Day trading stocks for 4th April 2024: PNB to TCS — Anand Rathi expert recommends three shares to buy today
- Day trading stocks: Ganesh Dongre of Anand Rathi has recommended three shares to buy today — Bharti Airtel, PNB, and TCS
Day trading stocks: Following weak global market cues on doubts over the US Fed rate cut, the Indian stock market remained choppy on the entire Wednesday session. The Nifty 50 index corrected 18 points and ended at the 22,434 level, the BSE Sensex lost 27 points and ended at the 73,876 mark whereas the Bank Nifty index added 78 points and closed at the 47,624 level. However, the broad market indices rose more than 0.5 percent even as the advance-decline ratio remained positive at 2.75:1.
Intraday trading stocks for today
Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that the Nifty 50 index has major support placed at 22,250 to 22,300 zone. The Anand Rathi expert went on to add that overall market sentiment may continue to remain positive till the 50-stock index is above this support zone. Ganesh went on to add that Nifty today may find resistance at the 22,550 to 22,600 level and a bullish or bearish trend can be assumed on the breakage of either resistance or support zones only.
On stocks to buy today, Ganesh Dongre of Anand Rathi recommended three day trading stocks for today — Bharti Airtel, Punjab National Bank (PNB), and Tata Consultancy Services (TCS).
Stock market today
On the outlook for the Indian stock market today, Ganesh Dongre of Anand Rathi 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 50-stock index in the coming days. The resistance for the spot would 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, the Nifty 50 index may continue sideways movement for some more days. On the Bank Nifty front, we have already achieved the 47,500 level, so on the spot, the next resistance will be 48,000 followed by the 48,500 level."
Shares to buy today
As mentioned above, Ganesh Dongre has recommended three shares to buy today, here we list out full details regarding Anand Rathi stock recommendations for today:
1] Bharti Airtel: Buy at ₹1226, target ₹1250, stop loss ₹1210.
We have seen a fresh breakout in Bharti Airtel shares around ₹1215 to ₹1220. So, at the current juncture, Bharti Airtel share price has again seen a reversal price action and bullish candlestick pattern formation at the ₹1215 to ₹1220 price level, which may continue its rally till its next resistance level of ₹1250 to ₹1255. Hence, intraday traders can buy and hold this stock with a stop loss of ₹1210 for the target price of ₹1250 in the near term.
2] PNB: Buy at ₹135, target ₹145, stop loss ₹128.
PNB share price has a bullish reversal pattern, technically retrenchment could be possible till ₹145. So, holding the support level of ₹128, the PNB share price can bounce toward the level of ₹145 in the short term. Hence, intraday traders can go long with a stop loss of ₹128 for the near-term target price of ₹145.
3] TCS: Buy at ₹3950, target ₹4030, stop loss ₹3900.
TCS share price has a bullish reversal pattern, technically retrenchment could be possible till ₹4030. So, holding the support level of ₹3900, TCS share price can bounce toward the ₹4030 level in the short term. Hence, the trader can go long with a stop loss of ₹3900 for the target price of ₹4030.
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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