Buy/Sell: 4 Swing Trading Stock Picks By VLA Ambala On Wednesday, 6th March

The Nifty traded within a small range and ended the day's session below the last day's closing price. The benchmark index noticed the formation of a bearish 'Hanging Man' candlestick pattern during the day at almost a fresh all-time high level. Typically, the pattern indicates a potential downward trend reversal.

Keeping this in mind, we may soon observe a pullback of almost 1% in the market within the next 1-2 days. During the day, the market recorded a strong rally backed by Tata Motors after it announced a demerger of its passenger and commercial vehicle segment.

While Tata Motors Group faced bullish momentum, PSU bank stocks continued to protect Nifty against an intraday fall on Tuesday.

For the next session, the overall scope for metal, media, consumption, pharma, and private banks looks bullish. On the other hand, sectors like Realty and FMCG may display bearish momentum, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Market View for 6th March 2024

Key Support levels will be 22340 and 22250, and resistance will be observed at 22400 and 22515. The banking index, which outperformed intraday, could find key support between 47485 and 47220, with 47680 and 48000 acting as major resistance, according to the analyst.

Stocks To Buy Today

V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) has recommended to buy or sell 4 stocks on Wednesday, 6th March.

BAJAJFINSV

• ENTRY - Rs. 1560 above
• TARGETS -Rs. 1575/1590/1600/1620/1645
• STOP LOSS - Rs. 1535
• CMP - 1552
• View - Intraday

TATAMOTORS

• ENTRY - Rs. 980-1000
• TARGETS - Rs. 1040/1060/1100/1150/1200
• STOP LOSS - Rs. 950
• CMP - 1022

ZYDUSLIFE

• ENTRY - Rs. 955
• TARGETS - Rs. 985/1000/1020/1050
• STOP LOSS - Rs. 915
• VIEW - SWING

Bala Mines

• ENTRY - Rs. 2380 to 2400
• TARGETS - Rs. 2480/2515/2550/2600/2650/2700
• STOP LOSS - Rs. 2260
• VIEW - SWING

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.