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Business News/ Markets / Stock Markets/  Day trading stocks, 8 April 2024: HLA to NBCC — Anand Rathi expert recommends three shares to buy today
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Day trading stocks, 8 April 2024: HLA to NBCC — Anand Rathi expert recommends three shares to buy today

Day trading stocks for today: Ganesh Dongre of Anand Rathi has recommended three stocks to buy today — HAL, NBCC, and M&MFIN

Stock market today: The Nifty 50 index may continue the upward momentum till the 50-stock index is above 22,250 mark, believes Anand Rathi expert Ganesh Dongre. (Photo: Courtesy Anand Rathi)Premium
Stock market today: The Nifty 50 index may continue the upward momentum till the 50-stock index is above 22,250 mark, believes Anand Rathi expert Ganesh Dongre. (Photo: Courtesy Anand Rathi)

Day trading stocks, 8 April 2024: Following weak global market sentiments, the Indian stock market ended flat on Friday last week. The Nifty 50 index finished marginally lower at 22,513 level, the BSE Sensex added 20 points and ended at the 74,248 mark while the Bank Nifty index shot up 432 points and ended at 48,493 level. However, broad market indices outperformed the Nifty 50 index as small-cap and mid-cap indices finished 0.50 percent higher in the previous session.

Day trading stocks for today

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that the Nifty 50 index may continue the upward momentum till the 50-stock index is above the 22,250 mark. The Anand Rathi expert maintained that Nifty today has strong resistance at 22,600 levels and predicted a 22,900 level once the 50-stock index breaches the 22,600 hurdle on a closing basis. On stocks to buy today, the Anand Rathi expert recommended three day trading stocks for today — NBCC, Hindustan Aeronautics Ltd (HAL), and Mahindra and Mahindra Financial Services Ltd (M&MFIN).

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 8

Stock market today

On the outlook for the Indian stock market today, Ganesh Dongre of Anand Rathi said, "On the Nifty front, we still hold the support level of 22,250 to 22,300 zone, which will keep the movement upward for the Nifty 50 index in the upcoming days. The resistance for the spot will be the 22,550 to 22,600 zone; crossing this resistance, we can see an upward rally continue until the 22,900 zone. As per today's chart, we have seen the gap down opening and then continuing its bullish trend and closing near to its resistance level of 22,550 to 22,600 zone. So currently there is a mixed picture for the stock-specific movement, so stock-specific fresh long-buildup is seen in the selected stocks only."

Also Read: Stocks to buy or sell: BHEL to Bajaj Finserv — Sumeet Bagadia recommends three stocks to buy on Monday — April 8

Bank Nifty stocks in focus

"On the other hand, on the Bank Nifty front, today we achieved another resistance of 48,500. So, the next resistance will be 49,000 to 49,200 on spot level fresh long-buildup seen in HDFC Bank, ICICI Bank, and Kotak Bank," Dongre added.

Shares to buy today

1] HAL: Buy at 3553, target 3630, stop loss 3500.

HAL share price has a bullish reversal pattern, technically retrenchment could be possible till 3630. So, holding the support level of 3500 this stock can bounce toward the level of 3630 in the short term. Hence, the trader can go long with a stop loss of 3500 for the target price of 3630.

2] NBCC: Buy at 138, target 152, stop loss 132.

NBCC share price has recently given a fresh breakout at around 130 to 132 levels. So, at the current juncture, NBCC share price has again seen a reversal price action and bullish candlestick pattern formation at the 130 to 132 price level, which may continue its rally till its next resistance level of 155 to 160. So, traders can buy and hold this stock with a stop loss of 132 for the target price of 155 in the near term.

3] M&MFIN: Buy at 298, target 310, stop loss 290.

The M&MFIN share price has a bullish reversal pattern, technically retrenchment could be possible till 310. So, holding the support level of 290 this stock can bounce toward the 310 level in the short term. Hence, the trader can go long with a stop loss of 290 for the target price of 310.

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.

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Asit Manohar
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Published: 08 Apr 2024, 07:46 AM IST
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