt nonaccomplishment of ₹271

The banal has picked up good from the important 50EMA level of 252 to summation spot and has moved past the erstwhile highest portion of 271 levels to amended the bias and further emergence is anticipated. The RSI has spiked aft the consolidation play signalling a buy. With the illustration looking attractive, we suggest to bargain the banal for an archetypal people of 292 level keeping the halt nonaccomplishment of 271 level.

4.Parag Milk Foods: Buy Parag Milk Foods astatine ₹221 astatine a people terms of ₹237 with a halt nonaccomplishment of ₹215

The banal has precocious maintained supra the important 200 play MA astatine 208 levels and indicated a pullback to amended the bias moving past the important 50EMA level of 219 to amended the bias anticipating for further rise. 

The RSI is good placed and has shown betterment with overmuch upside imaginable disposable from existent levels. With decent measurement information witnessed, we suggest to bargain the banal for an archetypal people of 237 level keeping the halt nonaccomplishment of 215 level.

5.GMR Airports Infrastructure: Buy GMR Airports Infrastructure astatine ₹82.35 astatine a people terms of ₹87 with a halt nonaccomplishment of ₹80.50

The banal has indicated a higher debased enactment signifier connected the regular illustration taking enactment adjacent the important 100 play MA astatine astir 79.50 levels and witnessing a pullback to determination past the important 50EMA level of 81.90 anticipating for further upward move. 

The RSI is good placed indicating a inclination reversal and has signalled a bargain to transportation connected with the affirmative determination further ahead. We suggest to bargain the banal for an archetypal people of 87 level keeping the halt nonaccomplishment of 80.50 level.

Also Read: India's crude lipid depletion up 4.6% successful FY24, output rises marginally astatine 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 beryllium breaking retired of Cup & grip connected the regular clip framework and making a bullish candlestick which is wherefore a bargain proposal is initiated for targets up to Rs.432. One tin initiate bargain connected dip successful the scope of 418-419 with halt nonaccomplishment beneath 410 connected regular closing basis.

Chambal Fertilizers & Chemicals: BUY| Buying range: Rs.380-381 Target RS.1597 |Stop Loss 1525

Chambal Fertilizers & Chemicals is seen to beryllium breaking retired of a emblem & rod signifier connected the regular clip framework and making a Strong bullish candlestick which is wherefore a bargain proposal is initiated for targets up to ₹390.

One tin initiate bargain connected dip successful the scope of 380-381 with halt nonaccomplishment beneath 375 connected regular closing basis. The terms is trading supra the abbreviated word EMA (20) indicating uptrend successful the security. The RSI is present trading successful the bluish absorption supporting the terms action.

Disclaimer: The views and recommendations fixed successful this nonfiction are those of idiosyncratic analysts. These bash not correspond the views of Mint. We counsel investors to cheque with certified experts earlier taking immoderate concern decisions. 

Unlock a satellite of Benefits! From insightful newsletters to real-time banal tracking, breaking quality and a personalized newsfeed – it's each here, conscionable a click away! Login Now!

Published: 24 Apr 2024, 06:39 AM IST