Stocks To Buy: 4 Swing Trading Stock Picks By VLA Ambala On Thursday, 4th July

During the session of 3 July 2024, the benchmark index Nifty was seen trading within a small range compared to its previous day, forming a Hanging Man candlestick pattern at a new record-high of 24307.25. The index's RSI readings above 71 on the daily, 74 on the weekly, and 79 on the monthly timeframe suggest that it continues to trade in the overbought zone. However, in this situation, any dip that the market is presenting is being bought by investors and traders.

"In the latest session, sectors such as private banks and financial services emerged as the market leaders. Judging by the current situation, I recommend investing in stocks that are consolidating and gearing up for a breakout instead of overbought stocks. Investors may keep a close watch on stocks such as SIRCA, HINDZINC, HAVELLS, and ZIMLAB in the next trading session, as they all have formed a bullish candlestick pattern at the daily timeframe and are likely to continue their upside movement for at least the next 1-5 days," V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"On the other hand, Bank Nifty recorded a fresh record-high at 53256.70, closing the day on a positive note. However, the candlestick formed during the session on a daily time frame was the Doji candlestick, which indicates a sense of confusion about the upcoming trend. While the index's current valuation remains on the higher side, its price action suggests a potential breakout. In this current market conditions, I would suggest that short-term traders should keep their positions hedged to minimize any un-calculated loss because there is a possibility of 3-4% movement within the 15 days on the spot chart. Notably, the current valuation is a key concern in the market. With the PSU banking index finding its support at 7160, it's important to sustain above this to avoid the sell-off of PSU banking stocks," the analyst further added.

Market View For 4 July 2024, Thursday

"For the Nifty index, the key support levels for today's trading session will be between 24230 and 24120, whereas resistance will likely be noticed between 24370 and 24480. On the other hand, the Bank Nifty Index could find key support between 52850 and 52650, and witness 53200 and 53550, acting as their major resistance points," VLA Ambala predicted.

Stocks To Checkout On 4 July 2024, Thursday

V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) has recommended 4 day trading stocks for swing traders on 4th July, Thursday.

ZIMLAB

• BUY: Rs. 114/115
• TARGET: Rs. 120/125/130/135/140
• STOP LOSS: Rs. 106

HAVELLS

• BUY: Rs. 1860/65
• TARGET: Rs. 1880/1895/1910/1920
• STOP LOSS: Rs. 1855

HINDZINC

• BUY: Rs. 665-568
• TARGET: Rs. 680/695/710/725/750
• STOP LOSS: 655

SIRCA

• BUY: Rs. 340-345
• TARGET: Rs. 348/351/355/360/365/370
• STOP LOSS: Rs. 335

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.