Day trading stocks for today: The Indian stock market began the fresh week on a higher note as two out of three benchmark indices touched a new peak on Monday and the BSE listed stocks crossed ₹400 lakh crore. The Nifty 50 index scaled a new peak of 22,697 mark while the BSE Sensex hit a new high of 74,869 during Monday deals. In the broad market, the small-cap index came close to its lifetime high while the mid-cap index climbed to a new peak of 41,113.
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Intraday trading tips for Tuesday
Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that the Nifty 50 index has breached the hurdle placed at 22,550 to 22,600 mark on a closing basis. The Anand Rathi expert maintained that the Indian stock market sentiment has improved after this breakout and the 50-stock index is set to touch an immediate target of 22,900. Ganesh Dongre of Anand Rathi said that the Nifty 50 index is now looking at 22,900 and 23,200 targets.
On shares to buy today, Ganesh Dongre recommended three day trading stocks to buy today — Bharat Forge, RCF, and HCL Technologies.
Stock market today
Speaking on the outlook for the stock market today, Ganesh Dongre of Anand Rathi said, “On the Nifty 50 front, we still hold the support level of 22250–300 zone, which will keep the movement upward for the Nifty 50 index in the upcoming days. We achieved our resistance target of 22550-600 zone. Now the resistance for the spot will be 22900–23000 zone. As per today’s chart pattern again, we have seen the gap up opening and then continuing its bullish trend and closing above its resistance level of 22550–600 zone. So, currently, there is a mixed picture for the stock-specific movement. Hence, stock-specific fresh long-buildup is seen in the selected stocks only. On the other hand, on the Bank Nifty front, today it’s sustained above the resistance of 48500, so the next resistance will be 49000–49200 on spot level.”
Day trading stocks to buy today
1] Bharat Forge: Buy at ₹1174, target ₹1210, stop loss ₹1154.
We have seen a fresh breakout in Bharat Forge shares at around ₹1160 to ₹1165. So, at the current juncture, the stock has again seen a reversal price action and bullish candlestick pattern formation at the ₹1160 to ₹1165 price level, which may continue its rally till its next resistance level of ₹1210 to ₹1220. Hence, traders can buy and hold this stock with a stop loss of ₹1154 for the target price of ₹1210 in the near term.
2] HCL Technologies: Buy at ₹1540, target ₹1590, stop loss ₹1510.
HCL Tech share price has a bullish reversal pattern, technically retrenchment could be possible till ₹1590. So, holding the support level of ₹1510 this stock can bounce towards the ₹1590 mark in the short term. Hence, the trader can go long with a stop loss of ₹1510 for the target price of ₹1590.
3] RCF: Buy at ₹145, target ₹156, stop loss ₹137.
RCF share price has a bullish reversal pattern, technically retrenchment could be possible till ₹1590. So, holding the support level of ₹1510 this stock can bounce towards the ₹1590 level in the short term. Hence, the trader can go long with a stop loss of ₹1510 for the target price of ₹1590.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 09 Apr 2024, 09:05 AM IST
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