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Business News/ Markets / Stock Markets/  Day trading stocks: BPCL to Bank of Baroda — Anand Rathi expert recommends three shares to buy today — April 5
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Day trading stocks: BPCL to Bank of Baroda — Anand Rathi expert recommends three shares to buy today — April 5

Day trading stocks: Ganesh Dongre of Anand Rathi has recommended three shares to buy today — HCL Technologies, BoB, and BPCL

Stock market today: The Indian stock market bias is positive as the Nifty 50 index has sustained above its sacrosanct support zone of 22,250 to 22,300 levels, believes Anand Rathi expert Ganesh Dongre. (Photo: Courtesy Anand Rathi)Premium
Stock market today: The Indian stock market bias is positive as the Nifty 50 index has sustained above its sacrosanct support zone of 22,250 to 22,300 levels, believes Anand Rathi expert Ganesh Dongre. (Photo: Courtesy Anand Rathi)

Day trading stocks today: Following strong global market sentiments on the US Fed rate cut buzz, the Indian stock market ended higher on Thursday. The Nifty 50 index climbed to a new peak of 22,619 and finished 80 points higher at the 22,514 level. The BSE Sensex surged 350 points and closed at the 74,227 mark whereas the Bank Nifty index ended 436 points higher at the 48,060 level. The cash market volumes on the NSE rose to Rs.1.14 lakh crore. In the broad market, the mid-cap index ended in the negative even as the advance-decline ratio remained above even at 1.78:1.

Also Read: Stocks to buy today: 7 buy or sell stock ideas by experts for intraday trading

Day trading stocks for today

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that the Indian stock market bias is positive as the Nifty 50 index has sustained above its sacrosanct support zone of 22,250 to 22,300 levels. The Anand Rathi expert went on to add that the 50-stock index may go up to 22,900 levels in the near term once it manages to breach its immediate hurdle placed at 22,550 to 22,600 zones. On stocks to buy today, Ganesh Dongre of Anand Rathi recommended these three day trading stocks for today — HCL Technologies, Bank of Baroda (BoB), and BPCL.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 5

Stock market today

On the outlook for the Indian stock market today, Ganesh Dongre said, "On the Nifty 50 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 pattern again, we have seen the Nifty 50 index continue its bullish trend and close near its resistance level of 22,550 to 22,600. So stock-specific fresh long-buildup is seen in the selected stocks. On the Bank Nifty front, we have achieved the 48,000 spot level, so on the spot, the next resistance will be 48,500.

Shares to buy today

1] HCL Technologies: Buy at 1540, target 1580, stop loss 1510.

We have seen a fresh breakout in HCL Tech shares around 1535 to 1540s. So, at the current juncture, HCL Technologies share price has again seen a reversal price action and bullish candlestick pattern formation at the 1535 to 1540 price level, which may continue its rally till its next resistance level of 1580 to 1590. Hence, intraday traders can buy and hold this stock with a stop loss of 1510 for the target price of 1580 in the near term.

2] Bank of Baroda (BoB): Buy at 269, target 282, stop loss 262.

In the short-term trend, BoB share price has a bullish reversal pattern, technically retrenchment could be possible till 282. So, holding the support level of 262 this stock can bounce toward the 282 levels in the short term. Hence, the intraday trader can go long with a stop loss of 262 for the target price of 282.

3] BPCL: Buy at 600, target 630, stop loss 585.

In the short-term trend, BPCL share price has a bullish reversal pattern, technically retrenchment could be possible till 630. So, holding the support level of 585, this stock can bounce toward the level 630 in the short term. Hence, the intraday trader can go long with a stop loss of 585 for the target price of 630.

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: 05 Apr 2024, 07:26 AM IST
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