Stocks To Buy Today: Swing Trading Stock Picks By VLA Ambala On 17th Nov

The market closed in gains and traded in the 1.25% range from low to high however closed with nearly 0.46% gains as last-hour selling pressure was intense. It has eroded major intraday gains. This selling was in almost all sectors.

Currently, the market is positioned near the 20-, 50- and 200-day Exponential Moving Average (EMA), sustaining above is a positive sign for a new uptrend. Yes, the price will take a pullback and that will be a trading opportunity for "Bears" and once it reaches its "major support points it will be a "Buy on Dip" for Bulls, those who are looking to trade in intraday or swing trading.

The range of 19510 to 19430 is identified as a decisive trend zone in the coming week and a strong support. Buyers will try to protect this range now and major Open Interest (OI) has shifted from 18500 to 19500 and 19000 levels in just 1 week.

The market is ready for another minimum of 2.5% to 4% directional movement within just 5 to 7 weeks.

Traders are advised to closely monitor these levels, according to VLA Ambala, SEBI Registered RA and Co-founder of Stock Market Today. For the day, Nifty is expected to find major support at 19670/19580/19520 and resistance near 19770/19820/19850 with these levels being particularly relevant in the case of a flat or slightly gap opening.

Turning to the Bank Nifty outlook, notably, Bank Nifty experienced robust selling pressure as it has formed a "Big Range Bearish Candlesticks" at the daily time frame. In the scenario of a flat or slight gap opening, the Banking Index is predicted to see support around 44050/43980/43800 with major resistance levels at 44320/44450.

Today the intraday low is at its crucial level of nearly 44080. If sustained below, selling may continue up to another 150 to 300 points. Hence "Bulls" will try to protect at first selling attempt" VLA Ambala emphasizes the significance of monitoring the price's closing position relative to this range, as it could signal the onset of a significant range movement.

Stocks To Buy Today

VLA Ambala, a SEBI Registered Research Analyst, has provided recommendations for five stocks for intraday and swing trading on Friday, November 17.

Zee Entertainment Enterprisesthors

Buy ZEEL at 250 and hold for a mid-term target ranging from 262 to 280, with a stop loss at 238.

UltraTech Cement

Buy ULTRACEMCO at 8700 and hold for a mid-term target ranging from 8820 to 8950, with a stop loss at 8500.

Adani Total Gas

Buy ATGL at 555 and hold for a mid-term target ranging from 620 to 750, with a stop loss at 500.

Hindalco Industries

Buy SWHINDALCO 500/505 and hold for a mid-term target ranging from 510 to 550, with a stop loss at 485.

Varun Beverages

Buy VBL at 1030 and hold for a mid-term target ranging from 1050 to 1180, with a stop loss at 970.

"All of the recommendations are being provided here based on the price overall movement, previous behaviour and technical analysis"- said VLA Ambala (SEBI Regd. RA).

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.