Day trading stocks to buy today: Following weak global market sentiments, the Indian stock market snapped its five-day winning streak on Friday last week. The Nifty 50 index lost 150 points and closed at the 22,419 level, the BSE Sensex shed 609 points and finished at the 73,730 mark whereas the Bank Nifty index corrected 293 points and ended at the 48,201 level. However, the broad market continued to rally northward even as the advance-decline ratio remained firm at 1.06:1. The small-cap index gained 0.27 percent whereas the mid-cap index shot up 0.83 percent.
Anand Rathi stock picks for Monday
Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that the Indian stock market may remain sideways till the Nifty 50 index manages to breach above 22,600 level on a closing basis. The Anand Rathi expert went on to add that the 50-stock index has crucial support now placed at 222,200 to 222,100 zone. On day trading stocks to buy today, Ganesh Dongre of Anand Rathi recommended three shares to buy today — Federal Bank, TVS Motor, and PNB or Punjab National Bank.
Also Read: Trade setup for stock market today: 6 stocks to buy or sell on Monday
Stock market today
On the outlook for the Indian stock market today, Ganesh Dongre of Anand Rathi said, "On the Nifty front, we are now closed below the resistance level of 22500–22600 zone, which may keep the movement sideways for the Nifty in the upcoming days. Now the next support for the Nifty spot will be 22100–22200. As per today's chart pattern, we have seen the gap up opening but then we have seen profit booking for the rest of the day and closed in negative territory. So, on the Nifty front, until the time Nifty holds above its support level of 22100–22250, the Nifty will remain in a bullish trend until the resistance level of 22800 to 22900. Currently, Nifty is in an overbought condition, so further stock-specific profit booking may be possible in upcoming days."
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 29
Shares to buy today
1] PNB: Buy at ₹137, target ₹147, stop loss ₹132.
We have seen a fresh breakout in this stock around 137 rupees. So, at the current juncture, the stock has again seen a reversal price action and bullish candlestick pattern formation at the ₹137 price level, which may continue its rally till its next resistance level of ₹143. Hence, traders can buy and hold this stock with a stop loss of ₹132 for the target price of ₹143 in the near term.
2] TVS Motor: Buy at ₹2020, target ₹2060, stop loss ₹1980.
In the short-term trend, the stock has seen a bullish reversal pattern, technically retrenchment could be possible till ₹2060. So, holding the support level of ₹1980 this stock can bounce toward the level of ₹2060 in the short term. Hence, the trader can go long with a stop loss of ₹1980 for the target price of ₹2060.
3] Federal Bank: Buy at ₹157, target ₹164, stop loss ₹152.
We have seen a major support in this stock around 152 rupees. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹157 price level, which may continue its rally till its next resistance level of ₹164. Hence, traders can buy and hold this stock with a stop loss of ₹152 for the target price of ₹164 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.
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Published: 29 Apr 2024, 08:20 AM IST
