2 Good Stocks To Invest In: Market Trading Guide By VLA Ambala On Wednesday, 4th September

On Tuesday, Nifty concluded the day with a muted gain, whereas the banking index surged nearly 0.50% in intraday. During this session, the market traded near all-time highs, creating a narrow trading range and resistance.

V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) said, this situation is not ideal for swing trading, so I recommend covering positions. Meanwhile, Bank Nifty was seen trading at a discounted price, offering the potential for upward momentum.

"However, market sentiment suggests that the Federal Reserve may cut rates, which the RBI could follow in 2-4 weeks. Overall, the market remains cautious on valuations, with investors looking for discounted sectors, such as banking and financial services. In recent weeks, a similar trend was seen in IT, Media, Pharma, and Energy," VLA Ambala added.

Nifty & Bank Nifty Prediction for 4 September 2024, Wednesday

"For the Nifty index, the key support levels for today's trading session will be between 25,220 and 25,170 whereas resistance will likely be between 25,359 and 25,400. On the other hand, the Bank Nifty Index could find key support between levels 51,630 and 51,450, and witness 51,850 and 52,030, acting as their major resistance points," Ambala has predicted.

Global Market Outlook

"After three consecutive weeks of gains, markets have paused to digest recent developments. The S&P 500 has slightly pulled back after reaching new highs earlier in the week, as investors await key economic data and central bank decisions. Notably, Nvidia's disappointing earnings report has weighed on the technology sector, contributing to a decline in tech stocks. Meanwhile, sectors like finance, energy minerals, and health services have outperformed. Oil prices have dipped due to uncertainty over potential future interest rate cuts, while gold has remained stable near its recent all-time high.Overall, investors are cautious as they await further economic indicators and corporate earnings reports this week," said Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher.

Stocks to Checkout on 4 September 2024, Wednesday

Based on market sentiment suggesting that the Federal Reserve could cut rates, VLA Ambala has suggested buying two stocks today.

TITAGARH

Buy: Rs. 1430/1450
Target: Rs. 1530/1550/1595/1610/1650
Stop Loss: Rs. 1370
Holding Period: 1-10 Days

COALINDIA

Sell: Rs. 523/522
Target: Rs. 518/515/510/505
Stop Loss: Rs. 530
Holding Period: Intraday

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.