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Business News/ Markets / Stock Markets/  Day trading stocks to buy: Anand Rathi expert recommends three shares to buy today — April 22
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Day trading stocks to buy: Anand Rathi expert recommends three shares to buy today — April 22

Day trading stocks to buy today: Anand Rathi expert Ganesh Dongre has recommended three shares to buy today — Tata Consumer Products, Tata Motors, and Marico

Stock market today: 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, believes Anand Rathi expert Ganesh Dongre. (Photo: Courtesy Anand Rathi)Premium
Stock market today: 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, believes Anand Rathi expert Ganesh Dongre. (Photo: Courtesy Anand Rathi)

Day trading stocks to buy today: After no official confirmation from either Israel or Iran about Tel Aviv's drone airstrike in Tehran, the Indian stock market witnessed a strong pullback rally on Friday last week ending its four-day losing streak. The Nifty 50 index finished 151 points higher at the 22,147 level, the BSE Sensex gained 599 points and closed at the 73.088 mark whereas the Bank Nifty index scaled 504 points north and ended at the 47,574 level. In the broad market, the small-cap index finished with a weekly loss of 1.73 percent whereas the mid-cap index corrected over 3 percent in the truncated week that ended last Friday.

Anand Rathi's stock recommendations

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that the Nifty 50 index is facing a hurdle at the 22,500 to 22,600 zone. The Anand Rathi expert went on to add that the Indian stock market bias may remain sideways till the Nifty 50 index remains in the 21,800 to 22,600 range. Dongre said that Dalal Street sentiments may turn bullish or bearish on the breakage of either side of the range. On day trading stocks for today, Ganesh Dongre of Anand Rathi recommended these three shares to buy today — Tata Consumer Products, Tata Motors, and Marico.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 22

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 Friday's chart pattern, we have seen the gap down opening and then continuing its bullish trend pattern for the rest of the day and closing in positive territory. So, on the Nifty front, until the time we are not closing above its resistance level of 22200–22250, The Nifty will remain sideways in this range. At this juncture, Nifty is seen in oversold territory."

"On the other hand, on the Bank Nifty front, we have again seen short covering today, as it was in an oversold zone, so for the upcoming trading session bank Nifty support will be at the 47,100 to 47,200 level, and resistance will be at 48,000 level," Dongre added.

Stocks to buy today

1] Tata Consumer Products: Buy at 1140, target 1180, stop loss 1110.

We have seen a major support in this stock around 1110 rupees. So, at the current juncture, the stock has again seen a reversal price action formation at the 1140 price level, which may continue its rally till its next resistance level of 1180. Hence, traders can buy and hold this stock with a stop loss of 1110 for the target price of 1180 in the near term.

2] Tata Motors: Buy at 963, target 995, stop loss 945.

In the short-term trend, Tata Motors share has seen a bullish reversal pattern, technically retrenchment could be possible till 995. So, holding the support level of 945 this stock can bounce toward the level 995 in the short term. Hence, the trader can go long with a stop loss of 945 for the target price of 995.

3] Marico: Buy at 505, target 525, stop loss 495.

We have seen a fresh breakout in this stock around 505 rupees. So, at the current juncture, the stock has again seen a reversal price action and bullish candlestick pattern formation at the 505 price level, which may continue its rally till its next resistance level of 525. So, traders can buy and hold this stock with a stop loss of 495 for the target price of 525 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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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: 22 Apr 2024, 07:30 AM IST
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