Stocks To Buy Today: VLA Ambala Recommends 3 Swing Trading Stocks To Trade On 7th November

On November 6, benchmark indices extended their gains for the third consecutive session, with Nifty closing above 19,411 and Sensex settled at 64,958.

Nifty's positive performance was notable as it closed above its 20-day Exponential Moving Average (EMA), indicating a favourable trend. The index has immediate resistance to overcome, and if it manages to do so, a new rally is likely, as previously discussed. The closing price on this day was above the Q1 2023 level of 19,189, which is another positive signal. However, it's important to note that this level will continue to be significant in the days ahead", Explained Ms. VLA Ambala.

For November 7 (Tuesday), Nifty is expected to find crucial support at 19,330 and 19,210, while key resistance levels to watch for are 19,470, 19,520, and 19,570.

In the banking sector, the Banking Index is anticipated to receive support around 43,470 and 43,335, with major resistance levels at 43,785, 43,980, and 44,130. It's worth mentioning that Bank Nifty has exhibited a strong lower price rejection by forming a "Dragon Fly Doji" on the daily timeframe. If the price remains above the high of this pattern, there is a high likelihood of it moving towards the 44,000 mark during the week, said VLA Ambala - SEBI Regd. RA and Co-founder of Stock Market Today.

Stocks To Buy Today

VLA Ambala, a SEBI Registered Research Analyst, has provided recommendations for 3 stocks for intraday and swing trading:

Deepak Nitrite

Consider buying DEEPAKNTR around 2150, with a target range of 2340 to 2370 and a stop loss at 2016. The price is trading near an important EMA, providing significant support.

Cochin Shipyard

Buy COCHINSHIP at 1005 and hold for a mid-term target ranging from 1070 to 1200, with a stop loss at 935.

Metropolis Healthcare

Buy METROPOLIS at 1580 and hold for a mid-term target ranging from 1770 to 1850, with a stop loss at 1449.

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.