Intraday Stocks To Buy Today, May 2: Top Picks By Sumeet Bagadia For Profitable Trading On Friday

The Bank Nifty index had a mediocre performance, falling 0.55% (-304.10 points) to close at 54,334.20, while the Nifty ended the previous session slightly down by 0.01% (-1.75 points), wrapping up at 24,334.20. The India VIX saw a substantial rise in market volatility, rising 4.91% to 18.22. Traders should prepare for abrupt intraday movements due to impending economic headwinds and geopolitical concerns. An increased risk scenario is indicated by the VIX being over the psychological 15-mark, necessitating careful strategy and prudence in short-term trading.

Nifty Outlook Today

"Nifty continues to exhibit signs of consolidation intertwined with caution, as resistance near higher bands persists. The index seems caught in a tug-of-war between bulls and bears, with prices hovering close to upper resistances while holding firm above crucial support levels. Unless a breakout materializes, the market is likely to remain choppy and directionless. Sustaining above the 24,000-23,900 zone keeps the broader trend constructive, while a breakout above 24,500 could unleash a new leg of bullish momentum towards 25,000. Conversely, a breach below key supports could invite sharp profit-taking, pulling the index toward 23,500. Given the swift gains in recent weeks, this sideways movement appears to be a healthy breather, potentially laying the foundation for the next directional breakout," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"The Nifty Bank index remains ensnared in a sideways-to-cautious territory, where bulls and bears continue to engage in a stalemate. While sellers have successfully thwarted upside attempts, buyers are holding the line near established supports. As the index lingers near overhead barriers but continues to safeguard support levels, a breakout-upward or downward-will serve as the key trend catalyst. As long as the index holds above the 54,300-54,500 support zone, the broader price structure retains its constructive tone. A decisive breakout above 56,100 could pave the way for fresh highs, with the next target around 56,700. Conversely, a breach below support could prompt a short-term pullback toward 53,800. Until such a breakout materializes, expect continued range-bound action as the index undergoes healthy base-building post rally-setting the stage for the next directional push," commented Dhupesh Dhameja.

Stocks To Buy Today

In light of the growing geopolitical tensions between India and Pakistan, Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks on Friday, May 2.

Fortis Healthcare

Buy FORTIS in cash @ Rs 685.5, Stop-loss: Rs 660, Target: Rs 735

FORTIS is currently trading at ₹685.5 has delivered a strong bullish momentum on the daily chart, reflecting renewed investor interest and buying momentum. Technically, Fortis is showing signs of a breakout from a consolidation phase that lasted for several weeks.

The price structure indicates strong institutional interest and suggests further upside potential in the coming sessions. If the stock sustains above ₹700, it could see immediate resistance near ₹735-750 levels. On the downside, support now shifts to the ₹660-655 zone. Long-term investors can also hold with a bullish bias, as the structure remains healthy and consistent buying interest has returned after a brief consolidation.

Furthermore, FORTIS is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests a strong bullish momentum, indicating the potential for continued upward price action. The Relative Strength Index (RSI) stands at 85.21, signalling an upward trajectory and confirming an increase in buying momentum.

In summary, considering the technical analysis and prevailing market conditions, FORTIS appears to present a promising buying opportunity for those targeting a ₹735 price objective, contingent upon the implementation of prudent risk management measures.

GlaxoSmithKline Pharmaceuticals

Buy GLAXO in cash @ Rs 2964.6, Stop-loss: Rs 2850, Target: Rs 3160

GLAXO showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around ₹2964.6. The stock witnessed strong price action was marked by strong buying momentum. After a prolonged downtrend that bottomed out in early February, GLAXO has shown a strong reversal, forming a steady pattern of higher highs and higher lows.

This shift indicates a transition from bearish to bullish territory, signalling strong participation from investors. The stock is consolidating near the psychological ₹3,000 mark. Today strong close near this level suggests a potential breakout. A confirmed move above ₹3,000 could open the path for further upside toward 3,150 and 3,200 level.

Key technical indicators, particularly the Relative Strength Index (RSI), emphasize the stock's positive momentum. The RSI not only signals positive trends but also aligns with the stock trading above crucial moving averages, including the 20-day, 50-day, and 200-day Exponential Moving Averages (EMA). This convergence underscores the sustained strength in GLAXO price action.

The trend remains bullish, with this upward price action also indicates strong interest and a potential continuation of the rally if the momentum sustains a bullish outlook for GLAXO. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying GLAXO in cash at CMP of 2964.6 for the target of 3160 with a stop loss of 2850.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.