Stock market today: Day trading guide for Nifty 50 to Sensex, nine stocks to buy or sell today — 1st April

Stock market today: On the last trade session in FY24, the Indian stock market witnessed a decisive intraday upside breakout. The Nifty 50 index went up 203 points and ended at the 22,326 level, the BSE Sensex shot up 655 points and finished at the 73,651 mark whereas the Bank Nifty index surged 338 points and closed at the 47,124 level. In the broad market, the small-cap index gained 0.33 percent while the mid-cap index scaled 0.62 percent north on the last trade session of FY24.

"Domestic equities ended the FY24 on a bullish tone with Nifty up 28.6% while the broader market gained 60%-70%. Nifty strengthened throughout the session to close with gains of 203 points (+0.9%) at 22327 levels. All sectors ended in the green. Markets on Monday will react to global cues as the US will announce Q4 GDP and core PCE price data. Also, US Fed Chair Powell’s speech which is scheduled on Friday will be important from an interest rate perspective," said Siddhartha Khemka, Head of Retail Research at Motilal Oswal.

Day trading guide for stock market today

On the outlook for the Nifty 50 today, Sameet Chavan, Chief Analyst-Technical & Derivatives at Angel One said, "On the daily chart, prices remained within a defined range, concluding near the upper boundary as we approach the significant day of monthly expiry, coinciding with the Financial year-end. Going ahead to the next session, 22200 stands as a pivotal level to monitor; a sustained breach beyond this point could catalyze a robust upward movement, establishing a sturdy foundation for the market in the new month. Conversely, recent sessions have seen buy-ins during intraday dips, indicating potential support levels around the 22000 - 21950 zone for the upcoming session."

On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, "Bank Nifty closed the session at 46,785.95 after gaining 0.40% and has formed a bullish candle on the daily chart. The Index rebounded from the 20-day moving average (DMA) but faced resistance around the 47,000 zone. Fibonacci retracement reveals support at 46,350 levels and resistance at 47,300 levels."

On the outlook for the Indian stock market today, Siddhartha Khemka of Motilal Oswal said, "We expect the market to continue its positive momentum with a focus on large-cap. With the start of the election in April, we believe government-centric stocks to be in focus. Auto stocks are likely to be in the limelight next week amid the release of monthly Auto sales number."

F&O expiry

"Both indices showed positive momentum today, on the back of long rollovers from March to April series. Nifty broke above the resistance of 22,200, signaling a trend reversal and potentially heading towards the 23,000 mark. Bank Nifty, yet to break above 48,000, may test levels of 49,500/50,000 as it witnesses aggressive long bets, with 87% rollovers until Wednesday," said Shilpa Rout, AVP - Derivatives Research at Prabhudas Lilladher.

"Sector-wise, higher rollovers were observed in Financials, Cement, Capital Goods, and Banking (79%). Stock-wise, higher rollovers were seen in MFSL, GodrejCP (90%), SBI, Ambuja Cement, UltraTech Cement, HDFC Life, LIC Housing Finance, and HDFC Bank.”

Buy or sell stock ideas by experts

On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi; Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher; and Drumil Vithlani, Technical Research Analyst at Bonanza Portfolio — recommended nine buy or sell stocks for today.

Sumeet Bagadia's stock recommendations today

1] Eicher Motors: Buy at ₹4019.30, target ₹4330, stop loss ₹3863.

Eicher Motors share price, presently trading at ₹4019.30, has recently exhibited a reversal pattern, breaking out of a daily trend line with significant trading volume. The prevailing price action indicates robust bullish momentum, with expectations of a sustained upward movement towards the ₹4330 level. Notably, substantial support is evident near ₹3863.

2] Lupin: Buy at ₹1617, target ₹1675, stop loss ₹1590.

Lupin share price suggests a generally positive outlook. Lupin share price is currently trading at ₹1616.80 levels, having recently rebounded from a support level of ₹1590 levels. This bounce indicates that buyers are active at this level, potentially providing a foundation for further price gains.

Ganesh Dongre's stocks to buy today

3] Bajaj Finserv: Buy at ₹1644, target ₹1690, stop loss ₹1610.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹1690. So, holding the support level of ₹1610 this stock can bounce toward the ₹1690 level in the short term. Hence, the trader can go long with a stop loss of ₹1610 for the target price of ₹1690.

4] Canara Bank: Buy at ₹581, target ₹620, stop loss ₹560.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹620. So, holding the support level of ₹560 this stock can bounce toward the ₹620 level in the short term. Hence, the trader can go long with a stop loss of ₹560 for the target price of ₹620.

Shiju Koothupalakkal's day trading stocks

5] Mishra Dhatu Nigam: Buy at ₹394, target ₹420, stop loss ₹380.

The stock after the decent correction has consolidated near the ₹360 zone currently indicating a positive candle formation moving past the important 200 period MA of ₹388 levels to improve the bias and further rise is anticipated. The RSI has recovered from the oversold zone and with a trend reversal indicated has signaled a buy with the chart looking attractive. We suggest buying and accumulating the stock for an initial upside target of ₹420 keeping the stop loss of ₹380.

6] Havells: Buy at ₹1515, target ₹1600, stop loss ₹1480.

The stock has formed a higher lows pattern on the daily chart taking support near the significant 50EMA level of ₹1440 zone and has witnessed a pullback to improve the bias. Further rise is anticipated with indicators like RSI showing strength with a trend reversal confirmation and is well placed with much upside potential visible from current levels. We suggest buying the stock for an initial upside target of ₹1600 keeping the stop loss of ₹1480.

7] NBCC: Buy at ₹118.90, target ₹128, stop loss ₹114.

The stock has witnessed a decent erosion from the peak zone of ₹176 levels and recently, having shown signs of stabilizing near the ₹107 zone, has indicated a gradual pullback to improve the bias to move just above the important 50EMA level of ₹118 and with the risk-reward looking very much favourable, we anticipate for a further rise in the coming days. The RSI has slowly picked up and is on the rise indicating strength and can carry on with the positive move further ahead. We suggest buying the stock for an initial target of ₹128 keeping the stop loss of ₹114.

Drumil Vithlani's buy or sell stocks

8] Century Textile: Buy at ₹1627 to ₹1629, target ₹1695, stop loss ₹1600.

Century Textile is seen to be breaking out of a Rectangle pattern on the daily time frame and making a Strong bullish candlestick which is why a buy recommendation is initiated for targets up to ₹1695. One can initiate a buy-on dip in the range of ₹1627 to ₹1629 with a stop loss below ₹1600 on a daily closing basis. The price is trading above the short-term EMA (20) indicating an uptrend in the security. The RSI is now trading in the northern direction supporting the price action.

9] Indiabulls Housing Finance: Buy at ₹168 to ₹168.50, target ₹175, stop loss ₹166.

Indiabulls Housing Finance share is seen to be breaking out of a symmetrical triangle on the daily time frame and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹175. One can initiate a buy-on dip in the range of ₹168 to ₹168.50 with a stop loss below ₹166 on a daily closing basis.

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