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Business News/ Markets / Stock Markets/  Day trading stocks to buy: BEL to Tata Motors — Anand Rathi recommmends three shares to buy today — May 3
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Day trading stocks to buy: BEL to Tata Motors — Anand Rathi recommmends three shares to buy today — May 3

Stocks to buy today: Anand Rathi expert Ganesh Dongre recommends three shares to buy today — BEL, HCL Tech, and Tata Motors

Stock market today: The Nifty 50 index ended close to its support zone of 22,500 to 22,600, which signals sideways trends in the Indian stock market today, believes Anand Rathi expert Ganesh Dongre. (Photo: Courtesy Anand Rathi)Premium
Stock market today: The Nifty 50 index ended close to its support zone of 22,500 to 22,600, which signals sideways trends in the Indian stock market today, believes Anand Rathi expert Ganesh Dongre. (Photo: Courtesy Anand Rathi)

Day trading stocks to buy: After showing intraday weakness from the new highs on Tuesday, the Indian stock market shifted into a range-bound action with a positive bias and finished higher on Thursday. The Nifty 50 index ended 43 points higher at the 22,648 level, and the BSE Sensex went up 128 points and closed at the 74,611 mark. However, the Bank Nifty index finished 165 points lower at 49,231 level. However, the broad market outperformed the frontline indices. The BSE mid-cap index gained 0.91 percent, while the small-cap index gained 0.29 percent. 

Shares to buy today

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, believes that the Nifty 50 index ended close to its support zone of 22,500 to 22,600, which signals sideways trends in the Indian stock market today. The Anand Rathi expert said that resistance for Nifty today is placed at 22,800 to 22,900 zone. Regarding today's day trading stocks, Ganesh Dongre of Anand Rathi recommended buying three shares today: BEL, HCL Technologies, and Tata Motors.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 3

Stock market today

On the outlook for the Indian stock market today, Ganesh Dongre said, "On the Nifty front, the 50-stock index closed at the support level of 22500–22600 zone, which may keep the movement sideways for the Nifty in the upcoming days. The next resistance for the Nifty spot will be 22800-22900. As per today's chart pattern, we have seen the gap up opening and continuing its bullish trend for the rest of the day. So, indices closed in a mixed picture as Nifty went into marginal plus mode. So, on the Nifty front, we may see profit-booking on the stock-specific level in the near term, as the index is in an overbought condition. The next Nifty support stands at the 22,300 level."

Also Read: Trade setup for stock market today: Six stocks to buy or sell on Friday

"On the Bank Nifty front, we have seen a gap-up opening today, but it couldn't hold its gain and saw marginal profit booking in these indices at the end of the day. Bank Nifty resistance stands at 50,000 and support at 48,500 level," Dongre added.

Stocks to buy today

1] BEL: Buy at 236, target 245, stop loss 230.

We have seen a fresh breakout in BEL share price around 236 rupees. So, at the current juncture, BEL share price has again seen a reversal price action and bullish candlestick pattern formation at the 236 price level, which may continue its rally till its next resistance level of 245. Hence, traders can buy and hold this stock with a stop loss of 230 for the target price of 245 in the upcoming sessions.

2] Tata Motors: Buy at 1028, target 1075, stop loss 1005.

We have seen significant support in Tata Motors shares of around 1005. So, at the current juncture, Tata Motors shares have again seen a reversal price action formation at the 1028 price level, which may continue its rally till its next resistance level of 1075. Hence, traders can buy and hold this stock with a stop loss of 1005 for the target price of 1075 in the near term.

3] HCL Tech: Buy at 1060, target 1098, stop loss 1040.

In the short-term trend, HCL Tech share has seen a bullish reversal pattern; technically, retrenchment could be possible till 1098. So, holding the support level of 1040, HCL Tech's share can bounce toward the level of 1098 in the short term. Hence, traders can go along with a stop loss of 1040 for the target price of 1098.

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
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Published: 03 May 2024, 08:16 AM IST
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