Stocks To Buy: 2 Swing Trading Stock Picks By VLA Ambala On Tuesday, 2nd July

V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) said, in the latest session, the Nifty bank traded within a range of 500 points, or nearly 0.50% intraday, gaining solid support in its key positions. The Nifty formed a Bullish Belt candlestick pattern on the daily chart, starting the month on a positive note despite the price concerns for short and medium-term investors. The benchmark index Nifty's RSI readings were 70 on the daily, 73 on the weekly, and 79 on the monthly timeframes, suggesting room for potential dips. Notably, the major trend remains bullish, so any correction between 5% and 10% should be seen as a dip buying opportunity. I urge individuals to prepare to take advantage of any dips as the market gains strength.

"PSU banks lagged behind private sector banks while strong buying activities were seen in the Media, IT, Metal, and Finance Services sectors which we forecasted 10 days ago when the market was at its all-time high. In this situation, I recommend exploring stocks with strong fundamentals and trading at a discounted price for swing and short-term trading, while overbought shares should be avoided," the analyst added.

"The global market indicates mixed growth, with US and European markets recording marginal gains, while the European market displayed bearish momentum. Meanwhile, Asian markets, including Gift Nifty, Nikkei 225, Straits Times, and Kospi traded positively whereas few traded within a limited margin. In the commodity market, Brent crude oil rose by 0.25% whereas crude oil surged by 0.32 points or 0.38%, suggesting bullish tendencies. Similarly, the commodity gold traded with muted movements but silver gained 0.21% in the July series. Meanwhile, zinc led intraday gains with a 0.75% increase on its previous session closing, which was 264.95. In terms of sectoral performance, industries like FMCG, Metals, IT, and Pharma are likely to perform well this week. On the IPO front, Allied Blenders & Distillers Limited IPO could register positively today with notable listing gains," VLA Ambala stated.

Market View For 2 July 2024, Tuesday

"For the Nifty 50 index, the key support levels for today's trading session will be between 24000 and 23930, whereas resistance will likely be noticed between 24220 and 24290. On the other hand, the Bank Nifty Index could find key support between 52350 and 52050, and witness 52750 and 53150, acting as their major resistance points," predicted VLA Ambala.

Stocks To Checkout On 2 July 2024, Tuesday

IOC

• Trade: SWING
• Type: Buy
• Buy: Rs. 165-167
• Target 1: Rs. 173
• Target 2: Rs. 178
• Target 3: Rs. 185
• Holding Period: 3-60 Days
• Stop Loss: Rs. 160

AWL

• Trade: INTRADAY
• Type: BUY
• Buy: Rs. 330-332
• Target 1: Rs. 335
• Target 2: Rs. 337
• Target 3: Rs.340
• Holding Period: 1 Day
• Stop Loss: Rs. 327

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.