Intraday Stocks To Buy Today, April 8: Top Picks By Sumeet Bagadia For Profitable Trading On Tuesday

As global risk-off sentiment weighed heavily and the Indian markets echoed a broader downturn, the Nifty closed the previous session at 22,161.60, recording a sharp fall of 3.24%. There was a surge of broad-based selling as the index opened about 5% down. Nifty Bank saw a wide gap-down move in line with a broadly pessimistic market attitude, ending the day at 49,860.10, down 3.19%. At 22.79, the India VIX surged 65.62% intraday, the most since the COVID-19 plunge, indicating increased volatility and market apprehension. Technically speaking, the state of the market seems to be quite concerning, as the VIX spiked more than 65 percent in a single day.

Nifty Outlook Today

"The index has broken down structurally, with persistent global selloffs and rising FPIs short positions in the futures market adding to the pressure. Key support zones have been violated, while resistance zones are reinforced with aggressive call writing. On the technical front, the hourly chart shows the index trading firmly below its short-term moving averages, and RSI readings below 40 confirm bearish momentum building up. The former support zone of 23,350-23,400 now acts as a stiff resistance. Meanwhile, the 22,000-21,930 range holds significance as the immediate demand zone, strengthened by strong put open interest and psychological relevance. Unless Nifty decisively reclaims 23,350, a "sell-on-rise" strategy remains prudent. A break below 22,130 would confirm further downside toward 21,700. With volatility at elevated levels and uncertainty surrounding both domestic and global developments, traders are advised to stay cautious and expect continued high-beta swings in the sessions ahead," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"Following the steep plunge, Nifty Bank has entered a vulnerable technical zone, with the breakdown reinforcing bearish momentum. Selling interest remains intense, especially at higher levels, where FPIs have also added substantial short positions in the futures segment. The breach of multiple support levels has led to gap formations, which will now act as resistance barriers aligning with consistent selling at elevated prices. With the index positioned below its 200 DEMA and the daily RSI dipping below 50, the trend has shifted in favour of bears. The 50,500-51,000 band has morphed into a supply-heavy zone with continued Call OI buildup. On the downside, the 49,500-49,000 range holds psychological and technical significance as the next defence line. If the index decisively breaks below 49,300, it could trigger another wave of selling toward 48,700. Conversely, unless the index reclaims 50,500, the bearish setup remains intact, and traders should adopt a "sell on rise" approach. Expect continued volatility and choppy action, particularly in the lead-up to the RBI policy meet," said Dhupesh Dhameja.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, advised purchasing two stocks on Tuesday, April 8, after the Indian stock market plummeted due to a global market catastrophe and growing fears about the tariff war.

Tata Communications

Buy TATACOMM in Cash @ Rs 1549.85, Stop-loss @ 1490, Target @ 1666

TATACOMM stock is showing early signs of recovery after a prolonged downtrend, currently trading around ₹1549.85. The recent bounce from the ₹1495 support level suggests some buying interest, but the overall trend remains weak unless it sustains above key resistance levels.

TATACOMM is still trading below its major moving averages-the 20-day, 50-day, and 100-day EMAs-indicating that bearish momentum is intact. A close above the 20-day EMA (₹1555) would be an early sign of strength, while a move beyond the 50-day EMA (₹1560) would further confirm a potential trend reversal. However, failure to reclaim these levels may result in continued downside pressure.

The recent low around ₹1495 is acting as an important support zone, where buyers have stepped in to prevent further decline. If TATACOMM falls below this support, it could resume its bearish trend. On the upside, a breakout above the 20-day and 50-day EMAs could push the stock towards the ₹1650-₹1666 range, signalling a stronger recovery.

To manage risk, a stop-loss at ₹1490 is recommended, while the next upside target is set at ₹1666, aligning with the key resistance near the 100-day EMA. Investors should closely monitor price action and volume to confirm any potential trend reversal.

Doms Industries

Buy DOMS in Cash @ Rs 2636.35, Stop-loss @ 2540, Target @ 2828

DOMS is currently trading around 2636.35, having recently bounced back from support near 2475, close to its 200-day EMA. This indicates the stock's ability to maintain stability at these levels.

There is a minor resistance near the ₹2711 level, which closely aligns with the 50-day EMA. This level may act as a short-term hurdle, where the price could consolidate or encounter selling pressure if it fails to break above decisively. A breakthrough above this point might trigger further gains towards the target of ₹2828 and potentially higher.

The Relative Strength Index (RSI) stands at 43.04 suggesting moderate strength without reaching overbought conditions. This leaves room for potential momentum building in the stock.

Overall, DOMS trend is seen as sideways to bullish, supported by various technical indicators, reinforcing a positive sentiment.

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.