Stock market today: Day trading guide for Nifty 50 to Sensex, six stocks to buy or sell today — April 10

Indian market today: The Sensex and the Nifty 50, key benchmarks of the Indian stock market, closed lower on Tuesday, April 9, following a surge to fresh record highs, as global cues remained weak. The Sensex commenced trading at 75,124.28, surpassing its previous close of 74,742.50, and attained a new peak of 75,124.28 during the session. However, it relinquished all gains and concluded the day down by 59 points, or 0.08 percent, settling at 74,683.70. Whereas, Nifty 50, it opened at 22,765.10 compared to its preceding close of 22,666.30, reaching a fresh pinnacle of 22,768.40 before ultimately finishing 24 points, or 0.10 percent, lower at 22,642.75.

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“Sensex & Nifty scaled new lifetime highs on the auspicious day of Gudi Padwa, but markets erased all its gains to end flat with a negative bias on select profit taking. While fundamentals continue to be strong, stretched valuations will allow investors to book profit at regular intervals. Investors would still be mindful of rising crude prices and US Fed’s inability to cut rates amid stubborn inflation, which could fuel uncertainty going ahead. For Nifty, the immediate hurdle is seen at 22771 mark while the index has support at 22255 level," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Day trading guide for stock market today

On the outlook for the Nifty 50 today, Rupak De, Senior Technical Analyst, LKP Securities, said, "Nifty opened higher but struggled to withstand the selling pressure at elevated levels. On the hourly chart, the RSI (14) indicates bearish divergence, signaling a potential shift in price momentum towards the downside. Immediate support is observed at 22,600; a decisive drop below this level could drive the index towards 22,400. Conversely, resistance is evident at 22,770 on the higher end."

On the outlook for the Bank Nifty today, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said," The Bank Nifty demonstrated resilience at higher levels by surpassing the 49,000 mark intraday. It finds support at 48,000, coinciding with significant open interest in put options. Sustained closure above 49,000 could propel the index towards 50,000. With a bullish undertone prevailing, downturns are seen as buying opportunities for the index."

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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 Drumil Vithlani, Technical Analyst at Bonanza Portfolio — recommended seven buy or sell stocks for today.

Sumeet Bagadia's stocks to buy today

1] Apollo Hospital: Buy at ₹6505, target ₹6930, stop loss ₹6280

APOLLOHOSP is currently trading at ₹6505. The stock recently formed a cup and handle pattern on the daily chart, suggesting a potential upward movement with projected targets at ₹6930 and ₹7000. Notably, substantial support is evident around ₹6280.

Additionally, APOLLOHOSP is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, indicating a strong bullish momentum. The Relative Strength Index (RSI) stands at 59.37, affirming an upward trajectory and confirming increased buying momentum.

To effectively manage risk, it is advisable to set a stop-loss (SL) at ₹6280, safeguarding investments against unexpected market reversals. A prudent strategy involves considering buying opportunities during market dips at levels around ₹6395.

In summary, based on technical analysis and prevailing market conditions, APOLLOHOSP appears to offer a promising buying opportunity for those targeting price objectives of ₹6930 and ₹7000, contingent upon the implementation of prudent risk management measures.

2] Aurobindo Pharma: Buy at ₹1131.95, target ₹1200, stop loss ₹1095

AUROPHARMA is exhibiting resilience, having rebounded from the support range of 1090-1095 levels, indicating underlying strength in the stock. Currently trading at 1131.95 levels, it maintains positions above crucial moving averages, including the short-term (20-day), medium-term (50-day), and long-term (200-day) EMAs, signalling a bullish sentiment.

The momentum indicator has also rebounded, with the Relative Strength Index (RSI) currently at 64.05 levels and trending higher, further affirming positive momentum in the stock.

Looking ahead, a minor resistance is anticipated near its all-time high levels of 1177. Upon surpassing this level, AUROPHARMA is poised to move towards the target price of 1200 and beyond.

Investors may consider accumulating positions in AUROPHARMA, capitalizing on the recent bounce from support levels. However, prudent risk management practices entail setting stop-loss levels to mitigate potential downside risks. Monitoring price movements around the resistance level of 1177 will be crucial in gauging the stock's ability to sustain its upward momentum and validate the bullish outlook.

With a short to medium term outlook one can buy AUROPHARMA at CMP of 1131.95 with a SL of 1095 for a target price of 1200.

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Shiju Koothupalakkal's buy or sell stocks

3] EID-Parry (India): Buy at ₹608.80, target ₹640, stop loss ₹595

The stock has picked up well after the consolidation period and has moved past the important 50EMA level of 584 zone to improve the bias and with currently having a bullish candle formation on the daily chart, has strengthened the trend to anticipate for further rise in the coming days. With the RSI also on the rise has shown strength and we suggest to buy the stock for an initial target of 640 level keeping the loss of 595 levels.

4] Mishra Dhatu Nigam: Buy at ₹418, target ₹435, stop loss ₹409

The stock has regained strength after the consolidation near 360 zone and thereafter has maintained above the confluence of the 50EMA and 100 period MA at 408 and 412 levels respectively, currently with a positive candle formation to improve the bias and anticipating for further rise in the coming days. The RSI has recovered strongly and is currently well placed indicating strength. With the chart looking attractive, we suggest to buy the stock for an initial target of 435 keeping the stop loss of 409.

Also read: 23,000 or 25,000? Here's where experts see Indian benchmark Nifty 50 by FY25-end

Drumil Vithlani's shares to buy today

5] SBI Cards: Buy at ₹751-752, target ₹780, stop loss ₹736

Sbi cards is seen to be breaking out of a downward sloping channel pattern followed by retest on the daily time frame and making a Strong bullish candlestick which is why a buy recommendation is initiated for targets up to ₹780 One can initiate buy on dip in the range of 751-752 with stop loss below 736 on daily closing basis. The price is trading above the short term EMA (20) indicating uptrend in the security. The RSI is now trading in the northern direction supporting the price action.

6] Petronet LNG: Buy at ₹288-289, target ₹300, stop loss ₹284

PETRONET is seen to be breaking out of cup & handle pattern on the one hour time frame and making a bullish candlestick which is why a buy recommendation is initiated for targets up to Rs.300. One can initiate buy on dip in the range of 288-289 with stop loss below 284 on daily closing basis.

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.