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Business News/ Markets / Stock Markets/  Day trading stocks to buy: Kotak Mahindra Bank to Tata Chem — Anand Rathi expert suggests three shares to buy today
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Day trading stocks to buy: Kotak Mahindra Bank to Tata Chem — Anand Rathi expert suggests three shares to buy today

Stocks to buy today: Anand Rathi expert Ganesh Dongre has recommended three shares to buy today — Tata Chemical, Kotak Mahindra Bank, and Dr Lal Pathlabs

Stock market today: The Indian stock market may remain sideways as the Nifty 50 index closed below the crucial support at 22,500 to 22,600 zone, believes Anand Rathi expert Ganesh Dongre, believes Anand Rathi expert Ganesh Dongre. (Photo: Courtesy Anand Rathi)Premium
Stock market today: The Indian stock market may remain sideways as the Nifty 50 index closed below the crucial support at 22,500 to 22,600 zone, believes Anand Rathi expert Ganesh Dongre, believes Anand Rathi expert Ganesh Dongre. (Photo: Courtesy Anand Rathi)

Stock market today: Despite positive global market cues, the Indian stock market ended lower after a highly volatile session on Monday. The Nifty 50 index lost 33 points and finished at 22,442, while the BSE Sensex ended marginally higher at 73,895. The Bank Nifty index went off 28 points and closed at 48,895. However, the broad market indices fell more than the frontline indices even as the advance-decline ratio fell sharply to 0.45:1.

Anand Rathi's stock picks

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, believes the Indian stock market may remain sideways as the Nifty 50 index closed below the crucial support at 22,500 to 22,600 zone. The Anand Rathi expert maintained that the 50-stock index has vital support placed at the 22,200 to 22,100 mark, and some stock-specific profit-booking can not be negated. On day trading stocks for today, Ganesh Dongre recommended three shares to buy today — Tata Chemical, Kotak Mahindra Bank, and Dr Lal Pathlabs.

Also Read: Trade setup for stock market today: Four stocks to buy or sell on Tuesday

Stock market today

Speaking on the outlook for the Indian stock market today, Ganesh Dongre said, "On the Nifty 50 front, the 50-stock index closed below 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 opening and continue its bullish trend, but Nifty has seen profit booking for the rest of the day. So, indices closed in negative territory at the end of the day. So, on the Nifty front, we may see profit booking on the stock-specific level in the upcoming trading session; next Nifty support stands at the 22100-22200 level."

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 7

"On the Bank Nifty front, we have seen a gap-up opening today, but it couldn't hold its gain and saw profit booking in the indices till the end of the day. Bank Nifty resistance stands at 49000 and support at 48500 level," said Dongre.

Shares to buy today

1] Tata Chemical: Buy at 1085, target 1135, stop loss 1055.

We have seen significant support in this stock, around 1055. So, at the current juncture, the stock has again seen a reversal price action formation at the 1085 price level, which may continue its rally till its next resistance level of 1135. Hence, traders can buy and hold this stock with a stop loss of 1055 for the target price of 1135 in the near term.

2] Kotak Mahindra Bank: Buy at 1625, target 1675, stop loss 1590.

In the short-term trend, the stock has seen a bullish reversal pattern; technically, retrenchment could be possible till 1675. So, holding the support level of 1590, this stock can bounce toward 1675 in the short term. Hence, the trader can go along with a stop loss of 1590 for the target price of 1675.

3] Dr Lal Pathlabs: Buy at 2340, target 2360, stop loss 2280.

We have seen a fresh breakout in this stock, around 2340 rupees. So, at the current juncture, the stock has again seen a reversal price action and bullish candlestick pattern formation at the 2340 price level, which may continue its rally till its next resistance level of 2360. So, traders can buy and hold this stock with a stop loss of 2280 for the target price of 2360 in the near term.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, and not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 07 May 2024, 08:29 AM IST
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