Day trading stocks to buy: Anand Rathi expert suggests three shares to buy today
In the broader market, the BSE Midcap and BSE Smallcap underperformed the benchmarks and closed 0.47 per cent and 0.15 per cent respectively. Investors keenly await the US inflation data and US central bank’s Federal Open Market Committee (FOMC’s) latest minutes-of-the-meeting — both due later today, for further cues on the timing of interest rate cuts.
Also Read: 23,000 or 25,000? Here’s where experts see Indian benchmark Nifty 50 by FY25-end
Intraday trading tips for Wednesday
Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that on the nifty front, the support level is held at the 22500–22550 zone, which will keep the movement upward for the Nifty in the upcoming days. ‘’Now the resistance for the Nifty spot will be 22,900–23,000. In the last trading session, we moved near the resistance level of 22,900–23,000,” said Dongre.
On shares to buy today, Ganesh Dongre recommended three day trading stocks to buy today —Balrampur Chini Mills, Bharat Electronics Ltd (BEL), and Infosys.
Stock market today
Speaking on the outlook for the stock market today, Ganesh Dongre of Anand Rathi said, ‘’As per today’s chart pattern, we have seen the gap up opening and then continuing its bullish trend, but we have also seen some profit booking on the Nifty 50 front, so closing above its resistance level of 22,550, our bullish stand will continue till its resistance level gets achieved.”
‘’At this juncture, Nifty is seen in overbought territory. So at a higher level, profit booking is possible. On the other hand, on the Bank Nifty front, today again it sustained above the support level of 48,500, so the next resistance will be 49,000–49,200 on the spot level,” added Ganesh Dongre.
Also Read: Exide Industries hits back-to-back 52-week high on EV deal with Hyundai, Kia; Time to buy?
Day trading stocks to buy today
1.Balrampur Chini Mills Ltd: Buy at ₹392, Target ₹410, Stop Loss ₹380
We have seen a fresh breakout in this stock around ₹380-85. So, at the current juncture, the stock has again seen a reversal price action and bullish candlestick pattern formation at the ₹380-85 price level, which may continue its rally till its next resistance level of ₹410-415, so traders can buy and hold this stock with a stop loss of ₹380 for the target price of ₹410 in the upcoming weeks.
2.BEL: Buy at ₹228, Target ₹242, Stop Loss ₹217
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 242 so, holding the support level of 217 this stock can bounce toward the level 242 in the short term, so the trader can go long with a stop loss of 217 for the target price of 242.
3.Infosys: Buy at ₹1,492, Target ₹1,540, Stop Loss ₹1,445
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 1,540 so, holding the support level of 1,445 this stock can bounce toward the level 1,540 in the short term, so the trader can go long with a stop loss of 1,445 for the target price of 1,540.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
Published: 10 Apr 2024, 07:21 AM IST
