Srinagar, Apr 12: As the Indian stock market resumes trading after the Eid holiday, investors are eyeing a few stocks for intraday trading opportunities. According to market experts, Indus Towers and ICICI Prudential Life Insurance Company (ICICIPRULI) are potential buy picks, while Glenmark Pharmaceuticals could see a downside.
Indus Towers: If the stock price sustains above Rs. 327, it presents a good trading opportunity for buyers. Traders can consider buying with a stop-loss below Rs. 322.
ICICIPRULI: If the price sustains above Rs. 630, it could be a trading opportunity for intraday buyers. A stop-loss can be kept below Rs. 621.
Glenmark Pharmaceuticals: There is a possibility for an intraday short trade in Glenmark. Traders can consider selling the stock if it drops below Rs. 1,028.
The broader market sentiment appears positive, with trends in the GIFT Nifty indicating a higher start for the Indian indices. The Nifty futures were trading around 22,672.50, suggesting a gain of 117 points or 0.52% at the open.
Other key highlights from the pre-market analysis include a mixed performance in Asian markets, a drop in US weekly jobless claims, and the European Central Bank holding interest rates steady while hinting at potential rate cuts in the future. Additionally, the Asian Development Bank has raised India’s GDP growth forecast for FY25 to 7%, citing robust investment and improving consumer demand.
Investors will also be closely watching the Q4FY24 earnings announcement from Tata Consultancy Services (TCS), India’s largest IT services company, which is scheduled for later in the day.
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