Stock market today: Day trading guide for Nifty 50 to Sensex, seven stocks to buy or sell on April 3

Stock market today: Both the domestic equity benchmarks, Sensex and Nifty 50, halted their three-day winning streak, as the 30-share benchmark plummeted by 110 points. The 30-share BSE Sensex declined by 110.64 points or 0.15 per cent to settle at 73,903.91. Meanwhile, the broader NSE Nifty dipped 8.70 points or 0.04 per cent to 22,453.30.

“Nifty retreated from record-high levels and remained in negative territory throughout the session to close flat with at 22453 levels. Broader market outperformed by more than 1%. Sector-wise it was a mixed bag with buying seen in Metals, Realty, Oil & Gas, Consumer Durables, and Auto. Realty sector was in momentum after unsold home inventory declined by 7% in Q4FY24 in nine major cities in India (source: Prop Equity), while stamp duty registration for Mumbai in FY24 also jumped 13% YoY. Metals stocks rallied on the back of rising metal prices globally and India’s Manufacturing PMI surging 16-year high of 59.1 in March,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

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Day trading guide for stock market today

On the outlook for the Nifty 50 today, Rupak De, Senior Technical Analyst, LKP Securities, "The Nifty traded within a range following a flat start. The index formed back-to-back doji patterns on the daily chart, typically indicating a pause before the next move. However, sentiment remains positive, with the Nifty closing above the important moving average. Momentum also remains positive, as indicated by the RSI in bullish crossover. Over the short term, the trend is positive, with potential to reach 22,650-22,700. Support is positioned at 22,350-22,300 on the lower end."

On the outlook for the Bank Nifty today, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, "The Bank Nifty index maintained a narrow consolidation pattern in anticipation of the RBI policy. With downside support at 47000 and upside resistance at 48000, a breakout in either direction could trigger significant market moves. Despite the consolidation, the overall sentiment remains bullish, suggesting that dips should be seen as buying opportunities, especially with immediate support around the 47400-47350 zone."

On triggers that may dictate the Indian stock market today, Siddhartha Khemka of Motilal Oswal said, “Global markets are expected to remain volatile ahead of key economic data scheduled to be released within two days. Further, US Fed Chair Powell's speech is also due on Wednesday which will be keenly looked upon. Key event to watch – US Job opening data to be released late today. After the strong move seen in the previous session, we expect the market to consolidate over the next few days keeping various key events in mind.”

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Buy or sell stock ideas by experts

On day trading stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher; and Virat Jagad, Technical Analyst at Bonanza Portfolio — recommended seven buy or sell stocks for today.

Sumeet Bagadia's intraday stocks for today

1. JSW Steel: Buy at ₹879.25, target ₹940, stop loss ₹849

JSWSTEEL, currently trading at 879.25 levels, is showing signs of a positive technical outlook. The stock has recently given a strong breakout above 850 levels, demonstrating its ability to maintain price stability.

Notably, the stock has successfully crossed a minor resistance level at 870 levels. This is a positive development, as it signifies a potential change in the stock's trend.

There is another resistance level in the vicinity of 895 levels. If the stock manages to sustain a position above this mentioned resistance, it may pave the way for an upward movement towards the target level of 940 and beyond.

The Relative Strength Index (RSI), a momentum indicator, is currently trading at 68.13 levels. This RSI reading suggests a moderate level of strength in the stock, without being in overbought territory. It implies that there is room for the stock to potentially gather further momentum.

Based on the above analysis JSWSTEEL can be purchased at CMP of 879.25 for the target of 940 levels with a SL of 849.

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2. Bajaj Finserv: Buy at ₹1656.55, target ₹1730, stop loss ₹1610

BAJAJFINSV is currently trading at ₹1656.55, displaying a pattern of higher highs and higher lows, indicative of a bullish momentum that is likely to persist. A potential breakout above ₹1670 could propel the stock towards the ₹1730 level, with an immediate resistance at ₹1700. On the flip side, ₹1610 serves as a crucial support level.

Furthermore, BAJAJFINSV is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This signifies a robust bullish trend, suggesting the possibility of continued upward movement. The Relative Strength Index (RSI) is currently at 63.75, on an upward trajectory, indicating growing buying momentum. The Stochastic Relative Strength Index (Stoch RSI) supports this bullish sentiment with a positive crossover. Collectively, these technical indicators imply that BAJAJFINSV has the potential to reach the ₹1730 target in the near term.

To manage risk effectively, it is advisable to set a stop-loss (SL) at ₹1610 to protect the investment in case of an unexpected market reversal. A prudent strategy would involve considering buying opportunities on dips at levels around ₹1640 and ₹1625.

In summary, based on technical analysis and prevailing market conditions, BAJAJFINSV appears to present a promising buying opportunity for those targeting a ₹1730 price objective. It is crucial to implement prudent risk management strategies to navigate potential market fluctuations.

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Shiju Koothupalakkal's day trading stocks

3. SJVN: Buy at ₹132.50, target ₹142, stop loss ₹126

The stock has been in consolidation for quite some time with currently picking up momentum improving the bias maintaining above the significant 50EMA level of 117 zone and is anticipated for further rise in the coming days. The RSI has shown improvement rising after the short consolidation phase and has much upside potential to carry on with the momentum further ahead. We suggest buying the stock for an initial target of 142 keeping the stop loss of 126.

4. Tata Consumer: Buy at ₹1131, target ₹1177, stop loss ₹1107

The stock after witnessing a decent correction from the peak zone of 1269 levels and has stabilized near the important 100 period MA of 1080 zone with support maintained around 1085 levels. Currently, with a positive candle formation on the daily chart has improved the bias and with the RSI also indicating a positive trend reversal to signal a buy, has made the chart to look attractive. We suggest buying the stock for an initial upside target of 1107 keeping the strict stop loss of 1107 level.

5. RailTel: Buy at ₹390, target ₹414, stop loss ₹380

The stock after the steep slide witnessed has taken support near the 301 zone and with a decent pullback seen, has gradually gained momentum to move past the significant 50EMA level of 378 to improve the bias. The RSI is gradually on the rise and thereby improving with strength indicated and is expected to carry on with the positive move further ahead. We suggest buying the stock for an initial upside target of 414 keeping the stop loss of 380.

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Virat Jagad's stocks to buy today

6. Vedanta: Buy at ₹300-302, target ₹470, stop loss ₹430

On a Daily time, frame Vedanta Ltd has given a breakout of Rectangle Pattern on the upside, indicating a positive trend in the stock. The volume after the breakout is high, suggesting demand for security. Buyers have to look more attractive to buy the security above 290 levels. The volume increase on the day of breakout indicates that buyers are active in the market. In the momentum area, RSI is trading in a wider range which indicates that it's an upward trend. On the directional front, DI+ is trading above DI- indicating a positive trend.

7. L&T Finance Ltd: Buy at ₹.167-167.50, target ₹183, stop loss ₹159

L&TFH 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.

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.