Stocks To Buy For Short Term: Technical Picks By VLA Ambala On 31st July

During Tuesday's market session, the Nifty index traded nearly 150 points in intraday and formed a bearish Shooting Star candlestick pattern on the daily timeline before closing with marginal gains. According to the index's RSI reading of 70 for the daily, 77 for the weekly, and 81 for the monthly timeframes, the valuation is extremely high on the upper end. While this high valuation is a major concern for traders and investors in the current market scenario, it remains moderate at medium to long-term levels. As per my analysis, now that we have reached the 25,000 mark, a slight pullback is expected. In this situation, market participants may benefit from adopting a 'sell-on-the-rise' approach, according to V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"In the latest session, the Media and Energy sectors led the market and are expected to continue their strong performance in the upcoming days. Meanwhile, sector and stock-specific buying will be likely to remain in focus for the next few days," she further added.

Market View for 31 July 2024, Wednesday

"For the Nifty index, the key support levels for today's trading session will be between 24,790 and 24,720, whereas resistance will likely be between 24,920 and 24,980. On the other hand, the Bank Nifty Index could find key support between levels 51,030 and 50,840, and witness 51,750 and 52,150, acting as their major resistance points," VLA Ambala predicted.

Stocks to Checkout on 31 July 2024, Wednesday

Here are the technical day trading stock picks by VLA Ambala for short-term traders.

RVNL

• Buy: Rs. 590-595
• Target 1: Rs. 600
• Target 2: Rs. 606
• Stop Loss: Rs. 585
• Holding Period: 1 Day

LANCER

• Buy: Rs. 50-55
• Target: Rs. 70-120
• Averaging: Rs. 44/45
• Stop Loss: Rs. 40
• Holding Period: 4-10 Months

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.