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.
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.
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
. Read more on livemint.com
