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Business News/ Markets / Stock Markets/  Day trading stocks for today: SBI to Apollo Tyres - Anand Rathi expert recommends three shares to buy today - April 3
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Day trading stocks for today: SBI to Apollo Tyres - Anand Rathi expert recommends three shares to buy today - April 3

Day trading stocks: Ganesh Dongre of Anand Rathi has recommended three shares to buy today — SBI, Bata India, and Apollo Tyres

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

Day trading stocks for today: Following a sell-off in the US stock market on Monday, the Indian stock market snapped its three-day rally despite a sharp last-half-hour recovery on Tuesday. The Nifty 50 index went off 8 points and closed at 22,453 level, the BSE Sensex lost 110 points and finished at the 73,903 mark while the Bank Nifty index corrected 32 points and ended at 47,545 level. However, the broad market outperformed frontline indices as both small-cap and mid-cap indices closed more than a percent higher even as the advance-decline ratio remained positive at 3.4:1.

Intraday trading tips for Wednesday

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that the Indian stock market bias is still positive as the Nifty 50 index has held above the support zone placed between 22,250 to 22,300 levels. The Anand Rathi expert went on to add that the 50-stock index is facing a hurdle between the 22,550 and 22,600 zones. On stocks to buy today, Ganesh Dongre of Anand Rathi recommended three intraday stocks for today — SBI, Bata India, and Apollo Tyres.

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 Nifty today would be witnessed in between the 22,550 to 22,600 zone; crossing this resistance, we can see an upward rally continue until the 22,900 zone. On the Bank Nifty front, we have already achieved the 47,500 level, so on the spot, the next resistance will be witnessed around 48,000 levels."

Shares to buy today

1] SBI: Buy at 767, target 785, stop loss 757.

SBI share price has a bullish reversal pattern, technically retrenchment could be possible till 785. So, holding the support level of 757, the SBI share price can bounce toward the 785 level in the short term. Hence, an intraday trader can go long with a stop loss of 57 for the target price of 785.

2] Apollo Tyres: Buy at 470, target 490, stop loss 455.

Apollo Tyres shares have given a fresh breakout at around 455 to 460 levels. So, at the current juncture, Apollo Tyres share price has again seen a reversal price action and bullish candlestick pattern formation at the 455 to 460 price level, which may continue its rally till its next resistance level of 490 to 500. Hence, intraday traders can buy and hold Apollo Tyres shares with a stop loss of 455 for the target price of 490 in the near term.

3] Bata India: Buy at 1375, target 1420, stop loss 1350.

Bata share price has a bullish reversal pattern, technically retrenchment could be possible till 1420. So, holding the support level of 1350 this stock can bounce toward the 1420 level in the short term. Hence, the trader can go long with a stop loss of 1350 for the target price of 1420.

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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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 03 Apr 2024, 07:44 AM IST
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