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

Stocks to buy today: Experts have recommended six buy or sell stocks on Friday — Bajaj Auto, Petronet, NHPC, Birla Corp, JSL, and BF Utilities

Trade setup for stock market today: Experts say that the short-term trend of the Nifty 50 index is choppy with range-bound action. (Photo: Pixabay)Premium
Trade setup for stock market today: Experts say that the short-term trend of the Nifty 50 index is choppy with range-bound action. (Photo: Pixabay)

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.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 03 May 2024, 07:40 AM IST
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