Intraday Stocks To Buy Today, May 5: Top Picks By Sumeet Bagadia For Profitable Trading On Monday

Due to the inflow of foreign institutional investors (FIIs) and favorable advancements in trade talks between the US and India, the Indian stock market closed the previous week on a positive note, continuing to trade higher for the third consecutive week as the BSE Sensex gained almost 1.70% to end the week at 80,501.99, while the Nifty50 advanced 1.28% to close at 24,346.70. The Bank Nifty ended the day with a modest rise of 0.05% (28.20 points), closing at 55,115.35, while the Nifty ended the session with a modest gain of 0.05% (12.50 points), closing at 24,346.70.

A modest boost in predicted volatility was indicated by the India VIX, which crept up 0.19% to 18.25. Nonetheless, the VIX's potential to remain above the crucial 15-level indicates a higher risk environment in the face of impending macroeconomic and ongoing geopolitical risks. Investors will be watching this week's HSBC Composite PMI and HSBC Services PMI Final data on the macroeconomic front, while the Fed Interest Rate Decision is scheduled on May 7th globally.

While SBI, Kotak Mahindra Bank, Avenue Supermarts, Indian Bank, Marico, Indian Overseas Bank, and Godrej Properties will be the focus of attention today after their Q4 results hit the D-Street last week, Mahindra and Mahindra, Indian Hotels Company, Coforge, and Computer Age Management Services will be announcing their Q4 corporate earnings today.

Nifty Outlook Today

"The index is continuously trading above the key psychological level of 24,000, a significant technical barrier. Also, it trades above the 21-day, 55-day, and 200-day exponential moving averages, suggesting sustained bullish momentum. Gains were primarily fueled by strong performance in banking stocks. The RSI remaining above the 14-day SMA indicates ongoing strength. Immediate support levels are placed at 24000 and 23700 which also align with the 22DEMA. On the upside, resistance is seen at 24600, and a move above this may open the path toward 25000. A buy-on-dips approach is considered favorable though caution is advised with potential market volatility," said Mr. Puneet Singhania, Director at Master Trust Group.

Bank Nifty Outlook Today

"Bank Nifty extended its uptrend with a 0.83% gain, closing above the psychological 55,000 mark and just below its all-time high. A breakout above the long-term trendline confirms bullish strength, supported by the index holding firmly above its 21-DEMA and 55-DEMA. A move above last week's high which is near the 56100 mark could open the door to new all time highs. Heavyweights like HDFC Bank and ICICI Bank continue to lead the rally. On the downside, 54,100 is immediate support; a breach may trigger a slide to 53,400. Overall, the setup remains bullish, favoring a 'buy on dips' strategy amid strong momentum," commented Puneet Singhania.

Stocks To Buy Today

On Monday, May 5, Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks after the Nifty had moved within a certain range between 23,800 and 24,450 over the previous week.

Privi Speciality Chemicals

Buy PRIVISCL in cash @ Rs 2049.3, Stop-loss @ 1975, target @ 2190

PRIVISCL has delivered an impressive up move, currently trading at a 52 week - high of 2054 levels. This surge in the stock continue to delivered an strong bullish momentum supported by steadily rising volumes and improving technical structure. The recent breakout above the crucial resistance at 2000 levels is a significant technical development. The stock closing near the day's high and the breakthrough suggests above the psychologically important ₹2,000 mark, suggests the continuation of this momentum.

Additionally, PRIVISCL is trading above key moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, further affirming its bullish stance. The momentum indicator, Relative Strength Index (RSI), is at 70.49 levels.

For traders, keeping an eye on the strong support near 2000 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, PRIVISCL current technical setup suggests a favourable environment for further upside potential, provided traders and investors remain vigilant to potential reversals and closely monitor key support and resistance levels.

Based on the above analysis we recommend buying PRIVISCL and the CMP of 2049.3 with a stop loss of 1975 for the target of 2190.

Elecon Engineering Company

Buy ELECON in cash @ Rs 574.8, Stop-loss: Rs 551, Target: Rs 615

ELECON delivered a strong bullish performance. The rally was backed by strong volumes and a sharp bullish candle, suggesting aggressive accumulation at lower levels. The counter has been on a strong uptrend since early April, marking a decisive breakout and the trend has shifted from a prolonged consolidation and downward pressure to a clear structure of higher highs and higher lows. A bullish candle with strong range expansion underscores renewed investor confidence and robust momentum in the stock

Adding to the positive momentum, Importantly, this move Importantly, this up move emerged after a brief pullback near the 200-day EMA around ₹530, which provided strong support and acted as a launchpad for the current breakout above ₹570. Furthermore, ELECON is currently trading above its crucial 20-day, 50-day, and 100-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend. Given the overall chart pattern, the analysis suggests a favourable long trading opportunity for investors.

Based on the above analysis we recommend buying ELECON in cash at CMP of 574.8 for the target of 615 with a stop loss of 551.

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.