Trade Call: Day Trading Stock Picks By Sumeet Bagadia of Choice Broking On Thursday, 25th April

On Wednesday, domestic benchmark indices rose for the fourth straight day, propelled by positive global cues. While the midcap index is still 2% below its previous peak, the Nifty small-cap index has reached a new lifetime high. At 22,402, the Nifty ended the day higher than it had started. Although the Nifty Bank index had a strong opening gap, it was unable to surpass its high of 48,300 yesterday and ended the day higher at 48,189. Today will see the publication of significant Q4 results from a number of companies, including Bajaj Finance, Nestle India, Vedanta, Tech Mahindra, IndusInd Bank, L&T Technology Services, Schaeffler India, ACC, Mphasis, Coromandel International, Laurus Labs, and Cyient. These releases may draw attention from market watchers.

Nifty Prediction

Rupak De, Senior Technical Analyst, LKP Securities said, "The Nifty remained sideways throughout the session before closing with a slight gain. Sentiment for the short term continues to remain positive as the index closed above the critical moving average. The positive crossover in the RSI also supports the positive momentum. On the higher end, immediate resistance is placed at 22,500. A decisive move above 22,500 might take the index towards 22,750-22,800 over the short term. Support is placed at 22,350-22,400."

Bank Nifty Prediction

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said, "The Bank Nifty saw a sideways trading session following a positive start, holding firm around the support zone of 48000-47800. Immediate resistance is noted at 48500, and a decisive breakthrough could signal further upside towards 49500/50000 levels. With the overall sentiment remaining bullish, any pullbacks towards the support zone should be viewed as buying opportunities."

Stocks To Buy Today

On Thursday, April 25, Sumeet Bagadia, executive director of Choice Broking, recommended buying or selling two stocks on the basis of technical analysis.

Chennai Petroleum Corporation

Buy CHENNPETRO in cash @ Rs 1075, stop-loss: Rs 1044, target: Rs 1133

CHENNPETRO daily chart analysis reveals a notable shift in market dynamics, transitioning from a period of minor declines and sideways consolidation to a promising upside bounce. This breakout has been accompanied by a consolidation of the upward movement, characterized by Bullish Engulfing Pattern. The strong bullish sentiment is further validated by a noticeable surge in trading volume.

Key technical indicators, particularly the Relative Strength Index (RSI), highlight the positive momentum in the stock. The RSI not only indicates favourable trends but also aligns with the stock trading above important moving averages, including the 20-day, 50-day, and 100-day Exponential Moving Averages (EMA). This convergence underscores the continued strength in CHENNPETRO price action.

In summary, the decisive breakout, along with encouraging volume and the positive alignment of key technical indicators, suggests a bullish outlook for CHENNPETRO. Traders and investors may interpret this analysis as indicative of potential sustained upward momentum in the stock.

Considering the above analysis, we recommend CHENNPETRO in cash at the current market price (CMP) of 1075, setting a target of 1133, and implementing a stop loss at 1044.

Hindalco Industries

Buy HINDALCO in cash @ Rs 636.1, stop-loss @ Rs 615, target @ Rs 666

HINDALCO is exhibiting strong bullish momentum, currently trading at an all-time high of 637.65 levels. The recent breakout above the crucial resistance at 625 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength in the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

Additionally, HINDALCO 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 75.93 levels.

For traders, keeping an eye on the strong support near 615 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, HINDALCO 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 HINDALCO and the CMP of 636.1 with a stop loss of 615 for the target of 666.

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.