Trade Stocks today- a total of 60 stocks are on the shot-covering list as per the OI percentage. The major entries are Godrej, Divis laboratories, Eicher Motors, and Bharat Forge.
With the market surpassing previous records and closing above the resistance trendline, experts are optimistic about a further rally towards the 22,800 level on the Nifty 50. This could potentially lead the index to reach the long-awaited psychological 23,000 mark in the near future. Immediate support is expected at 22,500, with key support at the 22,300 level, according to experts.
April 8 marked a promising beginning to the week, with the market showing strength. However, the trading volume continued to stay below average for yet another session. The benchmark indices closed at a new high, with the BSE Sensex surging 494 points to 74,743. Similarly, the Nifty 50 soared 153 points to 22,666, forming a bullish candlestick pattern on the daily charts due to the gap-up opening.
What do experts say about Trade Stocks today
“From a technical standpoint, there seems to be a positive outlook for the market moving forward. Despite Nifty reaching new highs, there are no signs of any reversal pattern forming at these levels,” commented Nagaraj Shetti, a senior technical research analyst at HDFC Securities.
The daily trade stocks chart shows positive chart patterns with higher tops and bottoms, indicating a strong upward movement that aligns with the formation of new higher tops.
Nagraj further added “till now, there is no conformation of any higher reversal of top carrying forward at the highs. The short-term Nifty trend is supposed to continue. The next upside levels should be watched by the traders around the 22,800 mark, with immediate support being at the 22, 520 level.
Another expert named Jatin Gedia, who works as technical research analyst at Sharekhan said “the daily Bollinger bands are elevating and indicating the expansion of the range. The prices are moving along the upper band. This suggests that there can be the trending moves in forthcoming sessions.”
Bank Nifty
April 8, the Bank Nifty hit a new record high of 48,717, but some people took their money out at higher levels. The banking index went up 89 points to 48,582 and made a Doji candlestick pattern on the daily period because it closed close to where it started. This shows that bulls and bears aren’t sure what the future market trends will be. Because of the Doji shape at the top, the index may see a change in direction, which experts say would be a good time to buy.
“Bank Nifty is now set to go up even more, up to 49,000 to 49,300.” In the short term, the area between 48,270 and 48,200 will be a very important support zone. Jatin Gedia said, “Minor degree pullbacks should be used as a chance to buy.”
The pivot point tool says that the Bank Nifty index might face resistance at 48,608. It may then face resistance at 48,755, and finally at 48,867. It is likely to find support at 48,463, then at 48,394, and finally at 48,282.
Trade Stocks Making the News
Dilip Buildcoin
As the first business to bid on a job worth Rs 1,092.46 crore in Haryana, Dilip Buildcon has been chosen by the Haryana Rail Infrastructure Development Corporation to carry out the work.
Axis Bank
Bain Capital is planning to leave the private sector lender completely. The US private equity giant wants to lower its stake and start a new block deal worth about $430 million, according to three people who know about the matter.
Gland Pharma
Nicomac Machinery and RP Advisory Services, two companies linked to Dr. Ravi Penmetsa, the former founder of Gland Pharma, have started a block deal worth about $150 million, with the option to increase the amount of money they pay to sell a stake in the drug company, according to three people who know about the situation.
Tata Motors
Jaguar Land Rover (JLR) said that its full-year sales were up over 20% year-over-year thanks to better production and steady demand around the world. In Q4FY24 (not counting the China JV), wholesale sales of 1.1 lakh units were up 16% compared to the same quarter the previous year. For the whole year of FY24, they were up 25% YoY to 4.01 lakh units.
Shilpa Medicare
The drug company set a floor price of Rs 477.33 per share for its qualified institutions placement (QIP) issue on April 8.
The Ban list by NSE
On April 9, the NSE will continue to prohibit Bandhan Bank, SAIL, and Zee Entertainment Enterprises from its F&O list. But that list did not include Hindustan Copper.
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