Anand Rathi, a reputable financial institution, has provided insights into three promising stocks for day trading on April 16. Ganesh Dongre, an expert at Anand Rathi, shares his analysis and recommendations for traders seeking profitable opportunities in the stock market.
Market Analysis by Anand Rathi
Ganesh Dongre, a Senior Manager specializing in Technical Research at Anand Rathi, offers his perspective on the current market conditions. According to Dongre, the Indian stock market may experience sideways movement in the near term, with the Nifty 50 index expected to fluctuate between the 22,100 to 22,600 range. Despite recent sell-offs, Dongre advises traders to view these developments as profit-booking at higher levels, emphasizing the importance of monitoring key support and resistance levels for informed decision-making.
Stock Recommendations
Ganesh Dongre identifies three stocks with potential for profitable day trading. NCC Dongre highlights NCC’s strong support levels around ₹245 to ₹250, suggesting a favorable buying opportunity. With the stock exhibiting a reversal price action formation, traders can consider buying and holding NCC with a stop loss of ₹245 and a target price of ₹268 in the near term.Aditya Birla Capital Dongre identifies a bullish reversal pattern in Aditya Birla Capital’s short-term trend, indicating potential upward momentum towards ₹215.
Traders can initiate long positions with a stop loss of ₹197, anticipating a target price of ₹215 as the stock bounces from its support level. Bharti Airtel Dongre observes a fresh breakout in Bharti Airtel around ₹1210 to ₹1215, signaling a bullish outlook. With a reversal price action and bullish candlestick pattern formation, the stock is poised to continue its rally towards ₹1245 to ₹1250. Traders can consider buying Bharti Airtel with a stop loss of ₹1210 and a target price of ₹1250 in the near term.
Market Outlook
Dongre provides insights into the market outlook for April 16, emphasizing key support and resistance levels for Nifty and Bank Nifty. Despite recent bearish trends, Dongre suggests that Nifty may experience sideways movement within the 22,100 to 22,250 range, with potential resistance at 22,500 to 22,600. He advises caution amid oversold conditions and highlights support levels for Bank Nifty, anticipating a range-bound trading session.
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