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Business News/ Markets / Stock Markets/  Day trading stocks to buy: Anand Rathi expert recommends three shares to buy today — 19th April
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Day trading stocks to buy: Anand Rathi expert recommends three shares to buy today — 19th April

Day trading stocks to buy today: Anand Rathi expert has recommended three shares to buy today — TCS, Kajaria Ceramics, and Finolex Cables

Stock market today: The Indian stock market bias has turned sideways as the Nifty 50 index has broken down below its crucial support placed at 22,100 to 22,150 zones, believes Anand Rathi expert Ganesh Dongre. (Photo: Courtesy Anand Rathi)Premium
Stock market today: The Indian stock market bias has turned sideways as the Nifty 50 index has broken down below its crucial support placed at 22,100 to 22,150 zones, believes Anand Rathi expert Ganesh Dongre. (Photo: Courtesy Anand Rathi)

Day trading stocks to buy today: On account of the Iran-Israel war dragging global equity markets, the Indian stock market ended lower for the fourth day in a row on Thursday. The Nifty 50 index lost 152 points and finished at the 21,995 level. The BSE Sensex ended 454 points lower at the 72,489 level whereas the Bank Nifty index finished 415 points down at the 47,069 level. Except for IT, Metals & PSU Banks, all sectors ended in the red territory including the mid-cap and the small-cap indices.

Anand Rathi's stock recommendations

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that the Indian stock market bias has turned sideways as the Nifty 50 index has broken down below its crucial support placed at 22,100 to 22,150 zones. The Anand Rathi expert went on to add that immediate support for Nifty today is now placed in the 21,800 to 21,900 zone. On day trading stocks for today, Ganesh Dongre of Anand Rathi recommended three shares to buy today — TCS, Kajaria Ceramics, and Finolex Cables.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 19

Stock market today

On the outlook for the Indian stock market today, Ganesh Dongre said, "On the Nifty front, we are now on the support level of 21800–21900 zone, which will keep the movement sideways for the Nifty in the upcoming days. Now the resistance for the Nifty spot will be 22500–22600. As per the latest chart pattern, we have seen the gap up opening and then continuing its bullish trend pattern for the first half of the day, but in the second half, the Nifty has given up all its gains and closed in negative territory. So, on the Nifty front, until the time we are not closing above its resistance level of 22400–22550, The Nifty will remain sideways in this range."

Also Read: Trade set up for stock market today: Seven stocks to buy or sell on Friday

"At this juncture, Nifty is seen in oversold territory. On the other hand, on the bank Nifty front, we have again seen profit booking today; it is sustained above the support level of 47100–200, so the next resistance will be 48000–48200 on the spot level," added Dongre.

Shares to buy today

1] TCS: Buy at 3860, target 3940, stop loss 3810.

We have seen a major support in TCS share price around 3810. So, at the current juncture, TCS share price has again seen a reversal price action formation at the 3860 price level, which may continue its rally till its next resistance level of 3940. So, traders can buy and hold this stock with a stop loss of 3810 for the target price of 3940 in the near term.

2] Kajaria Ceramics: Buy at 1230, target 1270, stop loss 1210.

In the short-term trend, Kajaria Ceramics share price has seen a bullish reversal pattern, technically retrenchment could be possible till 1270. So, holding the support level of 1210, this stock can bounce toward the 1270 level in the short term. Hence, the trader can go long with a stop loss of 1210 for the target price of 1270.

3] Finolex Cables: Buy at 985, target 1005, stop loss 975.

We have seen a fresh breakout in Finolex Cables share price of around 985. So, at the current juncture, the stock has again seen a reversal price action and bullish candlestick pattern formation at the 985 price level, which may continue its rally till its next resistance level of 1005. Hence, traders can buy and hold this stock with a stop loss of 975 for the target price of 1005 in the near term.

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: 19 Apr 2024, 07:21 AM IST
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