Buy/Sell: 5 Swing Trading Calls By VLA Ambala On Thursday, 22nd Feb

While the Nifty recorded a fresh all-time high, the index faced rejection from the high at 22249. During the day on Wednesday, the Nifty formed a bearish candlestick pattern - 'Bearish Engulfing' at the daily timeframe, eroding all the gains the market accrued in the past four days. In such a situation, a small pullback can be anticipated during the session. Notably, the index's immediate key support is at the 21850 level. However, the major support range for Nifty will remain intact at 21,650 to 21,520 level.

Except PSU banks, FMCG, Metal, and Realty, all sectors concluded the day in the red. The rally for the banking stocks can be partially accredited to the step the Indian financial regulator plans to take to bolster oversight of Fintech firms, signaling a potential end to the years of light-handed regulation in such a crucial sector.

Technical Overview of the Market

Nifty's current Relative Strength Index (RSI) is around 70 at weekly and 57 at daily timeframe, which suggests elevated levels in the higher time frame. The situation also hints at a potential cool-off in prices.

While, at present, there is no sign of a complete reversal, profit booking could occur soon. During the day, the index formed the 'Bearish Engulfing' candlestick pattern at the daily timeframe, which indicates a significant shift in momentum as sellers gain control of the market after a stretch of buying pressure.

Key Levels to Watch on February 22nd, 2024

The Nifty index is anticipated to find support within the 21920 and 21840 range, whereas the index's major resistance point for intraday trading could be between 22120 and 22190. For the Bank Nifty, the intraday support levels could be within the 47760 and 47500 range, with resistance around the 47125 and 47350 range.

Stocks To Buy Today

Stocks to Buy or Sell Today: VLA Ambala (SEBI Regd. Research Analyst) recommends checking out these five stocks on - February 22, 2024. According to her analysis, AYMSYNTEX, JINDALSTEL, TATASTEEL, STLTECH, and ALPEXSOLAR-ST could provide ample growth opportunities for traders and investors.

AYMSYNTEX

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 91 - Rs. 92
• TARGET 1: Rs. 105
• TARGET 2: Rs. 130
• TIME PERIOD: 90-120 Days
• STOP LOSS: Rs. 72

JINDALSTEL

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 750 - Rs. 760
• TARGET 1: Rs. 790
• TARGET 2: Rs. 820
• TARGET 3: Rs. 850
• TIME PERIOD: 10-40 Days
• STOP LOSS: Rs. 705

TATASTEEL

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 141 - Rs. 143
• TARGET 1: Rs. 146
• TARGET 2: Rs. 150
• TIME PERIOD: 8-30 Days
• STOP LOSS: Rs. 135

STLTECH

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 144 - Rs. 145
• TARGET 1: Rs. 158
• TARGET 2: Rs. 175
• TIME PERIOD: 20-25 Days
• STOP LOSS: Rs. 126

ALPEXSOLAR-ST

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 421 - Rs. 423
• TARGET 1: Rs. 450
• TARGET 2: Rs. 500
• TIME PERIOD: 20-25 Days
• STOP LOSS: Rs. 370

Note: V.L.A. Ambala emphasizes that these recommendations are based on price movement, past behavior, 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.