5 Swing Trading Stocks To Trade Today As Recommended By VLA Ambala of SMT

In September, Foreign Portfolio Investors (FPIs) put an end to their six-month buying streak in the Indian market. The recent sell-off in the first half of October is mainly attributed to the fact that U.S. Treasury yields have reached their highest levels in 16 years. This has made U.S. bonds a more appealing option compared to investments in emerging markets like India at the moment.

Despite continuous outflows of FPI investments, the Nifty 50, a key benchmark in the Indian stock market, has shown resilience by posting a 0.57% gain in the first half of October, thanks to steady buying by domestic investors. However, it's essential to exercise caution and invest in well-established companies. There's a famous saying in markets, "Buy the Fear and Sell the Greed," and I want to emphasize doing so wisely. Keep your investment risks diversified," advised VLA Ambala ( SEBI Registered Research Analyst, and Co-founder of Stock Market Today).

Furthermore, geopolitical concerns stemming from the ongoing conflict in the Middle East have contributed to a sense of risk aversion in financial markets, reigniting fears of inflation, according to analysts. People are calling it the beginning of a possible third world war. I would suggest holding a significant amount of bullion at this time if possible.

It's wise to wait and watch for some time before initiating fresh investments in the stock market. Select your companies carefully and strictly follow stop-loss strategies. The banking sector may continue to face pressure if it doesn't recover from yesterday's low levels. India, along with other global economies, is grappling with high inflation and making efforts to control it. While the benchmark index is striving to maintain its low points, global uncertainties could impact our markets in the short term. Investors and traders need to exercise extra caution in the coming days.

Nifty Outlook for Today

Nifty had a significant gap down opening but managed to recover some points, although it still closed below its previous day's closing level. A strong competition is underway between Domestic Institutional Investors (DII) and Foreign Institutional Investors (FII). Currently, FIIs are in a net selling mode, withdrawing funds from our markets, which is a concern for all market participantsHowever, DIIs have been net buyers daily, which is a positive sign.

Nifty closed at nearly 19,625, and Bank Nifty ended the day at 43,754, while Sensex closed the day at 65,629 on Thursday. There was substantial selling pressure in the market, and this trend may continue if prices remain above yesterday's low levels. This trend applies to all benchmark indices.

Intraday support levels for today are at 19,510, 19,430, and 19,330. These levels could be buying opportunities for those looking to buy on dips. Possible intraday resistance points for Nifty50 are at 19,620 and 19,670.

Bank Nifty Outlook for Today:

On Thursday, Bank Nifty traded within a range of almost 500 points and closed below its opening price, forming a deep bearish candlestick on the daily time frame. It faced resistance at its 50-Day EMA, and only a move above this level could indicate fresh upside momentum. The intraday opening price is a critical level for the Banking Index. A move above it may sustain a bullish sentiment while falling below it could trigger selling.

The nearest support levels for Bank Nifty are at 43,450, 43,230, and 43,050. On the other hand, considering its overall movement, major resistance levels for intraday trading are at 44,100, 44,230, and 44,350.

Intraday and Swing Trading Stock Recommendations

VLA Ambala, a SEBI Registered Research Analyst, has recommended five stocks for intraday and swing trading today:

Fineotex Chemical

Consider buying FCL above the range of 320-320 for a target range of 340 to 370, with a stop loss at 304.

LTIMindtree

Accumulate more LTIM in the range of 5,380-5,450 and hold for a short-term target of 5,650 to 5,800. It is trading near its breakout range, with a stop loss at 5,060.

Onward Technologies

Buy ONWARDTEC around 580-600 and hold for a mid-term target ranging from 640 to 700, with a stop loss at 530.

IndusInd Bank

INDUSINDBK seems attractive for buying in the range of 1,440-1,450, with a target range of 1,480 to 1,650 and a stop loss at 1,365. The price is trading above an important EMA, which could act as major support.

GRM Overseas

Consider buying GRMOVER around 200-205, with a target range of 235 to 290 and a stop loss at 160. The price is trading above an important EMA, offering significant support.

These recommendations are based on price movement, past behavior, and technical analysis, as per VLA Ambala, a SEBI Registered Research Analyst.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.