Stocks To Buy: 3 Swing Trading Stock Picks By VLA Ambala On Thursday, 27th June

In the last trading session, the market showed a positive outlook as the ruling party secured the general speaker's status pushing the Nifty and Sensex to new intraday all-time highs. This political stability means that few sectors will have a major focus on them such as energy, metal, logistics & infrastructure, defence, pharmaceutical, and banking.
"During Wednesday's session, the benchmark index Nifty was seen trading with an RSI of 66+ on the daily, 71+ on the weekly, and 78+ on the monthly timeframe. Interestingly, whenever the RSI goes beyond 75, after a few days we witness a 5-7% correction.

A recent example of the occurrence was during the election period when Nifty corrected almost 5% and again nearly 10%. In the latest session, both Nifty and Sensex reached new all-time highs, with the key support levels at 23000 for Nifty, 75400 for Sensex, and 49500 for Bank Nifty. Despite these gains, the Nifty 50 ended with a modest gain, while the midcap Nifty index saw a slight decline. India's VIX rose above 14, showing increased volatility as the Nifty 50 monthly series nears its end," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"In this situation, traders are advised to adopt a neutral stance, hedge their positions, and explore dips to capitalize on swing trading opportunities. Meanwhile, future traders are advised to maintain long positions in discounted stocks, given the current market conditions," she further commented.

Market View For 27 June 2024, Thursday

"For the Nifty index, the key support levels for the next trading session will be between 23750 and 23660, whereas resistance will likely be noticed between 23950 and 24070. On the other hand, the Bank Nifty Index could find key support between 52500 and 52350, and witness 53150 and 53400, acting as their major resistance points," VLA Ambala predicted.

Stocks To Buy Today

VLA Ambala has recommended 3 swing trading stocks to buy or sell on Thursday, 27th June.

JK Cement (Swing Trade)

• Buy: Rs. 4350-Rs. 4410
• Target: Rs. 4600/ 4750/4800/4900/5000
• Stop Loss: Rs.4200
• Holding Period: 1-10 weeks

Sun Pharma (Swing Trade)

• Buy: Rs. 1500 - Rs. 1510
• Target: Rs. 1560/1600/1630/1670
• Stop Loss: Rs. 1450
• Holding Period: 2-7 weeks

IREDA (Swing Trade)

• Buy: Rs. 191 - Rs. 196
• Target: Rs. 205/214/220/230/245/250
• Stop Loss: Rs. 180
• Holding Period: 2-7 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.