Day trading stocks to buy: IOC, BHEL, Sun Pharma — Anand Rathi expert recommends three shares to buy today — May 6

Anand Rathi's banal picks for Monday

Ganesh Dongre, Senior Manager — of Technical Research astatine Anand Rathi, believes that the Indian banal marketplace bias whitethorn stay sideways successful upcoming sessions till the Nifty 50 scale continues to commercialized successful the 22,300 to 22,900 range. The Anand Rathi adept said the adjacent important enactment beneath 22,300 is placed astatine 22,100. On day trading stocks today, Ganesh Dongre of Anand Rathi recommended 3 stocks to bargain today — Sun Pharma, BHEL, and IOC. These stocks person been chosen based connected their caller terms movements, measurement trends, and different method indicators.

Also Read: Trade setup for banal marketplace today: Five stocks to bargain oregon merchantability connected Monday — May 6

Stock marketplace today

Speaking connected the outlook for the Indian banal marketplace today, Ganesh Dongre said, "On the Nifty front, nifty closed astatine the enactment level of 22300–22400 zone, which whitethorn support the question sideways for the Nifty successful the upcoming days. The adjacent absorption for the Nifty spot volition beryllium 22800-22900. As per today's illustration pattern, we person seen the spread opening and proceed its bullish trend, but Nifty has seen nett booking for the remainder of the day. So, indices closed successful antagonistic territory astatine the extremity of the day. So, connected the Nifty front, we whitethorn spot nett booking connected the stock-specific level successful the upcoming trading session; adjacent Nifty enactment stands astatine the 22100-22200 level."

"On the slope nifty front, we person seen a gap-up opening today, which is simply a beardown bullish signal, but it couldn't clasp its summation and seen nett booking successful the indices till the extremity of the day. Bank Nifty absorption stands astatine 49,000 and enactment astatine 48,500 level," Dongre said. In summary, the banal marketplace contiguous showed signs of volatility and nett booking aft reaching caller peaks earlier successful the day.

Shares to bargain today

1] Sun Pharma: Buy astatine ₹1515, people ₹1555, halt nonaccomplishment ₹1495.

With important enactment successful Sun Pharma shares astir ₹1495, the existent juncture presents a imaginable opportunity. Sun Pharma stock terms has seen a reversal terms enactment action astatine the ₹1515 terms level, which whitethorn proceed its rally till its adjacent absorption level of ₹1555. This suggests a imaginable summation for traders who bargain and clasp this banal with a halt nonaccomplishment of ₹1495 for the people terms of ₹1555 successful the adjacent term.

2] BHEL: Buy astatine ₹305, people ₹330, halt nonaccomplishment ₹296.

BHEL stock terms has seen a bullish reversal pattern, which is simply a method illustration signifier that indicates a alteration successful the prevailing trend, and technically, retrenchment, which is simply a impermanent reversal successful the absorption of a stock's terms that goes against the prevailing trend, could beryllium imaginable till ₹330. So, holding the enactment level of ₹296 BHEL stock terms tin bounce toward ₹330 successful the abbreviated term. Hence, the trader tin spell on with a halt nonaccomplishment of ₹296 for the people terms of ₹330.

3] IOC: Buy astatine ₹170, people ₹185, halt nonaccomplishment ₹162.

We person seen a caller breakout, which is simply a method investigation word that describes a banal terms moving extracurricular a defined enactment oregon absorption level with accrued volume, successful this stock, astir 162 rupees. So, astatine the existent juncture, IOC stock terms has again seen a reversal terms action, which is simply a alteration successful the absorption of a stock's terms that goes against the prevailing trend, and bullish candlestick signifier enactment astatine the ₹170 terms level, which whitethorn proceed its rally till its adjacent absorption level of ₹185. So, traders tin bargain and clasp this banal with a halt nonaccomplishment of ₹162 for the people terms of ₹185 successful the adjacent term.

Disclaimer: The views and recommendations provided successful this investigation are those of idiosyncratic analysts oregon broking companies, and not Mint. We powerfully counsel investors to consult with certified experts earlier making immoderate concern decisions, arsenic marketplace conditions tin alteration rapidly and idiosyncratic circumstances whitethorn vary.

Unlock a satellite of Benefits! From insightful newsletters to real-time banal tracking, breaking quality and a personalized newsfeed – it's each here, conscionable a click away! Login Now!

Published: 06 May 2024, 08:19 AM IST