Intraday Stocks To Buy Today, April 24: Top Picks By Sumeet Bagadia For Profitable Trading On Thursday

While the Nifty Bank index ended the day 0.50% lower, losing 277.15 points to close at 55,370.05, near its psychological support zone, the Nifty index recorded its seventh consecutive day of gains, rising 0.67% (161.70 points) to close at 24,328.95 in the previous session, closing at its highest level in more than three months. The India VIX increased 4.79% to 15.96, indicating a drop in concerns about global volatility but indicating the potential for significant intraday fluctuations. In addition to keeping a careful eye on developments about US tariffs and FII buying, many major corporations, including HUL, Axis Bank, Nestle, SBI Life, and Tech Mahindra, among others, will be releasing their results on Thursday.

Nifty Outlook Today

"Nifty's seven-session winning streak underlines remarkable strength, but signs of over-extension are emerging. While broader momentum remains intact, short-term charts are flashing caution via negative divergence in momentum indicators. A firm close above 24,350 would signal a potential continuation of the uptrend, unlocking the path towards 24,500. However, sustaining above the 23,900-24,000 support band is vital to preserve the bullish structure. The current tone of the market remains constructive yet slightly cautious. As long as Nifty holds above 23,900, bulls retain the upper hand. A push beyond 24,400 could trigger another leg higher, but a drop below key support could prompt mild profit booking towards 23,700. Given the recent sharp rally, a brief consolidation or pullback phase appears likely before the next directional move," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"Nifty Bank's failure to extend its rally, accompanied by a bearish candlestick reversal, underscores the need for caution in the near term. With the index now trading well above its 10-day EMA and showing RSI divergence on the intraday charts, a consolidation or mild pullback seems likely before any major move. For the bulls to retain in control, sustaining above the 54,700-55,000 region is vital. A move beyond 56,100-56,200 could unlock the next leg higher, whereas a drop below 54,700 may prompt profit-booking toward 54,300. The broader structure remains bullish, but signs of fatigue suggest the index may take a breather before resuming its upward trend," commented Dhupesh Dhameja.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended buying two stocks on Thursday, April 24, following the formation of a Dragonfly Doji on the daily chart by the Nifty, which signifies caution.

Manorama Industries

Buy MANORAMA in cash @ Rs 1185, Stop-loss @ 1135, Target @ 1265

MANORAMA is currently positioned at 1185 levels, has shown robust upward momentum. The stock's showing an impressive turnaround on the charts, as the stock gears up for a fresh upside rally following a strong breakout from its earlier congestion zone. After spending weeks in a sideways to corrective phase, the counter has decisively crossed over multiple critical moving averages, indicating renewed bullish momentum.

The chart reveals a steady climb, with the 20-day EMA trending upward and converging towards the 50-day and 100-day EMAs. This alignment of moving averages suggests a continuation of the bullish trend if supported by further buying pressure., affirming its inherent strength.

While facing a minor resistance at 1200 levels, a breakout beyond this threshold could pave the way for further upward momentum. Sustaining levels above 1200 may propel the stock towards the next target at 1265 levels, presenting a promising outlook for investors.

Reinforcing the positive sentiment, the Relative Strength Index (RSI) comfortably rests at 67.67 levels. Investors may find opportunities in this upward trajectory, particularly on confirmation of a sustained breakthrough above the resistance level.

Based on the above technical analysis we recommend buying MANORAMA at CMP of 1185 for a medium term outlook with a stop loss of 1135 for targets of 1265.

Godfrey Phillips India

Buy GODFRYPHLP in cash @ Rs 7921, Stop-loss: Rs 7620, Target: Rs 8500

GODFRYPHLP showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around ₹7921. The stock has been experiencing robust buying interest, the stock has shown consistent higher highs and higher lows, a classic pattern of a strong uptrend.

Notably, the trading volume during upward price movements has been substantial, reinforcing the strength of the rally. In recent sessions, GODFRYPHLP is getting stabilized and moving towards its swing high target of ₹8500, indicating consolidation and a potential setup for another breakout.

Key technical indicators, particularly the Relative Strength Index (RSI), emphasize the stock's positive momentum. The RSI not only signals positive trends but also aligns with the stock trading above crucial moving averages, including the 20-day, 50-day, and 200-day Exponential Moving Averages (EMA). This convergence underscores the sustained strength in GODFRYPHLP price action.

The trend remains bullish, with this upward price action also indicates strong interest and a potential continuation of the rally if the momentum sustains a bullish outlook for GODFRYPHLP. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying GODFRYPHLP in cash at CMP of 7921 for the target of 8500 with a stop loss of 7620.

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.