Swing Trading Guide: 2 Buy/Sell Stock Picks By VLA Ambala On Thursday, 18th April

Nifty experienced a gap-down opening during the previous trading day and concluded the trading session with the formation of a 'Doji' candlestick around its 50-day Exponential Moving Average (EMA). The movement underscores the sense of uncertainty engulfing the market. At present, Nifty's Relative Strength Index (RSI) is at 43 on the daily timeframe which is only 1.50% away from the index's 50-day EMA at the weekly timeframe.

Nifty has already undergone a correction of nearly 3% from its record high. However, there is still a chance that the benchmark index might slip further. In this situation, I would advise traders and investors to hedge their portfolios to protect their gains. Additionally, the fresh conflict between Iran and Israel and the high inflation rate have weakened the market sentiments in India and abroad, hampering stock market valuation significantly, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

While Nifty has been delivering substantial growth in the past couple of years, the ongoing global crisis and high inflationary pressure can disturb the market momentum and even trigger profit-booking sentiment among traders and investors. However, even in such times, individuals with high-risk tolerance may wish to tap into the dip buying opportunity to capitalize on the market's current bull run, she further added.

Market Outlook

For the Nifty index, the key support levels for the next trading session will be around 22130 and 22970, whereas resistance will likely be noticed at 22310 and 22400 levels. On the other hand, the banking index could find key support at 47650 and 47450, with 47850 and 48000 acting as their major resistance points, VLA Ambala stated.

Stocks To Buy Today

V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) has recommended the below stocks to buy or sell today on a swing trading basis.

RAMRAT

• TRADE TITLE: INTRADAY
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 331 - 334
• TARGET 1: Rs. 337
• TARGET 2: Rs. 340
• TIME PERIOD: INTRADAY
• STOP LOSS: Rs. 328

INDOTECH

• TRADE TITLE INTRADAY
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 1420 - 1435
• TARGET 1: Rs. 1450
• TARGET 2: Rs. 1465
• TIME PERIOD: INTRADAY
• STOP LOSS: Rs. 1409

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.