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Day trading stocks to buy: Anand Rathi expert recommends buying three stocks today – April 22

Vaseline 3 months ago

Day trading stocks to buy today: After no official confirmation from Israel or Iran over the Tel Aviv drone airstrike in Tehran, the Indian stock market witnessed a strong pullback rally last Friday, ending its four-day losing streak. The Nifty 50 index ended 151 points higher at the 22,147 level, the BSE Sensex gained 599 points to close at 73,088, while the Bank Nifty index scaled 504 points north to end at the 47,574 level. In the broad market, the small-cap index ended with a weekly loss of 1.73 percent, while the mid-cap index corrected more than 3 percent in the shortened week that ended last Friday.

Anand Rathi’s stock recommendations

Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi believes that the Nifty 50 index faces a hurdle in the 22,500 to 22,600 zone. The Anand Rathi expert added that the bias in the Indian stock market may remain sideways until the Nifty 50 index remains between 21,800 and 22,600. Dongre said sentiments on Dalal Street could turn bullish or bearish upon breaking either side of the range. On the day trading stocks for today, Anand Rathi’s Ganesh Dongre recommended these three stocks to buy today: Tata Consumer Products, Tata Motors and Marico.

Also read: Buy or Sell: Vaishali Parekh recommends three stocks to buy today – April 22

Fair today

Speaking about the outlook for the Indian stock market today, Ganesh Dongre said, “On the Nifty front, we are now at the support level of the 21800-21900 zone which will keep the move sideways for the Nifty in the coming days. Now the resistance is for the Nifty spot as per Friday chart pattern will be 22500–22600 We have seen the gap opened to the downside for the rest of the day and then continued its bullish trend pattern and closed on the Nifty front, till then. If we do not close above the resistance level of 22200–22250, The Nifty will remain sideways in this range. At present, Nifty is seen in the oversold territory.”

“On the other hand, on the Bank Nifty front, we have seen short covering again today as it was in an oversold zone, so for the upcoming trading session, the support of bank Nifty will be at the level of 47,100 to 47,200, and the resistance will at the level of 48,000,” Dongre added.

Stocks to buy today

1) Tata Consumer Products: Buy from 1140, target 1180, stop loss 1110.

We have seen a major support in this stock around Rs 1,110. So at the current juncture, the stock has seen yet another reversal price action 1140 price level, which could continue its rally until the next resistance level of 1180. Traders can therefore buy and hold these shares with a stop loss of 1110 for the target price of 1180 in the short term.

2) Tata Engines: Buy from 963, target 995, stop loss 945.

In the short term, Tata Motors stock has seen a bullish reversal pattern; technically, cuts could be possible up to 995. So while maintaining the support level of 945 This stock could bounce to the level 995 in the short term. Therefore, the trader can go long with a stop loss of 945 for the target price of 995.

3) Marico: Buy from 505, target 525, stop loss 495.

We have seen another breakout in this stock around Rs 505. So at the current juncture, the stock has seen yet another reversal price action and a bullish candlestick pattern on the stock market. 505 price level, which could continue its rally until the next resistance level of 525. Traders can therefore buy and hold these shares with a stop loss of 495 for the target price of 525 in the short term.

Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. We advise investors to contact certified experts before making investment decisions.



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