Trade Call: Day Trading Stock Picks By Sumeet Bagadia of Choice Broking On Thursday, 2nd May

With strong global sentiment supporting it, the benchmark index Nifty50 had a respectable gap-up opening and managed to hold its positive stance to reach a new high of 22783.35 during the previous trading session. However, the benchmark index lost all of its gains and wrapped up in a muted manner within the 22600 zone. The Bank Nifty opened higher and to a new high of 49,974.75 points. Nonetheless, there was intense selling pressure on the index which resulted in the Bank Nifty ending the day slightly down at 49,397. The US Federal Reserve meeting's decision and the upcoming Q4 results might influence market mood.

Nifty Outlook

Rupak De, Senior Technical Analyst, LKP Securities said, "Nifty witnessed selling pressure as it encountered resistance near the previous swing high, resulting in a weak closing. Other indicators such as the 20-day Simple Moving Average (SMA) and the 50-day SMA are positioned below the index value, suggesting that the ongoing positive trend remains intact. The Relative Strength Index (RSI) also indicates a bullish crossover. Over the next few days, the trend in the headline index might remain sideways unless it breaks above the all-time high of 22783. On the downside, immediate support is placed at 22500, below which the index might decline further."

Bank Nifty Outlook

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said, "The Bank Nifty witnessed a volatile trading session during the expiry day, with bulls dominating the first half and bears taking control in the second half. Although the index fell short of reaching the 50,000 mark, the overall sentiment remains bullish. Dips in the index should be seen as buying opportunities, especially with strong support noted around the 49,000 mark, where the highest open interest lies on the put side."

Stocks To Buy Today

On Tuesday, April 30, Sumeet Bagadia, executive director of Choice Broking, presented recommendations for 2 intraday stock picks.

IndusInd Bank

Buy INDUSINDBK in cash @ Rs 1515.70, stop-loss @ Rs 1460, target: Rs 1615

INDUSINDBK has exhibited resilience, rebounding from a robust support level at 1460, coinciding with its 200-day Exponential Moving Average (EMA). Currently trading at 1515.70, it maintains positions above key EMAs, including the 20, 50, and 200-day marks, indicative of its underlying strength.

Notably, sustained volumes and upward price movement underscore the stock's positive momentum. The Relative Strength Index (RSI) at 52.04 further bolsters this sentiment, suggesting potential for continued upward movement.
Although facing a minor resistance around 1550, surpassing this level could pave the way for further gains, with a target set at 1615 and beyond. This upward trajectory aligns with the stock's current technical landscape, characterized by its ability to hold above crucial support levels and exhibit bullish indicators.

Investors may find confidence in the stock's robust performance and favourable technical setup, with opportunities for growth anticipated as it navigates resistance levels and advances towards higher price targets. However, prudent risk management practices should be maintained to mitigate potential downside risks in volatile market conditions.
We recommend buying INDUSINDBK at a CMP of 1515.70 with a medium-term target price of 1615. Our analysis will be deemed invalid if the price closes below 1460.

Zen Technologies

Buy ZENTEC in cash @ Rs 1110.45, stop-loss: Rs 1077, target: Rs 1177

ZENTEC is currently trading at Rs 1110.45. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of Rs 1055 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching Rs 1177 levels. On the downside, substantial support is evident near Rs 1077.

Furthermore, ZENTEC is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests a strong bullish momentum, indicating the potential for continued upward price action. The Relative Strength Index (RSI) stands at 71.83, signalling an upward trajectory and confirming an increase in buying momentum.

Additionally, the Stochastic Relative Strength Index (Stoch RSI) exhibits a positive crossover. These technical indicators collectively support the notion that ZENTEC may have the potential to achieve a target price of Rs 1177 in the near term.

To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 1077 to protect the investment in case of an unexpected market reversal.

In summary, considering the technical analysis and prevailing market conditions, ZENTEC appears to present a promising buying opportunity for those targeting an Rs 1177 price objective, contingent upon the implementation of prudent risk management measures.

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.