Day trading stocks to buy: IHC to ITC — Anand Rathi expert recommends three shares to buy today — April 12

Day trading stocks to buy today: On account of strong global market sentiments despite the global rating agency Fitch downgrading its outlook for China, the Indian stock market ended higher on Wednesday. Two out of three benchmark indices — the Nifty 50 and the Bank Nifty — climbed to a new peak of 22,775 and 49,057 respectively. The Nifty 50 index had the highest-ever closing of 22,753 as well. The BSE Sensex finished above the psychological 75,000 mark at 75,105 mark, just 19 points away from the lifetime high of 75,124. In the broad market, the mid-cap index outperformed the Nifty 50 index even as the advance-decline ratio rose to 1.13:1.

Intraday trading tips for Friday

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that the Indian stock market trend may remain positive till the Nifty 50 index is above 22,500 to 22,550 zone. The Anand Rathi expert advised investors to maintain strict stop loss as Nifty today looks in overbought condition and profit-booking may trigger at higher levels.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 12

On day trading stocks to buy today, Ganesh Dongre recommended three shares to buy today — ITC, Indian Hotels Company, and Kotak Mahindra Bank.

Stock market today

On the outlook for the Indian stock market today, Ganesh Dongre of Anand Rathi said, "On the Nifty front, we hold the support level of 22,500 to 22,550 zone, which will keep the movement upward for the Nifty in the upcoming days. Now the resistance for the Nifty spot will be 22,900 to 23,000. As per today's chart pattern, we have seen again gap up opening and then continuing its bullish trend, so on the nifty front till the time we close above its support level of 22,550, our stand will remain bullish for the short term till its resistance level gets achieved. At this juncture, Nifty is seen in overbought territory. So at a higher level, profit booking is possible."

"On the Bank Nifty front, today again it sustained above the support level of 48,500, so the next resistance will be 49000–49200 on the spot level," Dongre added.

Shares to buy today

1] ITC: Buy at ₹437, target ₹460, stop loss ₹428.

We have seen a fresh breakout in ITC share price around ₹430 to ₹435. So, at the current juncture, the stock has again seen a reversal price action and bullish candlestick pattern formation at the ₹430 to ₹435 price level, which may continue its rally till its next resistance level of ₹455 to ₹460. So, traders can buy and hold this stock with a stop loss of ₹428 for the target price of ₹460 in the near term.

2] IHC: Buy at ₹596, target ₹625, stop loss ₹580.

IHC share price has a bullish reversal pattern, technically retrenchment could be possible till ₹625. So, holding the support level of ₹580 this stock can bounce toward the level ₹625 in the short term. Hence, the trader can go long with a stop loss of ₹580 for the target price of ₹625.

3] Kotak Mahindra Bank: Buy at ₹1825, target ₹1870, stop loss ₹1800.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹1870. So, holding the support level of ₹1800 this stock can bounce toward the ₹1870 level in the short term. Hence, the trader can go long with a stop loss of ₹1800 for the target price of ₹1870.

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.