Day trading stocks to buy: Anand Rathi expert recommends three shares to buy (2024)

Anand Rathi's stock recommendations

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that the overall Indian stock market trend may remain positive till the Nifty 50 index sustains above the crucial support zone of 21,800 to 21,900. The Anand Rathhi expert went on to add that the Indian stock market bias may further improve once the 50-stock index breaches above 22,500 to 22,600 resistance zone on a closing basis. On day trading stocks for today, Ganesh Dongre of Anand Rathi recommended three shares to buy today — MCX, HCL Tech, and RCF.

Stock market today

On the outlook for the Nifty today, Ganesh Dongre said, "On the Nifty front, we are now on the support level of 21800–21900 zone, which will keep the movement upward for the Nifty in the upcoming days. Now the resistance for the Nifty spot will be 22500–22600. As per today's chart pattern, we have seen the gap up opening and then continuing its bullish trend pattern for the rest of the day and closing in positive territory. So, on the Nifty front, until the time holds above its support level of 22200–22250, the Nifty will remain in a bullish trend until the resistance level of 22550 to 22600."

"On the Bank Nifty front, we have again seen a gap-up opening today, as it was in an oversold zone, so for the upcoming trading session, Bank Nifty support will be at the 47400–500 level and resistance will be at the 48500 level," Dongre added.

Shares to buy today

1] MCX: Buy at ₹3900, target ₹4050, stop loss ₹3840.

We have seen a major support in MCX share price is around ₹3840. So, at the current juncture, MCX share price has again seen a reversal price action formation at the ₹3900 price level, which may continue its rally till its next resistance level of ₹4050. So, traders can buy and hold this stock with a stop loss of ₹3840 for the target price of ₹4050 in the near term.

2] HCL Tech: Buy at ₹1468, target ₹1520, stop loss ₹1440.

HCL Tech share price has seen a bullish reversal pattern, technically retrenchment could be possible till ₹1520. So, holding the support level of ₹1440 this stock can bounce toward ₹1520 in the short term. Hence, the trader can go long with a stop loss of ₹1440 for the target price of ₹1520.

3] RCF: Buy at ₹145, target ₹152, stop loss ₹138.

We have seen a fresh breakout in RCF share price around 145 rupees. So, at the current juncture, the stock has again seen a reversal price action and bullish candlestick pattern formation at the ₹145 price level, which may continue its rally till its next resistance level of ₹152. Hence, traders can buy and hold this stock with a stop loss of ₹138 for the target price of ₹152 in the near term.

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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Published: 23 Apr 2024, 09:17 AM IST