Active Stocks
Fri May 24 2024 15:59:27
  1. Tata Steel share price
  2. 174.80 -0.37%
  1. NTPC share price
  2. 374.85 0.68%
  1. State Bank Of India share price
  2. 828.60 -0.45%
  1. ITC share price
  2. 436.10 -1.16%
  1. Power Grid Corporation Of India share price
  2. 318.50 -0.39%
Business News/ Markets / Stock Markets/  Day trading stocks to buy: Anand Rathi recommends three shares to buy today — 16th April
BackBack

Day trading stocks to buy: Anand Rathi recommends three shares to buy today — 16th April

Day trading stocks to buy today: Ganesh Dongre of Anand Rathi has recommended three shares to buy today — NCC, Aditya Birla Capital, and Bharti Airtel

Stock market today: The Indian stock market may trade sideways in the near term till the Nifty 50 index is in the 22,100 to 22,600 range, believes Anand Rathi expert Ganesh Dongre. (Photo: Courtesy Anand Rathi)Premium
Stock market today: The Indian stock market may trade sideways in the near term till the Nifty 50 index is in the 22,100 to 22,600 range, believes Anand Rathi expert Ganesh Dongre. (Photo: Courtesy Anand Rathi)

Day trading stocks to buy today: On account of weak global cues after the rise in the geo-political tension in the Middle East, the Indian stock market ended lower for the second straight session on Monday. The Nifty 50 index crashed 246 points or 1.10 percent and closed at the 22,272 level, the BSE Sensex tanked 845 points or 1.14 percent and finished at the 73,399 mark whereas the Bank Nifty index nosedived 791 points or 1.63 percent and ended at 47,773 level. In the broad market, the small-cap index crashed 1.54 percent whereas the mid-cap index tanked 1.50 percent.

Anand Rathi stock recommendations

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that the Indian stock market may trade sideways in the near term till the Nifty 50 index is in the 22,100 to 22,600 range. However, the Anand Rathi expert maintained that the recent sell-off should be seen as profit-booking at higher levels till the 50-stock index is trading above the 22,100 level. The Anand Rathi expert went on to add that Nifty today is standing at the support zone of 22,100 to 22,250.

On stocks to buy today, Ganesh Dongre of Anand Rathi recommended these three shares to buy todayNCC, Aditya Birla Capital, and Bharti Airtel.

Stock market today

On the outlook for the Indian stock market today, Ganesh Dongre of Anand Rathi said, "On the Nifty front, we are now on the support level of 22,100to 22,250 zones, which will keep the movement sideways for the Nifty in the upcoming days. Now the resistance for the Nifty spot will be 22,500 to 22,600. As per today'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. Hence, on the Nifty front, until the time we are closing above its support level of 22,100 to 22,250 levels."

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 16

"Nifty today 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 seen profit booking on Monday, but it is sustaining above the support level of 47,500. So, the next resistance will be 48,000 to 48,200 on the spot level," Dongre added.

Shares to buy today

1] NCC: Buy at 254, target 268, stop loss 245.

We have seen a major support in this stock around 245 to 250. So, at the current juncture, the stock has again seen a reversal price action formation at the 245 to 250 price level, which may continue its rally till its next resistance level of 268. So, traders can buy and hold this stock with a stop loss of 245 for the target price of 268 in the near term.

2] Aditya Birla Capital: Buy at 205, target 215, stop loss 197.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 215. So, holding the support level of 197 this stock can bounce toward the 215 level in the short term. Hence, the trader can go long with a stop loss of 197 for the target price of 215.

3] Bharti Airtel: Buy at 1225, target 1250, stop loss 1210.

We have seen a fresh breakout in this stock around 1210 to 1215. So, at the current juncture, the stock has again seen a reversal price action and bullish candlestick pattern formation at the 1210 to 1215 price level, which may continue its rally till its next resistance level of 1245 to 1250. So, traders can buy and hold this stock with a stop loss of 1210 for the target price of 1250 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.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

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.
More Less
Published: 16 Apr 2024, 07:40 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started