Stock market today: Trade set up for Nifty 50 to Sensex, 6 stocks to buy or sell on Friday — May 3

Stock market today: After showing intraday weakness from the new highs on Tuesday, the Indian stock market shifted into a range-bound action with a positive bias and finished higher on Thursday. The Nifty 50 index ended 43 points higher at the 22,648 level, and the BSE Sensex went up 128 points and closed at the 74,611 mark. However, the Bank Nifty index finished 165 points lower at 49,231 level. However, the broad market outperformed the frontline indices. The BSE mid-cap index gained 0.91 percent, while the small-cap index gained 0.29 percent. In an overnight development, the US stock market ended positive on Thursday. The Dow Jones index ended 0.85 percent higher, the S&P index gained 0.91 percent, whereas the tech-heavy Nasdaq index skyrocketed 1.51 percent.

Trade setup for stock market today

On the outlook of Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term trend of the Nifty 50 index is choppy with range-bound action. Any upside from here could encounter strong resistance around 22800 levels. Immediate support for Nifty today is placed at 22,550 levels, and a slide below the support could trigger some more weakness."

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 3

On the outlook of Bank Nifty today, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said, "The Bank Nifty index experienced a sideways trading session, yet the overall sentiment remains bullish, supported by strong buying interest. Key support is noted at 49,000, with the highest open interest on the put side. Immediate resistance is seen at 49,600, and a decisive breakthrough would signal a continuation of the uptrend toward levels around 50,000 to 51,000. The index maintains a pattern of higher highs and higher lows on the daily chart, indicating the persistence of the uptrend."

Also Read: Day trading stocks to buy: Anand Rathi recommmends three shares to buy today

F&O ban list today

Three stocks have been put under the F&O ban list today. Those three stocks are ABFRL, Biocon, and Vodafone Idea.

Buy or sell stock ideas by experts

Regarding 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 Research Analyst at Bonanza Portfolio — recommended six buy or sell stocks for today.

Sumeet Bagadia's stocks to buy today

1] Bajaj Auto: Buy at ₹9110, target ₹9842, stop loss ₹8740.

Bajaj Auto share price is presently trading at ₹9110. It has recently broken out of a daily trendline with significant volume. This upward momentum is supported by a consistent pattern of higher highs and higher lows on the daily chart, accompanied by robust trading volume. These patterns underscore a resilient upward trajectory in the stock.

2] Petronet LNG: Buy at ₹320.75, target ₹345, stop loss ₹309.

Petronet share price is currently trading at ₹320.75, showcasing a notable 3.5% surge on May 02, 2024, reaching an all-time high. This upward momentum is supported by a consistent pattern of higher highs and higher lows on the daily chart, accompanied by robust trading volume. These patterns underscore a solid upward trajectory in the stock.

Shiju Koothupalakka's buy or sell stocks

3] NHPC: Buy at ₹98, target ₹103, stop loss ₹96.

After indicating a higher low formation on the daily chart, the stock, taking support near the significant 50EMA level of ₹87.50, has witnessed a decent pullback to improve the bias. Further, it has breached above the previous peak of ₹95 to strengthen the trend. We suggest buying the stock for an initial target of ₹103 while keeping the stop loss at ₹96.

4] Birla Corporation: Buy at ₹1492.70, target ₹1550, stop loss ₹1462.

The stock has indicated a positive bullish candle formation on the daily chart, just arriving at the significant 50EMA level of 1494, which has improved the bias and is expected to rise further. The RSI has indicated a trend reversal and is currently well-placed with much upside potential. We suggest buying the stock for an initial target of ₹1550 while keeping the stop loss at ₹1462.

5] Jindal Stainless Ltd or JSL: Buy at ₹734, target ₹770, stop loss ₹720.

The stock has maintained the strong uptrend, sustaining above the critical 50EMA zone, and is currently forming another higher low formation pattern on the daily chart; further rise is anticipated in the coming sessions. The RSI is well placed and on the rise, indicating a trend reversal, and can carry on with the positive move further ahead. We suggest buying the stock for an initial target of ₹770 while keeping the stop loss at ₹720.

Drumil Vithlani's stock of the day

6] BF Utilities: Buy at ₹891 to ₹892, target ₹915, stop loss ₹877.

BF Utilities share is seen to be breaking out of the Ascending triangle on the daily time frame and making a bullish candlestick, which is why a buy recommendation is initiated for targets up to ₹915. One can begin a buy on a dip in the range of ₹891 to ₹892 with a stop loss below ₹877 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.