Intraday Stocks To Buy Today, April 29: Top Picks By Sumeet Bagadia For Profitable Trading On Tuesday

Positive global cues helped the Indian benchmark indices start the day higher on Monday. Throughout the day, the positive trend persisted, and at 24,329, the index ultimately ended the day higher. Likewise, despite starting the day flat, the Bank Nifty index demonstrated remarkable gains. A drop in market volatility was shown by the India VIX volatility index, which decreased by 1.27% to 16.94. The Nifty Defence index climbed 4% following India's agreement to buy 26 Rafael Marine combat aircraft from France for the Indian Navy, valued at around Rs 64,000 crore, highlighting the defense sector's prominence against the background of growing geopolitical tension between India and Pakistan. The stocks that will be in spotlight today are UltraTech Cement, IRFC, Adani Green Energy, TVS Motor Company, IDBI Bank, Adani Total Gas, UCO Bank, and Oberoi Realty following the release of these companies' Q4 results. On Tuesday, key Q4 results include Bajaj Finance, Bajaj Finserv, Trent, BPCL, and Ambuja Cements, among others.

Nifty Outlook Today

"The Nifty index remains in a consolidation-cum-strengthening phase, holding firmly above its neckline, with recent price action reflecting a tug-of-war between bulls and bears. As the index hovers near its key resistance while firmly defending support zones, a breakout in either direction will likely determine the next trend. As long as the Nifty sustains above the 23,900-23,800 support belt, the broader structure stays constructive. A sustained breakout above 24,500 could unleash fresh bullish momentum, propelling the index toward the 25,000 mark. Until then, expect a range-bound trading environment. A breakout above the upper band could energize buyers, while a breakdown below critical support could trigger mild profit-booking toward the 23,500 zone. Given the recent sharp rally, this sideways phase appears to be a healthy base-building period ahead of a major move," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"Nifty Bank continues to trade in a confident consolidation phase as it holds firm above its breakout neckline. Recent price action reflects a tug-of-war between buyers and sellers, and with the index hovering near its resistance, a breakout in either direction could determine the next major trend. As long as the index sustains above the 54,000-54,300 support zone, the broader structure remains positive. A breakout above 56,000 could rejuvenate momentum, potentially unlocking an upside move towards the 56,500 level," Dhupesh Dhameja added.

"Until a clear breakout materializes, expect the market to remain range-bound. A decisive move beyond the upper band could invigorate bulls and set the stage for a sharp rally, whereas a breach below critical support could trigger mild profit-taking towards 53,500. Considering the recent strong rally, the current pause seems more like a healthy base-building phase before a fresh decisive move emerges," the analyst further commented.

Stocks To Buy Today

Following ongoing inflows of foreign institutional investors (FIIs), Choice Broking's executive director, Sumeet Bagadia, advised purchasing two stocks on Tuesday, April 29.

Mangalore Chemicals and Fertilisers

Buy MANGCHEFER in cash @ Rs 222.31, Stop-loss: Rs 212, Target: Rs 235

MANGCHEFER showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around ₹222.31. The stock witnessed strong buying interest throughout the day, making a fresh multi-month high after consolidating gains seen earlier this month.

Also 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, MANGCHEFER volume activity remained robust, signalling strong participation from investors, 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 MANGCHEFER 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 MANGCHEFER. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying MANGCHEFER in cash at CMP of 222.31 for the target of 235 with a stop loss of 212.

Bharat Dynamics

Buy BDL in Cash @ Rs 1490.2, Stop-loss @ 1430, Target @ 1590

BDL, is currently trading at 1490.2, exhibits a strong breakout move, supported by its consistent position above key exponential moving averages (EMAs). Recent price action indicates a consolidation phase and showing strong signs of an impending breakout from its consolidation phase, and the technical indicators are aligning for a potential fresh upside rally.

Although it closed off its intraday highs, the stock maintained bullish momentum with good volume and is now showing strength with a clear higher-high, higher-low structure, a sign of underlying accumulation. This setup suggests the potential for continued upward movement. With the stock positioned above its short-, medium-, and long-term EMAs, bullish momentum appears well-supported. If this trend continues, BDL could reach a short-term target of 1590.

On the downside, immediate support is located at 1450. The Relative Strength Index (RSI) is currently at 69.7 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 1430 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, BDL presents a promising buying opportunity for those aiming for a 1590 target, provided that appropriate risk management strategies are in place.

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.