Intraday Trading: Top Stocks Today - 03 May, 2024

Within the confines of the prior session, the Nifty exhibited an initial surge, followed by a consolidation within the range of 22620-22710. Amidst this fluctuating pattern, the benchmark index ultimately concluded the day with a marginal gain of 0.19%.

The Nifty Midcap 100 index demonstrated a superior performance relative to the Nifty 50, posting a positive gain of 0.49% by the session's closure.

Among sectorial trends, Auto and Metal sectors emerged as pivotal performers, showcasing robust growth. Conversely, Banking and Media sectors encountered obstacles and underperformed throughout the trading session.

Scrutiny of the options market reveals that the highest open interest for call options lies at the 23000 level, while the equivalent for put options rests at 22700. A meticulous examination of today's option chain reveals a heightened level of put writing activity as compared to call writing, indicative of prevailing bearish sentiment in the market.

The Volume Weighted Average Price (VWAP) projects a trading range for the following session between 22500 and 22860. Max Pain is currently positioned at the 22700 spot, with the CE/PE Combined Residual Premium/Pain Value standing at 414.7 Crores.

In the cash market, Foreign Institutional Investors (FIIs) acted as net sellers, with their activity amounting to 964.47 crore. In contrast, Domestic Institutional Investors (DIIs) exhibited a net buying stance, totaling 1352.44 crore.

Top Stocks to Buy Today:

1) TIMKEN

Buy TIMKEN shares in intraday timeframe at CMP Rs. 3357.25

2) APOLLOTYRE

Buy APOLLOTYRE shares in intraday timeframe at CMP Rs. 513.35

3) AWL

Buy AWL shares in intraday timeframe at CMP Rs. 351.45

4) PGHL

Buy PGHL shares in intraday timeframe at CMP Rs. 4814.4

Top Stocks to Short Today:

1) BAJAJFINSV

Sell BAJAJFINSV shares in intraday timeframe at CMP Rs. 1615.45

2) HINDALCO

Sell HINDALCO shares in intraday timeframe at CMP Rs. 641.45

3) DABUR

Sell DABUR shares in intraday timeframe at CMP Rs. 525.3

4) EQUITASBNK

Sell EQUITASBNK shares in intraday timeframe at CMP Rs. 95

Disclaimer: Remember, the market is a living beast, and even the most informed predictions can be devoured by unforeseen events. While this analysis is based on a thorough rule-based research, the ultimate decision to buy or sell rests with you. Do your own due diligence, consider your risk tolerance, and craft a strategy that aligns with your financial goals. Stratzy provides insights, not guarantees, and cannot be held responsible for any gains or losses incurred in your trading activities. Invest wisely, trade responsibly, and may the market gods favor you!