Anand Rathi expert recommends these three shares to buy today — April 24

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Day trading stocks to buy today: On Tuesday, April 23, amid encouraging global cues, domestic benchmark indices, the Sensex and the Nifty 50, finished the day higher for the third straight session. The market's attention has switched to corporate earnings, which have so far shown mixed results, while there are no significant indications that tensions in West Asia are escalating. Investors' confidence over the short-term market trajectory was evidenced by a notable decline in the volatility index.

The 30-share BSE Sensex closed at 73,738.45 level, up 89.83 points, or 0.12%. The NSE Nifty 50 ended at 22,368.00, up 31.60 points, or 0.14%.

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Anand Rathi's stock recommendations

According to Ganesh Dongre, Senior Manager—Technical Research at Anand Rathi, the Nifty 50 is now hovering around the 22,200-22,250 support zone, which will continue to trend higher in the coming days. Dongre continued by adding that Nifty 50 would continue to go upward until it breaches over its 22,200-22,250 support level and reaches the 22,550-600 resistance level. On day trading stocks for Wednesday, Ganesh Dongre of Anand Rathi recommended three shares to buy today — TVS Motor Company Ltd, NBCC (India) Ltd, and Tata Consultancy Services Ltd.

Also Read: Stock market today: Day trading guide for Nifty 50 to Sensex, six stocks to buy or sell today — April 24

Stock market today

On the outlook for the Nifty 50 and Bank today, Ganesh Dongre said, "On the Nifty 50 front, we are now at the support level of 22,200-22,250 zone, which will keep the movement upward for the Nifty 50 in the upcoming days. Now the resistance for the nifty spot will be 22,500-22,600. 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 50 front, until time holds above its support level of 22,200-22,250, the Nifty 50 will remain in a bullish trend until the resistance level of 22,550-600.

At this juncture, on the other hand, on the Bank Nifty front, we have again seen a gap-up opening today and will continue its bullish trend for the rest of the day, so for the upcoming trading session, Bank Nifty support will be at the 47,400-500 level and resistance will be at the 48,500 level."

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Shares to buy today

TVS Motor Company Ltd: Buy at ₹1,956; Stop Loss: ₹1,930; Target Price: ₹1,998

We have seen major support in this stock around ₹1,930. So, at the current juncture, the stock has again seen a reversal price action formation at the 1,930 price level, which may continue its rally till its next resistance level of 1,998, so traders can buy and hold this stock with a stop loss of ₹1,930 for the target price of ₹1,998 in the upcoming weeks.

NBCC (India) Ltd: Buy at ₹133; Stop Loss: ₹128; Target Price: ₹142

In the short-term trend, the stock has seen a bullish reversal pattern; technically, retrenchment could be possible till 132, so, holding the support level of 128, this stock can bounce toward level 142 in the short term, so the trader can go long with a stop loss of 128 for the target price of 142.

Tata Consultancy Services Ltd (TCS): Buy at ₹3,875; Stop Loss: ₹3,820; Target Price: ₹3,950

We have seen a fresh breakout in this stock around ₹3,875 rupees. So, at the current juncture, the stock has again seen a reversal price action and bullish candlestick pattern formation at the ₹3,875 price level, which may continue its rally till its next resistance level of ₹3,950, so traders can buy and hold this stock with a stop loss of ₹3,820 for the target price of ₹3,950 in the upcoming weeks.

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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: 24 Apr 2024, 07:46 AM IST

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