Buy/Sell: 3 Swing Trading Stock Picks By VLA Ambala On Tuesday, 27th Feb

While the global market continues to display mixed signals, the Indian market is still exhibiting strength and resilience towards maintaining its prevailing bullish trajectory. Notably, there is no concrete indication of a trend reversal in the market. However, in my opinion, we are likely to witness profit booking triggered by FOMO, which, in turn, could prompt a pullback.

Intraday, the Nifty index is expected to find support within the 22050, 22010, and 21950 range while encountering key resistance between the 22150 and 22190 levels. In such a situation, I recommend traders and investors remain invested in high-quality stocks. In addition, those with short to mid-term investment outlooks should adopt the trailing techniques to make the most of the bullish phase, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Notably, following the release of household expenditure data, the Indian market displayed muted reactions owing to the prevailing uncertainties around the upcoming Lok Sabha elections.

Review of the Stock Market

The Nifty ended the day's trading session on Monday in the red, forming a 'Spinning Top' candlestick pattern on the daily timeframe before concluding at 22122. This development lives up to previous discussions of an expected pullback.

During the day, immediate support levels for the index were found at the 21720 to 21650 range, with major support observed within the 21520 and 21450 range. The day also displayed mixed performances across sectors, with infrastructure, energy, auto, and realty reflecting positive movement while others finished in the negative territory.

The index's current Relative Strength Index (RSI) stands at 58 on the daily timeframe, while it is 70 on the weekly timeframe, displaying a potential pullback. The key support levels for the index are expected to be around 22050, 22010, and 21950 levels, while resistance could be noticed at 22150 and 22190. Amid these situations, my advice for the swing traders referring to the index would be to adjust their trailing at the 21850 range.

Technical Analysis

India VIX, which effectively measures the intensity of market volatility, witnessed a jump and pointed to the 15.60 level. This movement signals an anticipation of significant momentum in the market ahead. In addition, I anticipate a sharp move of approximately 2% to 3% in the price range within the next ten days from the current point, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Key Levels to Monitor on February 27th, 2024

The Nifty index is expected to find support at the 22050, 22010, and 21950 levels, whereas the index's major resistance point for intraday trading could be between the 22150 and 22190 range. For the Bank Nifty, the intraday support levels could be between the 46400 and 46250 range, with resistance around the 46650 and 45800 levels.

Stocks To Buy Or Sell Today

Stocks to Buy or Sell Today: VLA Ambala (SEBI Regd. Research Analyst) recommends checking out these three stocks on - February 27, 2024. According to her analysis, LATENTVIEW, RAILTEL, and PNCINFRA could offer significant growth potential.

LATENTVIEW

• Trade Type: Buy
• Entry Price Range: Rs. 515 - Rs. 524
• Target 1:Rs. 535
• Target 2: Rs. 560
• Time Period: 10-30 Days
• Stop Loss: Rs. 495

RAILTEL

• Trade Type: Buy
• Entry Price Range: Rs. 400 - Rs. 425
• Target 1: Rs. 460
• Target 2: Rs. 500
• Target 3: Rs. 530
• Time Period: 30-180 Days
• Stop Loss: Rs. 370

PNCINFRA

• Trade Type: Buy
• Entry Price Range: Rs. 450
• Target 1: Rs. 480
• Target 2: Rs. 510
• Target 3: Rs. 550
• Time Period: 2-70 Days
• Stop Loss: Rs. 410

Note: V.L.A. Ambala emphasizes that these recommendations are based on price movement, past behaviour, and technical analysis.

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.