[ad_1]
Day trading stocks to buy today: Following weakness in the Asian stock market, the Indian stock market opened lower on Thursday, ending its four-day winning streak that started last Friday. The Nifty 50 index is down by nearly 60 points, the BSE Sensex is down by over 200 points whereas the Bank Nifty today is down by nearly 170 points.
Asian equity markets dropped after Meta Platforms Inc.’s disappointing outlook raised concern about whether the industry that has powered the bull market in equities has run too far.
Equity benchmarks slid in Hong Kong, Japan, and mainland China, while contracts for US stocks also pointed to declines. Australian financial markets are shut for a holiday. The yen extended declines after weakening beyond 155 per dollar for the first time in more than three decades on Wednesday, heightening the chances of intervention ahead of the Bank of Japan’s decision meeting on Friday.
Anand Rathi’s stock picks
Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that the Indian stock market bias will remain positive till the Nifty 50 index sustains above the 22,200 to 22,250 mark. The Anand Rathi expert maintained that the market mood turns further bullish once the 50-stock index breaches above the resistance placed at 22,550 to 22,600 levels. On day trading stocks for today, Ganesh Dongre of Anand Rathi recommended these three shares to buy today — IndusInd Bank, Federal Bank, and GAIL.
Stock market today
Speaking on the outlook for the Indian stock market today, Ganesh Dongre said, “On the Nifty front, we are now on the support level of 22,200 to 22,250 zone, which will keep the movement upward for the Nifty in the upcoming sessions. 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 rest of the day and closing in positive territory. So, on the Nifty front, until the time holds above its support level of 22200–22250, the Nifty will remain in a bullish trend until the resistance level of 22550 to 22600.”
“At this juncture, on the other hand, on the Bank Nifty front, we have again seen a gap-up opening today, and continue its bullish trend for the rest of the day, so for the upcoming trading session, Bank Nifty support will be at the 47400 to 47500 level and resistance will be at the 48,500 level,” said Dongre.
Shares to buy today
IndusInd Bank: Buy at ₹1675, target ₹1730, stop loss ₹1630
We have seen a major support in this stock around 1630 rupees. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹1630 price level, which may continue its rally till its next resistance level of 1730 rupees, so traders can buy and hold this stock with a stop loss of ₹1630 for the target price of ₹1730 in the near term.
Federal Bank: Buy at ₹154, target ₹162, stop loss ₹149
In the short-term trend, the stock has seen a bullish reversal pattern, technically retrenchment could be possible till ₹162 so, holding the support level of ₹149 this stock can bounce toward ₹162 in the short term, so the trader can go long with a stop loss of ₹149 for the target price of ₹162.
GAIL: Buy at ₹207, target ₹217, stop loss ₹200
We have seen a fresh breakout in this stock around 200 rupees. So, at the current juncture, the stock has again seen a reversal price action and bullish candlestick pattern formation at the ₹200 price level, which may continue its rally till its next resistance level of ₹217, so traders can buy and hold this stock with a stop loss of ₹200 for the target price of ₹217 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.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
More
Less
Published: 25 Apr 2024, 09:41 AM IST
[ad_2]
Source link
