Intraday Stocks To Buy Today, April 22: Top Picks By Sumeet Bagadia For Profitable Trading On Tuesday

The Nifty closed at 24125 on Monday, up 273 points, or 1.15%, for the fifth straight day. Nifty Bank posted a significant 1.87 percent rise, closing the previous session at 55,304.50 after setting a new all-time high of 55,461.65. The Nifty Small-cap 100 gained 2.2%, and the Nifty Mid-cap 100 jumped 2.5 percent. All sectoral indices ended the day higher, with the exception of the Nifty FMCG Index, with the IT, OIL/GAS, Nifty PSU Banks, and real estate sectors leading the gains. With a focus on D-Street, today's major stocks include HCL Tech, Havells, AU Small Finance Bank, Tata Communications, and Waaree Energies, among others due to the release of Q4 results.

Nifty Outlook Today

"From a technical perspective, the Nifty has formed a strong bullish candle on the daily chart, indicating strength. Moreover, it has crossed the barrier of 23,870 and witnessed a fresh breakout of the rounding bottom pattern. This has sparked renewed buying interest, helping the index surpass its 200-Day Simple Moving Average (200-DSMA), which is placed around 24,050. The next major hurdle for the index is near 24,230. If the index manages to close above this level, the rally could extend towards 24,500-24,800. As long as the index holds above 23,870, a 'buy on dips' strategy is recommended," commented Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook Today

"Technically, the index decisively crossed its previous all-time high of around 54,470 and witnessed a fresh breakout of a rounding bottom pattern on the daily chart, reflecting strength. The breakout zone of 54,470 now acts as immediate support for Bank Nifty, and as long as this level is sustained, the index could potentially rally towards the 56,000-56,300 levels. Hence, traders are advised to adopt a "buy on dips" strategy."," said Hrishikesh Yedve.

Stocks To Buy Today

Following the Nifty's crossing of the 23,870 level and a new breakout of the rounded bottom pattern, Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks on Tuesday, April 22.

BSE

Buy BSE in cash @ Rs 6285, Stop-loss @ 6030, Target @ 6666

BSE is exhibiting strong bullish momentum, currently trading at an all-time high of 6313 levels. BSE Ltd surged nearly 6%, indicating firm buying interest throughout the session. BSE has been on a robust upward trajectory since its March low, where the stock bottomed out around the ₹3,682 zone. Since then, it has rallied more than 70% in a little over a month, consistently forming higher highs and higher lows-a classic bullish pattern. BSE has broken out of a multi-month consolidation zone with strong volume, suggesting further upside potential.

Additionally, BSE is trading above key moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, further affirming its bullish stance. The momentum indicator, Relative Strength Index (RSI), is at 70.66 levels.
For traders, keeping an eye on the strong support near 6030 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, BSE current technical setup suggests a favourable environment for further upside potential, provided traders and investors remain vigilant to potential reversals and closely monitor key support and resistance levels.

Based on the above analysis we recommend buying BSE and the CMP of 6285 with a stop loss of 6030 for the target of 6666.

Aavas Financiers

Buy AAVAS in cash @ Rs 2166.3, Stop-loss: Rs 2080, Target: Rs 2300

AAVAS urged by a remarkable 7.78% in Monday's trade. The rally was backed by strong volumes and a sharp bullish candle, suggesting aggressive accumulation at lower levels. The counter has been on an strong uptrend since early March, marking a decisive breakout from a prolonged consolidation phase. A large bullish candle with strong range expansion underscores renewed investor confidence and robust momentum in the stock

Adding to the positive momentum, Importantly, this move came after a brief pullback near the 20-day EMA, which held strong support near ₹2,000, and acted as a springboard for the current rally. Furthermore, AAVAS is currently trading above its crucial 20-day, 50-day, and 100-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend. Given the overall chart pattern, the analysis suggests a favourable long trading opportunity for investors.

Based on the above analysis we recommend buying AAVAS in cash at CMP of 2166.3 for the target of 2300 with a stop loss of 2080.

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.