Day trading stocks to buy: ITC to Tata Power — Anand Rathi expert recommends three shares to buy today — 26th April

Day trading stocks to buy today: After a gap-down opening, the Indian stock market witnessed a strong pullback and ended higher for the fifth day in a row on Thursday. The Nifty 50 index gained 167 points and closed at a 22,570 level, the BSE Sensex surged 486 points and ended at the 74,399 mark while the Bank Nifty index finished 305 points higher at the 48,494 level. In the broad market, the Small-cap index outperformed the Nifty 50 index, even as the advance-decline ratio stayed firm at 1.19:1.

Anand Rathi's stock picks

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that the Nifty 50 index is close to its resistance level of 22,500 to 22,600 zone. The Anand Rathi expert went on to add that on breaching this hurdle, the 50-stock index may touch 22,800 to 22,900 levels in the short term. On day trading stocks for today, Ganesh Dongre of Anand Rathi recommended three shares to buy today — ITC, BEL, and Tata Power.

Stock market today

On the outlook for the Indian stock market today, Ganesh Dongre said, "On the Nifty front, we are now closed near to the resistance level of 22500–22600 zone, which may keep the movement sideways for the Nifty in the upcoming days. Now the next resistance for the Nifty spot will be 22800–22900. As per today's chart pattern, we have seen the gap-down opening but 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 Nifty holds above its support level of 22400–22450, the 50-stock index will remain in a bullish trend until the resistance level of 22800 to 22900."

"On the Bank Nifty front, we have seen a gap-up-down opening on Thursday, but it continues its bullish trend for the rest of the day, so for the upcoming trading session, Bank Nifty support will be at the 48,000 level and resistance will be at the 49m000 level," Dongre added.

Shares to buy today

1] ITC: Buy at ₹437, target ₹452, stop loss ₹428.

We have seen a major support in ITC share price around 428 rupees. So, at the current juncture, ITC share price has again seen a reversal price action formation at the ₹437 price level, which may continue its rally till its next resistance level of ₹452, so traders can buy and hold this stock with a stop loss of ₹428 for the target price of ₹452 ₹in the near term.

2] BEL: Buy at ₹237, target ₹252, stop loss ₹230.

In the short-term trend, BEL share price has seen a bullish reversal pattern, technically retrenchment could be possible till ₹252. So, holding the support level of ₹230 this stock can bounce toward ₹252 in level the short term. Hence, the trader can go long with a stop loss of ₹230 for the target price of ₹252.

3] Tata Power: Buy at ₹430, target ₹445, stop loss ₹418.

We have seen a fresh breakout in Tata Power shares around 430 rupees. So, at the current juncture, the stock has again seen a reversal price action and bullish candlestick pattern formation at the ₹430 price level, which may continue its rally till its next resistance level of ₹445. Hence, traders can buy and hold this stock with a stop loss of ₹418 for the target price of ₹445 in the upcoming weeks.

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.