Trade Call: Day Trading Stock Picks By Sumeet Bagadia of Choice Broking On Tuesday, 30th April

Nifty opened on a weak note and climbed significantly over the day to close at 22,643, up 223 points. The India VIX, climbed 11.65% and wrapped up at 12.23. Throughout the day, Bank Nifty gained significantly, reaching an all-time high of 49,474 before wrapping up 1,223 points higher at 49,424. Stocks that may witness price actions are Indian Oil Corporation, REC, Adani Energy Solutions, Havells India and Adani Total Gas as these companies are going to declare their Q4 results today.

Nifty Outlook

Rupak De, Senior Technical Analyst, LKP Securities said, "Nifty continued to remain in the uptrend as the index closed with solid gains. The index maintained its position above the critical 21EMA, signaling a continuation of the bullish trend. The momentum indicator, RSI (14), shows a bullish crossover. It is projected to move towards 22800-22850 in the short term, with support at 22550."

Bank Nifty Outlook

"The bulls have pushed the index above the previous swing high, signaling a strengthening bullish trend. Additionally, the index has moved beyond the recent consolidation phase. The RSI (14) indicator is in a bullish crossover and is rising. Overall sentiment is expected to remain positive in the short term. Higher gains are anticipated towards 49800-50000, with support at 49000," Rupak De further added.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, made a recommendation on Tuesday, April 30, regarding the buying or selling of two stocks.

Aurobindo Pharma

Buy AUROPHARMA in cash @ Rs 1151.80, stop-loss: Rs 1110, target: Rs 1250

AUROPHARMA is exhibiting resilience, having rebounded from the support range and also passed a small resistance of 1110 levels which is also close to its 20 Day EMA levels, indicating underlying strength in the stock. Currently trading at 1151.80 levels, it maintains positions above crucial moving averages, including the short-term (20-day), medium-term (50-day), and long-term (200-day) EMAs, signalling a bullish sentiment.

The momentum indicator has also rebounded, with the Relative Strength Index (RSI) currently at 63.42 levels and trending higher, further affirming positive momentum in the stock.

Looking ahead, a minor resistance is anticipated near 1178 levels which is also close to its all-time high levels. Upon surpassing this level, AUROPHARMA is poised to move towards the target price of 1250 and beyond.

Investors may consider accumulating positions in AUROPHARMA, capitalizing on the recent bounce from support levels. However, prudent risk management practices entail setting stop-loss levels to mitigate potential downside risks. Monitoring price movements around the resistance level of 1178 will be crucial in gauging the stock's ability to sustain its upward momentum and validate the bullish outlook.

With a short to medium term outlook one can buy AUROPHARMA at CMP of 1151.80 with a SL of 1110 for a target price of 1250.

Cummins India

Buy CUMMINSIND in cash @ Rs 3305.75, stop-loss @ Rs 3199, target @ Rs 3499

CUMMINSIND is currently positioned at 3305.75 levels, reflecting a solid foundation established at the support level of 3199. The consolidation and base formation at this support level signify stability in the stock's performance. Additionally, CUMMINSIND exhibits resilience by trading above crucial moving averages, affirming its inherent strength.

While facing a minor resistance at 3333 levels, a breakout beyond this threshold could pave the way for further upward momentum. Sustaining levels above 3335 may propel the stock towards the next target at 3499 levels, presenting a promising outlook for investors.

Reinforcing the positive sentiment, the Relative Strength Index (RSI) comfortably rests at 74.78 levels, indicating a favourable balance between buying and selling pressures. The technical parameters collectively suggest a constructive environment for CUMMINSIND, encouraging potential bullish movements in the near term. Investors may find opportunities in this upward trajectory, particularly on confirmation of a sustained breakthrough above the resistance level.

Based on the above technical analysis we recommend buying CUMMINSIND at CMP of 3305.75 for a medium term outlook with a stop loss of 3199 for targets of 3499.

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.