Stocks To Buy Today: Day Trading Guide By VLA Ambala On Friday, 30th August

During Thursday's session, the Indian stock market hit a new record as both the NIFTY 50 and Sensex indices reached new all-time highs in the August series. Though the Nifty is trading at 23 times its real value, big stocks like HDFC and Reliance are still below their all-time highs.

V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT), said however, I think sectors like IT, Pharma, FMCG, Consumption, and Metals have been instrumental, driven by factors such as the depreciation of the Indian Rupee, rising inflation in food items, and the growing scope in Pharma due to government projects.

"While overall market trends remain positive, I would suggest investors remain cautious. The NIFTY index is currently in an overbought zone, with an RSI of 67 daily and 71 on a weekly timescale. The formation of a bullish Marubozu candlestick pattern suggests a possible correction over the next 3-6 months. However, I advise focusing on dip-buying opportunities and avoiding making decisions due to FOMO," VLA Ambala added.

Market Overview for 30 August 2024, Friday

"For the Nifty index, the key support levels for today's trading session will be between 25,070 and 25,000 whereas resistance will likely be between 24,250 and 24,320. On the other hand, the Bank Nifty Index could find key support between levels 50,900 and 50,750, and witness 51,470 and 52,650, acting as their major resistance points," VLA Ambala predicted.

Stocks to Checkout on 30 August 2024, Friday

VLA Ambala has recommended 2 stocks to buy or sell today for short-term traders.

LINC

• Buy: Rs. 610-630
• Target 1: Rs. 680
• Target 2: Rs. 730
• Target 3: Rs. 770
• Target 4: Rs. 800
• Stop Loss: Rs. 570
• Holding Period: 1-20 Days

GENESYS

• Buy: Rs. 750-770
• Target 1: Rs. 840
• Target 2: Rs. 900
• Stop Loss: Rs. 700
• Holding Period: 1-10 Days

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.