Buy or sell stocks for today: Indian stock market snapped its three-day winning streak in the previous session dragged by profit booking in select auto and banking stocks and foreign fund outflows. Analysts expect volatility to persist as investors closely monitor the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting from Wednesday, with the first outcome for the new fiscal 2024-25 (FY25) announced on Friday.
RBI’s rate setting panel is expected to maintain a pause on the key interest rates amid the current economic growth trajectory and retail inflation data. The 30-share BSE Sensex benchmark fell 110.64 points or 0.15 percent to settle at 73,903.91 on April 2. During the day, the index dipped 270.78 points or 0.36 percent to a low of 73,743.77.
Read also: Nifty April series outlook: 4 stocks where investors can park their money; do you own
The broader NSE Nifty dipped 8.70 points or 0.04 percent to 22,453.30, despite a session-ending recovery. In the broader market, the more domestically focused BSE small cap rose 1.28 percent and mid-cap index gained 1.14 percent. Analysts said mid- and small-cap stocks continued to recover, but concerns about high valuations remained.
US Federal Reserve Chairman Powell’s speech is due later today, which will be keenly watched by investors for further indications of rate cuts and imminent market movement. International crude oil prices hit a six-month high on April 2, with benchmark Brent rising above $89 a barrel for the first time since October on supply risks from Ukrainian attacks on Russian facilities and the Middle East crisis.
Crude oil prices hit 2024 highs ahead of the meeting of the joint ministerial monitoring committee (JMMC) of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) – also later today.
Intraday trading tips for Wednesday
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher said that Nifty 50 has the next higher targets of 22,800 and 23,400 levels with near term major support kept near 22,000 zone.
Coming to the stocks that investors can buy, Prabhudas Lilladher’s expert has recommended three intraday stocks for today – Marksans Pharma, IRB Infrastructure Developers and Kiri Industries.
Stock market today
On the outlook for the Nifty 50’s performance today, Vaishali Parekh said, ”Nifty again found resistance near the 22,500 zone and had a flat day with bias kept positive and scope for upward movement expected in the coming days.”
Read also: OPEC+ meeting: Oil producers unlikely to change production policy on April 3 after crude hits 2024 highs
For Bank Nifty, Parekh said, ”Bank Nifty, also in a similar manner, ended the session on a flat note with HDFC Bank maintaining its bias while ICICI Bank, Kotak Bank and Axis Bank witnessing some profit booking.”
Parekh added that for Nifty 50, the support for the day is seen at 22,300 level while the resistance would be seen at 22,600 levels. Bank Nifty would have the daily range of 47,200-48,000 levels.
Nifty Spot Index
Support – 22,300
Resistance – 22,600
Bank Nifty Spot Index
Support – 47,200
Resistance – 48,000.
Read also: Expert View | Market to firm up in FY25, Nifty 50 tops cap at 24,300: Rahul Ghose of Hedged.in
Stocks to buy today
1. Marksans Pharma: Buy Marksans Pharma at ₹161.10, Purpose ₹170, Stop Loss ₹157
2.IRB Infra: Buy IRB Infra at ₹63.75, Target ₹68, Stop Loss ₹62
3. Kiri Industries: Buy Kiri Industries at ₹339.70, Purpose ₹357, Stop Loss ₹332.
Disclaimer: The views and recommendations above are those of individual analysts, experts and trading companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 03 Apr 2024, 06:06 IST