Short-Term Stocks To Buy: Intraday Guide By VLA Ambala On 30th July

During Monday's session, the Nifty 50 index touched a new all-time high of 24,999.75 in intraday trade and this July series. Despite this momentum, the market witnessed price resistance at the 25,000 level, causing the Nifty index to drop by nearly 220 points. By the end of the session, Nifty closed around 24,800 intraday, forming a Spinning Top candlestick pattern on the daily timeframe.

"The high market valuation continues to worry market participants, so I would recommend they adopt a cautious approach in this scenario. However, the valuation of some companies and stocks remains attractive, which could attract many investors and traders. In the coming days, we could see sectors such as Media, Pharma, Banks, Auto, and Metal to be in focus," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Market View for 30 July 2024, Tuesday

"For the Nifty index, the key support levels for today's trading session will be between 24,780 and 24,700, whereas resistance will likely be between 24,950 and 25,080. On the other hand, the Bank Nifty Index could find key support between levels 51,050, 50,810, or 50,600, and witness 51,830, 52,250, or 52,500, acting as their major resistance points," predicted VLA Ambala.

Nifty & Bank Nifty Outlook

"Technically, the Nifty index formed a small bearish candle on a daily scale, but the trend remains upward. Immediate support for the index is placed near 24,770, followed by 24,600. On the upside, 25,000 will act as a key hurdle for Nifty in the short term. On a daily scale, the index has found resistance near a short-term trend line, which is placed around 52,300 levels. Thus, 52,000-52,300 will serve as a resistance zone for Banknifty, while on the downside, 51,000 will act as strong support," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Stocks to Checkout On 30 July 2024, Tuesday

IEX

• Buy: Rs. 180-187
• Target: Rs. 205-350
• Stop Loss: Rs. 150
• Holding Period: 1-5 Months

REC Ltd

• Buy: Rs. 630-640
• Target: Rs. 670-750
• Stop Loss: Rs. 592
• Holding Period: 3-10 Weeks

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.