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

Day trading stocks to buy: Anand Rathi expert has recommended three shares to buy today —Balrampur Chini Mills, Bharat Electronics Ltd, and Infosys

Stock market today: The Nifty 50 index now has a resistance at 22,900–23,000, believes Anand Rathi expert Ganesh Dongre. (Photo: Courtesy Anand Rathi)Premium
Stock market today: The Nifty 50 index now has a resistance at 22,900–23,000, believes Anand Rathi expert Ganesh Dongre. (Photo: Courtesy Anand Rathi)

Day trading stocks for today: Indian stock market is thriving on bullish sentiments as both domestic equity benchmarks Nifty 50 and Sensex achieved lifetime highs in the previous session with the 30-share BSE index breaching the coveted 75,000-mark for the first time. However, the frontline indices shed 0.08-0.10 per cent at the time of closing and settled lower on Tuesday dragged by profit booking and weak global cues. 

In the broader market, the BSE Midcap and BSE Smallcap underperformed the benchmarks and closed 0.47 per cent and 0.15 per cent respectively. Investors keenly await the US inflation data and US central bank's Federal Open Market Committee (FOMC's) latest minutes-of-the-meeting -- both due later today, for further cues on the timing of interest rate cuts.

Also Read: 23,000 or 25,000? Here's where experts see Indian benchmark Nifty 50 by FY25-end


Intraday trading tips for Wednesday

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that on the nifty front, the support level is held at the 22500–22550 zone, which will keep the movement upward for the Nifty in the upcoming days. ‘’Now the resistance for the Nifty spot will be 22,900–23,000. In the last trading session, we moved near the resistance level of 22,900–23,000,'' said Dongre.

On shares to buy today, Ganesh Dongre recommended three day trading stocks to buy today —Balrampur Chini Mills, Bharat Electronics Ltd (BEL), and Infosys.
 

Stock market today

Speaking on the outlook for the stock market today, Ganesh Dongre of Anand Rathi said, ‘’As per today's chart pattern, we have seen the gap up opening and then continuing its bullish trend, but we have also seen some profit booking on the Nifty 50 front, so closing above its resistance level of 22,550, our bullish stand will continue 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 other hand, on the Bank Nifty front, today again it sustained above the support level of 48,500, so the next resistance will be 49,000–49,200 on the spot level,'' added Ganesh Dongre.

Also Read: Exide Industries hits back-to-back 52-week high on EV deal with Hyundai, Kia; Time to buy?
 

Day trading stocks to buy today

1.Balrampur Chini Mills Ltd: Buy at 392, Target 410, Stop Loss 380 

We have seen a fresh breakout in this stock around 380-85. So, at the current juncture, the stock has again seen a reversal price action and bullish candlestick pattern formation at the 380-85 price level, which may continue its rally till its next resistance level of 410-415, so traders can buy and hold this stock with a stop loss of 380 for the target price of 410 in the upcoming weeks.

2.BEL: Buy at 228, Target 242, Stop Loss 217

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 242 so, holding the support level of 217 this stock can bounce toward the level 242 in the short term, so the trader can go long with a stop loss of 217 for the target price of 242.

3.Infosys: Buy at 1,492, Target 1,540, Stop Loss 1,445

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 1,540 so, holding the support level of 1,445 this stock can bounce toward the level 1,540 in the short term, so the trader can go long with a stop loss of 1,445 for the target price of 1,540.

 

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 10 Apr 2024, 07:21 AM IST
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