Stocks to buy today: Royal Orchid Hotel, Wipro, Tata Chemicals and RBL Bank among list of 20 stocks for profitable trade on May 2

The Indian market closed with more than half per cent cuts on Friday as benchmarks Nifty50 and Sensex declined 0.84% and 0.80% amid weakness in energy, auto, banking and media stocks as all sectors ended in the red. The broader Nifty50 held on at 17, 100 level, while the 20-share index dropped nearly 500 points. The headline indices closed with marginal cuts to end in the red for the week ended April 29.  

Meanwhile, in the Asian market, Japanese Nikkei 225 was trading lower by 0.9% in the early trade as no trading was seen in Chinese Shanghai Composite and Hang Seng Index at the Hong Kong Exchange.  

SGX Nifty, which indicates opening trend for the domestic equity market, saw Futures index dropping more than 250 points in the morning trade on the Singaporean Exchange on Monday, hinting further weakness for the Indian market.  

"On April 29, the Nifty faced resistance near the junction of the swing high on the daily chart & the 20 DMA i.e. near 17400. Thereon, the Nifty nosedived towards the end of the session & formed a bearish outside bar as well as an Engulfing bear candle on the daily chart," said Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas. 

Overall structure suggests that the index can continue to consolidate in the range of 17000-17400 & once the swing low of 16958 is breached then the index can tumble down towards 16600, he added. 

Meanwhile, ahead of the market opening, Zee Business research team brings you a list of stocks for profitable trade. The stocks have been picked, keeping in mind the interest of retail investors, who can make good returns from these stocks in the short-term, positional and long-term basis. Below is the list of stocks identified by our analysts on Monday, May 2, 2022.  

Kushal Gupta Stock Picks  
Cash 
Royal Orchid Hotel - Buy - 150 
Duration - 1 month 
 
FTR 
Wipro - Sell - 492, sl - 516 
 
OPTN 
JSPL 540 PE@24.3 - Buy - 48, sl - 15 
 
Techno 
Hero Moto - Sell - 2425, sl - 2535 
 
Funda 
Escorts - Buy - 2000 
Duration - 1 year 
 
IPL 
Symphony - Buy - 1350 
Duration - 3 months 
 
News 
NMDC - Sell - 155, sl - 163 
 
Mychoice 
Birlasoft - Sell - 404, sl - 422 
 
JSW Steel - Sell - 710, sl - 736 
 
SAIL - Sell - 94, sl - 98.5 
 
Best Pick 
SAIL - Sell - 94, sl - 98.5 
 
 ~~~~~~~~~~~~~~~ 
Ashish Chaturvedi Stock Picks 

 
CASH STOCK 
BUY VENKYS TARGET 2250 SL 2100 
 
FUTURES 
BUY TATA CHEM TARGET 965 SL 920 
 
OPTIONS 
BUY RBL BANK 120 PE TARGET 9 SL 4.85 
 
TECHNO 
SELL APOLLO HOSP TARGET 4340 SL 4550 
 
FUNDA 
BUY CDSL TARGET 1400 SL 1360 
 
IPL STOCK 
BUY EID PARRY TARGET 640 DURATION 12 MONTHS 
 
STOCK IN NEWS 
SELL DELTA CORP TARGET 260 SL 270 
 
MY CHOICE 
SELL GODREJ PROP TARGET 1550 SL 1595 
SELL SUNTV TARGET 476 SL 487 
SELL TECH MAH TARGET 1230 SL 1280 
 
MY BEST 
BUY RBL BANK 120 PE TARGET 9 SL 4.85 

Earlier, the US Market closed with massive drubbings on Friday as Dow Jones slipped more than 900 points, Nasdaq over 500 points and S&P 500 declined more than 150 points.