Trade Call: Identifying Day-Trading Stocks By Choice Broking’s Sumeet Bagadia on Thursday, April 25

Wednesday saw gains in local benchmark indexes for the fourth day in a row, driven by encouraging signals from across the world. The Nifty small-cap index has hit a new lifetime high, while the midcap index is still 2% behind its prior top. The Nifty finished the day higher than it had begun, at 22,402.

The Nifty Bank index closed the day higher at 48,189 despite having a big starting gap and failing to break over its high of 48,300 yesterday. A number of firms, including Bajaj Finance, Nestle India, Vedanta, Tech Mahindra, IndusInd Bank, L&T Technology Services, Schaeffler India, ACC, Mphasis, Coromandel International, Laurus Labs, and Cyient, will release their major Q4 results today. Market observers could take notice of these disclosures.

nifty forecast
Senior Technical Analyst at LKP Securities Rupak De stated: “The Nifty traded sideways all day till ending the session slightly higher. Given that the index ended above the crucial moving average, short-term sentiment is still favorable. The strong momentum is further supported by the positive crossing in the RSI. Immediate resistance is situated at 22,500 on the upper end. In the immediate run, the index may climb toward 22,750–22,800 if there is a strong advance over 22,500. The position of support is 22,350–22,400.”

Forecast for the Bank Nifty
“The Bank Nifty saw a sideways trading session following a positive start, holding firm around the support zone of 48000-47800,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities. There is immediate resistance around 48500, and more upward into the 49500/50000 levels might be indicated by a clear breakout. Any declines into the support zone should be seen as buying opportunities as long as the general mood remains optimistic.”

Stocks to Purchase Right Now
The executive director of Choice Broking, Sumeet Bagadia, suggested buying or selling two stocks on Thursday, April 25, based on technical analysis.

Chennai Petroleum Corporation Purchases CHENNPETRO Cash at Rs. 1075; Rs. 1044 is the stop-loss; Rs. 1133 is the objective.

A noteworthy change in market dynamics can be seen in the CHENNPETRO daily chart analysis, which shows a potential upward rebound after a period of moderate falls and sideways consolidation. Bullish Engulfing Pattern-characteristic consolidation of the upward advance has coincided with this breakthrough. A discernible increase in trade volume further validates the strong positive mood.

Important technical indicators show the strong momentum in the stock, especially the Relative Strength Index (RSI). Not only does the RSI show positive trends, but it also corresponds with stocks that are trading above significant moving averages, such as the Exponential Moving Averages (EMA) of 20 days, 50 days, and 100 days. The sustained strength of the CHENNPETRO price movement is shown by this convergence.

In conclusion, a bullish view for CHENNPETRO is suggested by the clear breakthrough, good alignment of major technical indicators, and promising volume. This research might be seen by investors and traders as a sign of possible long-term rising momentum in the stock.

In light of the aforementioned research, we advise buying CHENNPETRO in cash at the current market price (CMP) of 1075, with a target objective of 1133 and a stop loss placed at 1044.

The Hindalco Industries
Buy HINDALCO cash at Rs 636.1; set a stop loss at Rs 615; and aim for Rs 666.

HINDALCO is now trading at an all-time high of 637.65 levels, demonstrating strong bullish momentum. Strong trading volumes have backed the recent breakthrough over the critical resistance at 625 levels, which is an important technical event that highlights the strength of the stock. The discovery raises the possibility that the rising trend would continue, providing investors with a positive outlook.

HINDALCO is also confirming its bullish position by trading above important moving averages, such as the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs. Relative Strength Index (RSI), a momentum indicator, is now at 75.93 points.

It is essential for traders to monitor the strong support level around 615 levels, as a breach of this level may indicate a change in market attitude. Overall, the technical situation for HINDALCO right now points to a favorable atmosphere for future upward growth, so long as traders and investors keep a careful eye on important support and resistance levels and are alert to any reversals.

We advise purchasing HINDALCO at the CMP of 636.1 and a stop loss of 615 in order to reach the target price of 666, based on the research presented above.