Stocks To Buy: 3 Intraday Trading Stock Recommendations By VLA Ambala On Tuesday, 18th June

The benchmark index Nifty was seen consolidating within a small range last week, forming a positive price candlestick pattern on the weekly and a Hanging Man candlestick pattern on the daily timeframe. Notably, the major market trends continue to display bullish tendencies at the current price level of 23465. In such a set-up, any dip of 5-12% from the 23600 to 23800 range should be seen as a dip buying opportunity, according to V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"To make the most of the situation, I suggest adopting a thematic approach and investing in fundamentally strong and high-growth midcap stocks from certain sectors for wealth creation. Judging by current market momentum and sectoral performance, individuals should keep a close watch on the renewable, green energy, defense, logistics, advanced edge technology, infrastructure, consumables, and metal sectors. Additionally, they should focus on picking healthy stocks to market risks," the analyst commented.

Nifty & Bank Nifty Prediction

"For the Nifty index, the key support levels for the next trading session will be between 23320 and 23220, whereas resistance could be noticed between 23520 and 23605 levels. The Bank NiftyIndex could find key support between 49950 and 49680, and witness 50130 and 50450, acting as their major resistance points," VLA Ambala predicted.

Market Outlook

"Global market ended the week on a negative note with US and UK indices closing at 38589 and 8146 respectively. UK unemployment rate climbed to 4.4% in the three months to April, the highest since September 2021. The UK economy showed no growth as the April GDP came flat as compared to the rise of 0.4% in March. U.S May CPI inflation came flat as compared to a 0.3% rise in April indicating a decline in the prices of essential commodities. US citizens that applied for unemployment insurance benefits increased by 242K in the week as compared to 229K spiking 10-month high. The Federal Reserve kept its key interest rate unchanged in the FOMC meeting and scaled back its forecast from three rate cuts to just one this year after an inflation pickup in early 2024," said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.

"The outlook for the market will be guided by the major domestic and global economic data. India Manufacturing PMI, India Foreign Exchange Reserves, China Industrial Production, US Industrial Production, UK Inflation Rate, US Initial Jobless Claims, BoE Interest Rate, US Manufacturing PMI," Arvinder Singh Nanda further added.

Stocks To Buy Today

V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) has recommended 3 intraday stocks to buy, sell or add on Tuesday, 18th June.

DBL

• Buy: Rs. 470-500
• Target Price: Rs. 585/630/730/780/950
• Stop Loss: Rs. 400
• Holding Period: 2-50 weeks

SRF

• Buy: Rs. 2290-2365
• Target Price: Rs. 2500/2610/2740/3000/3400
• Stop Loss: Rs. 220
• Holding Period: 2-40 weeks

Titan

• Buy: Rs. 3440-3500
• Target Price: Rs. 3700/3850/4000/4150/4300
• Stop Loss: Rs. 3300
• Holding Period: 2-40 weeks

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.