Day trading stocks to buy today: Following the escalation in the geopolitical tension in the Iran-Israle war, the Indian stock market witnessed a sharp correction on Friday last week. The Nifty 50 index corrected 234 points and ended at the 22,519 level, the BSE Sensex nosedived 793 points and closed at the 74,244 mark, and the Bank Nifty index shed 422 points and finished at the 8,564 level. In the broad market, the small-cap index dipped 0.60 percent whereas the mid-cap index went down 0.49 percent.
Anand Rathi’s stock recommendations
Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that market mood has turned weak after the escalation in the Iran-Israel war. The Anand Rathi expert said that the Nifty 50 index is in a crucial support zone of 22,500 to 22,550. On breaching this support, the Indian stock market sentiment may turn more weak. On the upper side, the 50-stock index is facing resistance at 22,800 to 22,900 zone.
On day trading stocks to buy today, Ganesh Dongre of Anand Rathi recommended three shares to buy today — NBCC, M&MFIN, and Bharat Forge.
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Stock market today
On the outlook for the Indian stock market today, Ganesh Dongre of Anand Rathi said, “On the Nifty 50 front, we hold the support level of 22,500 to 22,550 zone, which will keep the movement upward for the 50-stock index in the upcoming days. Now the resistance for the Nifty spot will be 22,800 to 22,900 zone. As per Friday’s chart pattern, we have seen the gap down opening and then continuing its bearish pattern for the whole day, which is nothing but the profit booking for the short term, so on the nifty front, until the time we are closing above its support level of 22,500 to 22,550, our stand will remain bullish for the short term. At this juncture, the Nifty 50 is seen in overbought territory. So at a higher level, profit booking is possible.”
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“On the other hand, on the bank nifty front, we have seen profit booking today, but it is still sustained above the support level of 48,500 level. So, the next resistance will be 49,000 to 49,200 on the spot level,” Dongre added.
Day trading stocks to buy today
1] NBCC: Buy at ₹134, targtet ₹145, stop loss ₹128.
We have seen a major support in NBCC share price around ₹128 to ₹130. So, at the current juncture, NBCC share price has again seen a reversal price action formation at the ₹132 to ₹135 price level, which may continue its rally till its next resistance level of ₹145 to ₹150. Hence, traders can buy and hold this stock with a stop loss of ₹128 for the target price of ₹145 in the upcoming weeks.
2] M&MFIN: Buy at ₹304, target ₹318, stop loss ₹295.
The M&MFIN share price has a bullish reversal pattern, technically retrenchment could be possible till ₹318. So, holding the support level of ₹295, M&MFIN share price can bounce toward the ₹318 level in the short term. So, the trader can go long with a stop loss of ₹295 for the target price of ₹318.
3] Bharat Forge: Buy at ₹1167, target ₹1210, stop loss ₹1154.
We have seen a fresh breakout in Bharat Forge around ₹1160 to ₹1165. So, at the current juncture, Bharat Forge share has again seen a reversal price action and bullish candlestick pattern formation at the ₹1160 to ₹1165 price level, which may continue its rally till its next resistance level of ₹1210 to ₹1220. Hence, traders can buy and hold this stock with a stop loss of ₹1154 for the target price of ₹1210 ₹in the upcoming weeks.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 15 Apr 2024, 07:42 AM IST