Day trading stocks to buy today: Extending weakness for the third day in a row, the Indian stock market finished lower on Tuesday. The Nifty 50 index lost 124 points and closed at the 22,147 level, the BSE Sensex corrected 456 points and closed at the 72,943 mark whereas the Bank Nifty index went down 288 points and finished at 47,484 level. However, the broad market indices ended mildly in the positive zone even as the advance-decline ratio rose to 1.84:1.
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Anand Rathi’s stock recommendations
Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that the Indian stock market mood may remain sideways today as the Nifty 50 index is close to its 50-DEMA support of 22,100 mark. The Anand Rathi expert went on to add that Nifty today is facing resistance at the 22,500 to 22,600 zone. However, he advised a ‘buy-on-dips’ strategy till the 50-stock index is above the 22,100 level. On day trading stocks to buy today, Ganesh Dongre of Anand Rathi recommended three shares to buy today — CAMS, Apollo Tyres, and RCF.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 18
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 on the support level of 22,100 to 22,250 zones, which will keep the movement sideways for the Nifty in the upcoming days. Now the resistance for the Nifty spot will be at 22,500 to 22,600. As per the latest chart pattern, we have seen the gap down opening and then continuing its bearish pattern for the whole day, which is nothing but the profit booking for the short term, so on the Nifty front, until the time we are closing above its support level of 22,100 to 22,250.”
“The Nifty will remain sideways in this range. At this juncture, Nifty is seen in oversold territory. On the other hand, on the Bank Nifty front, we have seen profit booking today, it is sustained above the support level of 47,100 to 47,200, so the next resistance will be 48,000 to 48,200 on the spot level,” Dongre added.
Shares to buy today
1] CAMS: Buy at ₹3125, target ₹3200, stop loss ₹3080.
We have seen a major support in this stock around ₹3100. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹2080 to ₹2100 price level, which may continue its rally till its next resistance level of ₹2200, so traders can buy and hold this stock with a stop loss of ₹2080 for the target price of ₹2200 in the near term.
2] Apollo Tyres: Buy at ₹475, target ₹488, stop loss ₹467.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹488. So, holding the support level of ₹467 this stock can bounce toward ₹488 in the short term. Hence, the trader can go long with a stop loss of ₹467 for the target price of ₹488.
3] RCF: Buy at ₹140, target ₹155, stop loss ₹133.
We have seen a fresh breakout in this stock around ₹140. So, at the current juncture, the stock has again seen a reversal price action and bullish candlestick pattern formation at the ₹140 price level, which may continue its rally till its next resistance level of ₹150 to ₹155, so traders can buy and hold this stock with a stop loss of ₹133 for the target price of ₹150 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: 18 Apr 2024, 07:31 AM IST
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