Day trading stocks to buy: Anand Rathi expert recommends three shares to buy (2024)

Anand Rathi's stock recommendations

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that the Indian stock market bias has turned sideways as the Nifty 50 index has broken down below its crucial support placed at 22,100 to 22,150 zones. The Anand Rathi expert went on to add that immediate support for Nifty today is now placed in the 21,800 to 21,900 zone. On day trading stocks for today, Ganesh Dongre of Anand Rathi recommended three shares to buy today — TCS, Kajaria Ceramics, and Finolex Cables.

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Stock market today

On the outlook for the Indian stock market today, Ganesh Dongre said, "On the Nifty front, we are now on the support level of 21800–21900 zone, which will keep the movement sideways for the Nifty in the upcoming days. Now the resistance for the Nifty spot will be 22500–22600. As per the latest chart pattern, we have seen the gap up opening and then continuing its bullish trend pattern for the first half of the day, but in the second half, the Nifty has given up all its gains and closed in negative territory. So, on the Nifty front, until the time we are not closing above its resistance level of 22400–22550, The Nifty will remain sideways in this range."

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"At this juncture, Nifty is seen in oversold territory. On the other hand, on the bank Nifty front, we have again seen profit booking today; it is sustained above the support level of 47100–200, so the next resistance will be 48000–48200 on the spot level," added Dongre.

Shares to buy today

1] TCS: Buy at ₹3860, target ₹3940, stop loss ₹3810.

We have seen a major support in TCS share price around ₹3810. So, at the current juncture, TCS share price has again seen a reversal price action formation at the ₹3860 price level, which may continue its rally till its next resistance level of ₹3940. So, traders can buy and hold this stock with a stop loss of ₹3810 for the target price of ₹3940 in the near term.

2] Kajaria Ceramics: Buy at ₹1230, target ₹1270, stop loss ₹1210.

In the short-term trend, Kajaria Ceramics share price has seen a bullish reversal pattern, technically retrenchment could be possible till ₹1270. So, holding the support level of ₹1210, this stock can bounce toward the ₹1270 level in the short term. Hence, the trader can go long with a stop loss of ₹1210 for the target price of ₹1270.

3] Finolex Cables: Buy at ₹985, target ₹1005, stop loss ₹975.

We have seen a fresh breakout in Finolex Cables share price of around ₹985. So, at the current juncture, the stock has again seen a reversal price action and bullish candlestick pattern formation at the ₹985 price level, which may continue its rally till its next resistance level of ₹1005. Hence, traders can buy and hold this stock with a stop loss of ₹975 for the target price of ₹1005 in the near term.

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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Published: 19 Apr 2024, 07:21 AM IST