Intraday trading stocks for today: Following the bull trend in the global market, the Indian stock market ended higher on Monday for the third straight session. Out of three frontline indices, the Nifty 50 and the BSE Sensex hit a new lifetime high that further cemented the bulls’ control over the bears. However, the broad market outshined the key benchmark index as the small-cap index shot up nearly 3 percent and the mid-cap index gained to the tune of 1.64 percent. Except for Auto and FMCG, all the sectors ended with decent gains.
Intraday trading tips for Tuesday
Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that the Nifty 50 index has given a fresh breakout and the 50-stock index is all set to touch a near-term target of 22,800 to 22,900 levels. However, the Anand Rathi expert maintained that mid-cap stocks would continue to attract bulls’ attention for the next two to three sessions. He said that the Bank Nifty is also expected to maintain an uptrend and go up to 48,000 levels.
On shares to buy today, Ganesh Dongre of Anand Rathi recommended three intraday stocks for today — Raymond, Shilpa Medicare, and L&TFH.
Stock market today
On the outlook for the Indian stock market today, Ganesh Dongre of Anand Rathi said, “We have seen a fresh breakout and strength in the Nifty 50 index. So, one can anticipate retesting the peak zone of 22,800 to 22,900 levels. The Nifty 50 stocks and mid-cap stocks are seen gaining in the last 2–3 days. On the Bank Nifty outlook, we can expect to see a 480,00 level in the upcoming days with the strong support of the 47,100 to 47,200 zone.”
1] Shilpa Medicare: Buy at ₹495, target ₹540, stop loss ₹470.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹540. So, holding the support level of ₹470 this stock can bounce toward the level ₹540 in the short term. Hence, the trader can go long with a stop loss of ₹470 for the target price of ₹540.
2] L&T Finance Holdings or L&TFH: Buy at ₹163, target ₹175, stop loss ₹155.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹175. So, holding the support level of ₹155 this stock can bounce toward the level of ₹175 in the short term. Hence, the trader can go long with a stop loss of ₹155 for the target price of ₹175.
3] Raymond: Buy at ₹1820, target ₹1950, stop loss ₹1760.
We have seen a fresh breakout in this stock around ₹1780 to ₹1800. So, at the current juncture, the stock has again seen a reversal price action and bullish candlestick pattern formation at the ₹1750 to ₹1800 price level, which may continue its rally till its next resistance level of ₹1920 to ₹1950 levels. So, traders can buy and hold this stock with a stop loss of ₹1750 for the target price of ₹1950 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: 02 Apr 2024, 09:21 AM IST
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