Stock market today, 4th April: Day trading guide for Nifty 50 to Sensex, six stocks to buy or sell on Thursday

Stock market today: On account of weak global market sentiments ahead of the US Fed chairman Jerome Powell's speech on Wednesday, the Indian stock market remained range-bound throughout the Wednesday session. Out of three frontline indices, The Nifty 50 index and the BSE Sensex ended lower whereas the Bank Nifty ended in the green territory on the previous session. However, the broad market indices continued outperforming the key benchmark indices as the small-call and the mid-cap indices gained over 0.50 percent.

"The Nifty index traded in a narrow range with a negative bias to close flat at 22,435 levels. The broader market outperformed with the Nifty mid-cap 100 up 0.4% and the Nifty Smallcap 100 up 1%. Sector-wise it was a mixed bag with PSU Bank being the top gainer. Markets are trading with caution ahead of the RBI policy meeting and key macro data to be released in the US and Europe. Also, US Fed Chair Powell's speech will be keenly watched. We expect the market to consolidate over the next few days until the events unfold," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.

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Stock market today

On the outlook for the Nifty 50 index, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The near-term uptrend of the Nifty index remains intact and a decisive move above 22,550 is likely to pull Nifty towards the next crucial hurdle of 22,800 levels in a quick period. Immediate support for Nifty today is placed at 22,300 levels."

On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst, SAMCO Securities said, "Bank Nifty ended at 47,545.45, down 0.07%. Private banking stock weakened at the fag end of the session while PSU Bank stocks supported the Index. The support is situated around 47,200 (61.8% Fibonacci retracement). The Relative Strength Index (RSI) closed at 60, which indicates a neutral stance, while resistance is placed around 48,000 level."

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 4

On triggers that may dictate the Indian stock market today, Osho Krishan, Senior Analyst - Technical & Derivative Research at Angel One said, "Going ahead, sectoral rotation is evident and is expected to keep the traders’ fraternity busy in the coming sessions. Hence, it is required to maintain exclusivity in stock selection for outperformance. Simultaneously, global developments need to be tracked closely as they might affect the ongoing trend of our markets. For now, dips are anticipated to augur well for the bulls and we would advocate following the aforementioned levels stringently."

Buy or sell stock ideas by experts

On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher; and Kunal Kamble, Sr. Technical Research Analyst at Bonanza Portfolio — recommended six buy or sell stocks for today.

Sumeet Bagadia's stock recommendations

1] Chambal Fertilisers: Buy at ₹374, target ₹403, stop loss ₹358.

Chambal Fertilisers shares, currently trading at ₹374.10 levels, have exhibited a notable rebound from its support levels, indicating underlying strength in the stock. Having surpassed the initial resistance at ₹367 levels, the stock now trades comfortably above key moving averages, including the short-term (20-day), medium-term (50-day), and long-term (200-day) EMAs.

2] Tech Mahindra: Buy at ₹1258, target ₹1333, stop loss ₹1220.

Tech Mahindra share is currently trading at ₹1258. On the daily chart, a recent breakout accompanied by significant trading volume has been observed. Market expectations suggest the possibility of further upward movement, with a potential target of around ₹1333. On the downside, substantial support is observed near ₹1220.

Shiju Koothupalakkal's stocks to buy today

3] IOL Chemicals: Buy at ₹387, target ₹410, stop loss ₹379.

The stock after the decent correction has taken support near the previous bottom made at around ₹360 zone and has picked up to indicate a pullback. The RSI has improved much from the oversold zone and is on the rise to signal a buy. We suggest buying the stock for an initial upside target of ₹410 keeping the stop loss at ₹379.

4] Himadri Speciality Chemical: Buy at ₹337, target ₹355, stop loss ₹328.

The stock has witnessed a strong uptrend with recently finding some correction and bottoming out near the ₹270 zone, which has once again improved the bias with a higher low formation established on the daily chart. It has moved past the important 100 period MA of ₹326 to improve the bias and further rise is anticipated. The RSI is well placed and on the rise and with upside potential visible, we suggest buying the stock for an initial upside target of ₹355 keeping the stop loss of ₹328.

Kunal Kamble's day trading stocks

5] Yes Bank: Buy at ₹25.40, target ₹27.40, stop loss ₹24.30.

Yes Bank shares regain strength after a throwback, forming a bullish candle closing above 3 weeks close. The increase in volume gradually indicates buyers' interest in buying the security. The price closed above the exponential moving average of 50, indicating an upward trend in the security. After cooling off, the RSI has begun moving to the north in support of price action.

6] Honeywell Automation India: Buy at ₹40,559 to ₹40,605, target ₹43,487, stop loss ₹39,095.

A Cup and Handle pattern breakout has been witnessed in HONAUT. A steady increase in volume indicates buyers are more interested in buying the security. The price is trading above the major EMA's indicating an uptrend in the security. The RSI after cooling off has started trading in the northern direction supporting the trend. DI+ trading above DI- indicates positive strength, whereas ADX trading above DI- indicates strength in the move.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.so