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Business News/ Markets / Stock Markets/  Day trading stocks to buy: Anand Rathi expert recommends three shares to buy today — 15th April
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Day trading stocks to buy: Anand Rathi expert recommends three shares to buy today — 15th April

Day trading stocks to buy: Anand Rathi expert Ganesh Dongre has recommended three shares to buy today — NBCC, M&MFIN, and Bharat Forge

The stock market mood has turned weak after the escalation in the Iran-Israel war, believes Anand Rathi expert Ganesh Dongre. (Photo: Courtesy Anand Rathi)Premium
The stock market mood has turned weak after the escalation in the Iran-Israel war, believes Anand Rathi expert Ganesh Dongre. (Photo: Courtesy Anand Rathi)

Day trading stocks to buy today: Following the escalation in the geopolitical tension in the Iran-Israle war, the Indian stock market witnessed a sharp correction on Friday last week. The Nifty 50 index corrected 234 points and ended at the 22,519 level, the BSE Sensex nosedived 793 points and closed at the 74,244 mark, and the Bank Nifty index shed 422 points and finished at the 8,564 level. In the broad market, the small-cap index dipped 0.60 percent whereas the mid-cap index went down 0.49 percent.

Anand Rathi's stock recommendations

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that market mood has turned weak after the escalation in the Iran-Israel war. The Anand Rathi expert said that the Nifty 50 index is in a crucial support zone of 22,500 to 22,550. On breaching this support, the Indian stock market sentiment may turn more weak. On the upper side, the 50-stock index is facing resistance at 22,800 to 22,900 zone.

On day trading stocks to buy today, Ganesh Dongre of Anand Rathi recommended three shares to buy today — NBCC, M&MFIN, and Bharat Forge.

Also Read: Vijay Kedia portfolio: Ace investor picks stake in multibagger airline stock

Stock market today

On the outlook for the Indian stock market today, Ganesh Dongre of Anand Rathi said, "On the Nifty 50 front, we hold the support level of 22,500 to 22,550 zone, which will keep the movement upward for the 50-stock index in the upcoming days. Now the resistance for the Nifty spot will be 22,800 to 22,900 zone. As per Friday's chart pattern, we have seen the gap down opening and then continuing its bearish pattern for the whole day, which is nothing but the profit booking for the short term, so on the nifty front, until the time we are closing above its support level of 22,500 to 22,550, our stand will remain bullish for the short term. At this juncture, the Nifty 50 is seen in overbought territory. So at a higher level, profit booking is possible."

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 15

"On the other hand, on the bank nifty front, we have seen profit booking today, but it is still sustained above the support level of 48,500 level. So, the next resistance will be 49,000 to 49,200 on the spot level," Dongre added.

Day trading stocks to buy today

1] NBCC: Buy at 134, targtet 145, stop loss 128.

We have seen a major support in NBCC share price around 128 to 130. So, at the current juncture, NBCC share price has again seen a reversal price action formation at the 132 to 135 price level, which may continue its rally till its next resistance level of 145 to 150. Hence, traders can buy and hold this stock with a stop loss of 128 for the target price of 145 in the upcoming weeks.

2] M&MFIN: Buy at 304, target 318, stop loss 295.

The M&MFIN share price has a bullish reversal pattern, technically retrenchment could be possible till 318. So, holding the support level of 295, M&MFIN share price can bounce toward the 318 level in the short term. So, the trader can go long with a stop loss of 295 for the target price of 318.

3] Bharat Forge: Buy at 1167, target 1210, stop loss 1154.

We have seen a fresh breakout in Bharat Forge around 1160 to 1165. So, at the current juncture, Bharat Forge share has again seen a reversal price action and bullish candlestick pattern formation at the 1160 to 1165 price level, which may continue its rally till its next resistance level of 1210 to 1220. Hence, traders can buy and hold this stock with a stop loss of 1154 for the target price of 1210 in the upcoming weeks.

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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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 15 Apr 2024, 07:42 AM IST
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