Day Trading Guide: VLA Ambala of SMT Recommends 3 Swing Trading Stocks For Today

In the previous trading session, the Nifty benchmark index witnessed a rejection of lower prices, leading to a gap-up opening today. Nifty successfully closed above its previous day's high, which is an important development. It's crucial to monitor today's low levels as they will play a significant role in determining market direction. Traders are advised to exercise caution when considering trading during a potential "pullback" and to keep exposure limited.

As of now, Nifty50 has not sustained above its 20 EMA and it is very close to its 50-Day EMA. Nifty has formed a "Doji candlestick" at daily time frame. Price could trade in the 1.20% to 2% range in this week. Yesterday's low is very crucial for the coming weeks. Hence watch is closely above the given levels.

Nifty key levels for Intraday

On Thursday, the day began with a gap-up opening, and Nifty traded within a relatively narrow range of approximately 100 points. Ultimately, Nifty closed above its previous day's highs, indicating positiveness but be careful as it is still in the seller zone. It has formed a "Doji" candlestick in Intraday and closed near 19550. For intraday trading, the support levels for Nifty are at 19,480, 19,420, and 19,340. This presents a buying opportunity for those interested in purchasing during this selling phase and looking to trade in a "pullback" move. In terms of intraday trading, potential resistance (or Sell on rise" points for Nifty50 are expected at 19,625 and 19,680, as outlined by V.L.A. Ambala, a SEBI Registered Research Analyst, in their analysis for Stock Market Today (SMT).

Bank Nifty Outlook

However, the current outlook for Bank Nifty suggests that today's low level is crucial for the Banking Index. If it breaks down further, it could lead to more selling pressure. Bank Nifty is currently trading above its previous day's open (PDO) and closing (PDC) prices. It's essential for the price to maintain its position above the intraday low points in order to negate bearish sentiments.

Key Levels for Intraday in Bank Nifty

The nearest support levels for Nifty Bank are at 43,980, and 43,860, with a major support level at 43,720. On the other hand, considering its recent price movements, Bank Nifty is likely to encounter significant resistance at 44,410, followed by 43,570 for intraday trading. These levels are particularly relevant in case of a flat or slight gap opening, according to V.L.A. Ambala, a SEBI Registered Research Analyst, in their Stock Market Today (SMT) analysis.

Swing and Day trading stocks for today by VLA Ambala

On intraday and swing stocks for today, stock market experts - VLA Ambala (SEBI Registered Research Analyst)- recommended 3 stocks to buy today for Intraday and swing trading.

TATA Chemicals

TATA Chemicals is looking good to buy above 1021 and have a target expectation of 1028/1035/1040 with a stop loss of 993.

ZEEL

ZEEL looking good buy at the 266 range and has a target expectation of 275/280/285/290 with a stop loss of 251. ''Price is trading above its important EMA which could act as a major support point for this

Barbeque

Barbeque looking good buy in the 763 range and has target expectation of 800/810/830/85870/900 with a stop loss at 687. ''Price is trading above its important EMA which could act as a major support point for this

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.