Day Trading Guide: 3 Swing Trading Stock Picks By VLA Ambala On 9th Nov

On November 8, benchmark indices extended their gains for the third consecutive session, with Nifty closing at nearly 19,440 and Sensex settled at 64,970. Amid the festive season stock wise actions were seen. Nifty traded in a small range but closed above its previous trading closing. The positive performance was notable as for two consecutive days, it closed above its 50-day Exponential Moving Average (EMA), indicating a favourable trend but above this only.

The index has immediate resistance to overcome, and if it manages to do so, a new rally is likely, as previously discussed. The closing price on this day was above the Q1 2023 level of 19,189, which is another positive signal. However, it's important to note that this level will continue to be significant in the days ahead". For November 8 (Wednesday), Nifty is expected to find crucial support at 19400/19320, while key resistance levels to watch for are 19490/19530/19570, explained Ms. VLA Ambala.

Bank Nifty Outlook For Today

In the banking sector, the Banking Index is anticipated to receive support around 43520/43420/43165 with major resistance levels at 43870/44120/44350. It's worth mentioning that Bank Nifty has exhibited a strong lower price rejection by forming a "Bullish Pin Bar" on the daily timeframe.

If the price remains above the high of this pattern, there is a high likelihood of it moving towards the 44,000 mark during the week, MACD Bullish cross has seen witnessed in it at daily time frame at the 43300 range hence it is a crucial range now, said VLA Ambala - SEBI Regd. RA and Co-founder of Stock Market Today.

Stocks To Buy Today

VLA Ambala, a SEBI Registered Research Analyst, has provided recommendations for 3 stocks for intraday and swing trading on Thursday, 9th November.

Pidilite Industries

Consider buying Pidilite around 2470, with a target range of 2540 to 2700 and a stop loss at 2260. The price is trading near an important EMA, providing significant support.

Tata Power

Buy Tata Power at 253 and hold for a mid-term target ranging from 260 to 300, with a stop loss at 220.

Deepak Nitrite

Buy DEEPAKNTR at 2150 and hold for a mid-term target ranging from 2200 to 2550, with a stop loss at 2000.

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.