Day trading stocks to buy: Adani Power to PNB — Anand Rathi expert recommends three shares to buy today — May 2

Stock market today: Following strong global market sentiments after the conclusion of the US Fed meeting on Wednesday, the Indian stock market is expected to react to this overnight trigger. US Fed chairman Jerome Powell's downplaying the US Fed rate hike buzz is expected to offer some relief to the global markets including Asian and Indian stock markets today. During Wednesday's dealing, US dollar rates came under sell-off pressure and the US dollar index slipped below the 106 mark. This pushed buying in the US stock markets on Wednesday. Dow Jones index finished 0.23 percent higher on Wednesday whereas the Smallcap 2000 index finished 0.12 percent higher. However, the S&P 500 and tech-heavy Nasdaq finished in the red zone.

Anand Rathi's stock recommendations

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that the Nifty 50 index is in overbought condition and there can be some profit-booking in the 50-stock index during Thursday deals. Ganesh Dongre of Anand Rathi went on to add that Nifty today is facing a hurdle at 22,800 to 22,900 levels and the Indian stock market trends may remain sideways to positive till the 50-stock frontline index remains in the 22,500 to 22,900 range. On day trading stocks for today, Ganesh Dongre recommended three stocks to buy today — Adani Power, IndusInd Bank, and PNB.

Stock market today

On the outlook for Nifty today, Ganesh Dongre said, "On the Nifty front, we are now closed at the resistance level of 22500–22600 zone, which may keep the movement sideways for the Nifty in the upcoming days. Now the next resistance for the Nifty spot will be 22800-22900. As per today's chart pattern, we have seen the gap up opening and continue its bullish trend for the rest of the day but at the end of the day, we have also seen profit booking in the Nifty and Bank Nifty index, which was closed in negative territory. So, on the Nifty front, we may see profit booking on the stock-specific level in the upcoming trading session, as the index is in an overbought condition."

"On the Bank Nifty front, we have seen a gap-up opening on Tuesday, and continue its bullish trend for the whole day, so for the upcoming trading session, Bank Nifty support will be at the 48,000 level and resistance will be at the 49,500 level," said Dongre.

Shares to buy today

1] Adani Power: Buy at ₹613, target ₹640, stop loss ₹600.

We have seen a major support in Adani Power shares around 600 rupees. So, at the current juncture, Adani Power share has again seen a reversal price action formation at the ₹613 price level, which may continue its rally till its next resistance level of ₹640. Hence, traders can buy and hold this stock with a stop loss of ₹600 for the target price of ₹640 in the near term.

2] IndusInd Bank: Buy at ₹1512, target ₹1550, stop loss ₹1490.

In the short-term trend, IndusInd Bank share has seen a bullish reversal pattern, technically retrenchment could be possible till ₹1550. So, holding the support level of ₹1490 this stock can bounce toward the level of ₹1550 in the short term. Hence, the trader can go along with a stop loss of ₹1490 for the target price of ₹1550.

3] Punjab National Bank or PNB: Buy at ₹140, target ₹148, stop loss ₹134.

We have seen a fresh breakout in PNB share price of around 140 rupees. So, at the current juncture, the stock has again seen a reversal price action and bullish candlestick pattern formation at the ₹140 price level, which may continue its rally till its next resistance level of ₹148. Hence, traders can buy and hold this stock with a stop loss of ₹134 for the target price of ₹148 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.