Intraday Stocks To Buy Today, April 7: Top Picks By Sumeet Bagadia For Profitable Trading On Monday

The major indices, the Nifty 50 and the Sensex, fell 2.6% apiece last week as the Sensex found close to the week's low at 75,364.69, while the Nifty ended at 22,904, dipping below the 23k mark. Following a worldwide sell-off prompted by U.S. President Trump's tariff proposals, the Nifty Midcap100 and Nifty Smallcap100 fell by 2% and 2.6%, respectively. In addition to the focus on the RBI's monetary policy outcome on April 9, where the market anticipates another 25 basis point rate cut, and the Q4FY25 earnings season beginning with TCS results on April 10 post which key macroeconomic indicators-IIP and CPI data-due on April 11, Indian markets are predicted to be volatile this week due to worries about the consequences of the US reciprocal tariffs.

Nifty Outlook

"Nifty's breakdown of key supports reinforces a clear bearish continuation pattern, with sellers building a persistent supply zone at higher levels. The Call writing-heavy 23,000-23,200 region has flipped from a support area into a major resistance ceiling. Meanwhile, the 22,800-22,500 zone has now become crucial near-term support, backed by fresh Put additions. A clean break below 22,800 could accelerate the bearish momentum and invite further unwinding. Until the index decisively reclaims 23,000, rallies are likely to be sold into," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook

"Nifty Bank continued to display resilience, outperforming the broader Nifty index despite weak global cues. However, the index remains trapped in a directionless phase, lacking a decisive breakout. Persistent call writing in the 51,700-52,000 zone, along with resistance from the previous swing high, has created a firm supply barrier at higher levels. On the flip side, the 51,000-51,300 region has emerged as a crucial support zone, reinforced by fresh put writing, indicating buyer interest at lower levels. A clear breakout on either side of this tight range is likely to drive the next directional move. Until the index decisively conquers the 52,000 mark, rallies may face selling pressure and are likely to be short-lived," commented Dhupesh Dhameja.

Stocks To Buy Today

On Monday, April 7, Choice Broking's executive director Sumeet Bagadia recommended buying two stocks after the Nifty index fell below its 20-day EMA, solidifying the trend toward bearishness.

Tata Consumer Products

Buy TATACONSUM in Cash @ Rs 1087.85, Stop-loss @ 1050, Target @ 1164

TATACONSUM is currently trading at ₹1087.85, exhibiting strong upward momentum. The stock has rebounded from lower levels while forming a higher high-higher low pattern, accompanied by a robust bullish candlestick-indicating strength in the ongoing trend. The recent breakout above the ₹1070 resistance level further reinforces the potential for continued appreciation, with a near-term target of ₹1164 if the current momentum sustains.

Additionally, the stock is trading well above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), further strengthening its positive outlook. The Relative Strength Index (RSI) is at 76.34 and continues to trend higher, signaling strong buying momentum.

On the downside, immediate support is placed at ₹1060, with a stop-loss recommended at ₹1050 to effectively manage risk. Given the favorable technical setup and strong market indicators, TATACONSUM presents a compelling buying opportunity. Traders may consider entering at ₹1087.85 with a target of ₹1164 while maintaining disciplined risk management strategies.

Max Financial Services

Buy MFSL in Cash @ Rs 1165.05, Stop-loss @ 1124, Target @ 1247

MFSL is currently trading at ₹1165, having reversed from a key support level. The stock has formed a bullish candlestick on the daily timeframe and is approaching a breakout from its consolidation range of ₹1170-₹1114. A successful breakout from this range would further validate the ongoing reversal pattern, supported by a notable increase in trading volumes, indicating strong buying interest among investors.

In the short term, the stock appears well-positioned to target ₹1247.The Relative Strength Index (RSI) stands at 65.26, reflecting a healthy uptrend with potential for further upside. Additionally, MFSL is trading comfortably above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), reinforcing its bullish momentum.

If the stock sustains above the critical resistance level of ₹1200, it could offer a favorable entry opportunity for long positions. Traders may consider entering at ₹1165, targeting ₹1247, while placing a stop-loss at ₹1124 to effectively manage risk. While the trade setup remains promising, traders should remain mindful of potential short-term volatility and adhere to 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.