Intraday Stocks To Buy Today, April 3: Top Picks By Sumeet Bagadia For Profitable Trading On Thursday

After two days of corrective periods, the Nifty completed the previous session at 23,332.35, up 0.72%, while the Nifty Bank ended the session at 51,348.05, up 1.02%, indicating a recovery from lower levels within the prevailing consolidation zone. The market's fear indicator, the India VIX, fell 0.44% to 13.72, indicating a decrease in volatility. However, market conditions are anticipated to remain largely steady with moderate volatility as long as the VIX stays below 15. Forty-five stocks suffered the most from negative sentiment, while 177 stocks closed the day in favorable territory. The IT, pharmaceutical, textile and apparel, automobile components, jewelry, and agriculture industries are in focus after the new reciprocal tariffs that US President Donald Trump announced, which include a 26% discounted reciprocal tariff on India.

Nifty Outlook Today

"Nifty found a strong base at its support levels, showcasing a steady recovery but with subdued intraday momentum. With both call and put writers actively positioning themselves at higher and lower levels respectively, market indecision prevails. The failure to reclaim resistance has triggered renewed short positions, while the index's position below its 200-day EMA continues to reinforce a major hurdle. RSI remains under 60, and Nifty's support at the 0.382% Fibonacci retracement level suggests a well-defined trading range where both buyers and sellers are actively defending their zones," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"The 23,500-23,350 range has evolved into a strong supply region, with consistent call writing turning previous support into resistance. On the downside, the 23,200-23,000 zone remains a crucial support level, backed by strong put additions and psychological significance. A decisive breakout above 23,500 could reignite bullish momentum, but with call writers maintaining a firm grip and steady put writing at lower levels, traders should prepare for continued consolidation and range-bound trading. As long as Nifty trades within 23,500-23,000, a buy-on-dips and sell-on-rise strategy remains favourable. Conversely, a break below 23,150 could trigger a fresh wave of selling, leading to further downside pressure," Dhupesh Dhameja stated.

Bank Nifty Outlook Today

"Nifty Bank has found stability at key support levels and exhibited a measured recovery, albeit with muted intraday momentum. With notable call and put writing activity at higher and lower levels, market indecision persists. The failure to reclaim higher resistance has invited fresh short positions, while trading below its swing high of 51,700-52,000 reinforces a significant supply zone. The RSI remaining above 60, along with firm support at the 10-day EMA, suggests that a broad trading range has been established, with both bulls and bears actively defending their respective levels," Dhupesh Dhameja commented.

"The 51,500-52,000 region remains a critical resistance, as consistent call accumulation has turned former support into a supply zone. On the downside, the 51,000-50,500 range acts as a vital support area, backed by strong put writing and psychological support. A decisive breakout above 51,500 could reignite bullish momentum, but persistent call writing and ongoing put accumulation at lower levels signal continued consolidation. As long as Nifty Bank trades within the 52,000-50,700 range, a buy-on-dip and sell-on-rise approach remains optimal. Conversely, a break below 50,700 could trigger fresh selling pressure, potentially dragging the index lower," the analyst further added.

Stocks To Buy Today

On Thursday, April 3, Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks while attention is still focused on U.S. President Trump's tariff decision.

Deepak Fertilisers And Petrochemicals Corporation Ltd.

Buy DEEPAKFERT in Cash @ Rs 1162, Stop-loss @ 1121, Target @ 1243

DEEPAKFERT is currently trading at Rs 1,162, having reversed from a key support level at Rs 900. The stock has formed a bullish candlestick on the daily timeframe and is on the verge of breaking out of its consolidation range between Rs 1,090 and Rs 1,178. A successful breakout from this range would further validate the ongoing reversal pattern.

This potential breakout is reinforced by a notable increase in trading volumes, indicating strong buying interest among investors. In the short term, the stock appears well-positioned to target Rs 1,243. The Relative Strength Index (RSI) stands at 57.76, reflecting a healthy uptrend with room for further growth. Additionally, DEEPAKFERT is trading comfortably above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), underscoring its bullish momentum.

If the stock sustains above the critical resistance level of Rs 1,178, it could provide a favorable entry opportunity for long positions. Traders may consider entering at the current price of Rs 1,162, aiming for a target of Rs 1,243 while placing a stop-loss at Rs 1,121 to effectively manage risk. While the trade setup remains promising, traders should remain cautious of potential short-term volatility and adhere to disciplined risk management strategies for optimal trade execution.

Jubilant FoodWorks

Buy JUBLFOOD in Cash @ Rs 682.6, Stop-loss @ 659, Target @ 730

JUBLFOOD is currently trading at Rs 682.6, having recently rebounded from a key support zone. The stock has broken out of a falling trendline while forming a Morning Star candlestick pattern on the daily timeframe, signaling a potential trend reversal. This bullish setup is further supported by rising trading volumes, indicating strong buying interest.

In the short term, JUBLFOOD appears well-positioned to target Rs 730, with the Relative Strength Index (RSI) at 59.45, suggesting a strengthening trend and the potential for further upside. Additionally, the stock is trading comfortably above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), reinforcing its prevailing uptrend.

A sustained move above the critical resistance level of Rs 700 could serve as an ideal entry point for long positions. Traders may also consider entering at the current price of Rs 682.6, targeting Rs 730, while placing a stop-loss at Rs 659 to manage risk effectively. While the technical setup remains promising, traders should remain mindful of short-term volatility and follow disciplined risk management strategies for optimal trade execution.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.