Anand Rathi expert recommends these three shares to buy today — April 30 (2024)

Bolstered by the robust performance of theUS markets. The Indian markets were also helped by better investor sentiment brought on by the relative deflation of Middle East tensions and falling oil prices.

Also Read: Stock market today: Sensex, Nifty 50 jump 1% each; mid, smallcaps hit record highs; investors earn about ₹3 lakh crore

The positive US tech quarter profits and the decline in the US 10-year yieldhelped the Indian benchmark indices to recover, according to Vinod Nair, Head of Research at Geojit Financial Services. Due in large part to its impressive fourth-quarter performance, the Bank Nifty excelled domestically. It is anticipated that consistent profits along with a reduction in Middle East tensions would keep the market optimistic. The US non-farm payroll statistics and FED policy will determine the overall market dynamics going ahead.

The 30-share BSE Sensex closed at 74,671.28 level, up 941.12 points, or 1.28%. The NSE Nifty 50 ended at 22,643.40, up 223.45 points, or 1%.

Anand Rathi's stock recommendations

According to Ganesh Dongre, Senior Manager—Technical Research at Anand Rathi, on the Nifty 50 front, we are now closed above the resistance level of 22,500–22,600 zone, which may keep the movement sideways for the nifty in the upcoming days. Dongre continued by adding that now the next resistance for the Nifty 50 spot will be 22,800-22,900.

On day trading stocks for Tuesday, Ganesh Dongre of Anand Rathi recommended three shares to buy today - Bajaj Finserv Ltd, State Bank of India, and Bank of Baroda.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 30

Stock market today

On the outlook for the Nifty 50 and Bank today, Ganesh Dongre said, "Now the next resistance for the Nifty 50 spot will be 22,800-22,900. As per Monday's chart pattern, we have seen the gap up opening and continuing its bullish trend for the rest of the day, and it closed in positive territory. So, on the Nifty 50 front, until the time Nifty 50 holds above its support level of 22,400–22,550, the Nifty 50 will remain in a bullish trend until the resistance level of 22,800–900. Currently, Nifty 50 is in overbought condition, so further stock-specific profit booking may be possible in the coming days. On the other hand, on the bank nifty front, we have seen a gap-up opening today and continue its bullish trend for the whole day, so for the upcoming trading session, bank nifty support will be at the 48,500 level and resistance will be at the 49,500 level."

Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, rally in Tesla shares to China PMI

Shares to buy today

Bajaj Finserv Ltd: Buy at ₹1,596; Stop Loss: ₹1,565; Target Price: ₹1,645

We have seen a major support in this stock of around ₹1,565. So, at the current juncture, the stock has again seen a reversal price action formation at the 1,596 price level, which may continue its rally till its next resistance level of ₹1,645. So traders can buy and hold this stock with a stop loss of ₹1,565 for the target price of ₹1,645 in the upcoming weeks.

State Bank of India: Buy at ₹826; Stop Loss: ₹810; Target Price: ₹845

In the short-term trend, the stock has seen a bullish reversal pattern. Technically, retrenchment could be possible until 845, so, holding the support level of 810, this stock can bounce toward the level of 845 in the short term, so the trader can go along with a stop loss of 810 for the target price of 845.

Bank of Baroda: Buy at ₹273; Stop Loss: ₹265; Target Price: ₹284

We have seen a fresh breakout in this stock around ₹265. So, at the current juncture, the stock has again seen a reversal price action and bullish candlestick pattern formation at the 273-price level, which may continue its rally till its next resistance level of ₹284, so traders can buy and hold this stock with a stop loss of ₹265 for the target price of ₹284 in the upcoming weeks.

Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 30

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: 30 Apr 2024, 07:46 AM IST