Swing Trading Guide: 2 Buy/Sell Stock Recommendations By VLA Ambala On Tuesday, 11th June

With the benchmark Index Nifty recording a fresh all-time high at 23411, the index closed the latest trading session on a bullish note. By the end of the session on Monday, the index concluded the day at 23234.

"The ruling party has secured its third term, assuring stability and continuity in government policies. In such a condition, certain stocks in sectors like PSU, electronics, and green energy can display upside momentum.

Additionally, certain infra-related stocks are expected to perform well in the upcoming months and quarters. Amid these developments, I recommend individuals consider every dip as a buying opportunity, provided the stocks have strong fundamentals and align with their portfolio and goals," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Market Outlook

"For the Nifty index, the key support levels for the next trading session will be between 22180 and 22150, whereas resistance will likely be noticed between 22400 and 22500. On the other hand, the Bank NiftyIndex could find key support between 49550 and 49450, and witness 49800 and 5060, acting as their major resistance points," added VLA Ambala.

"The Nifty surged to a new all-time high of 23,411.90, but eventually settled at 23,259.20, marking a modest decline of 0.13% at the end of the trading session. This reversal occurred near the upper Bollinger Band, positioned around the 23,400 level, signalling a potential resistance point. Nifty formed a spinning top pattern, reflecting market indecision and suggesting a potential pause in the prevailing trend. However, the hourly chart maintains a bullish outlook. The 23,100-23,000 range serves as a strong support zone, presenting a buying opportunity for any pullbacks," commented Om Mehra, Technical Analyst, SAMCO Securities.

Commenting on the outlook of Bank Nifty, Om Mehra said, "on the daily chart, it formed a Gravestone Doji in the daily chart. There might be a potential weakness if the index slips below 49,650, which could test the 49,300-49,150 levels. However, the primary trend remains strong. The daily RSI is at 56, indicating a balanced momentum. The index needs to sustain above the 50,000 mark for the uptrend to resume."

Stocks To Buy Today

VLA Ambala has recommended 2 swing trading stocks to buy or sell on Tuesday, 11th June.

AGARIND

• TRADE TITLE: INTRADAY
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 970-980
• TARGET 1: Rs. 990
• TARGET 2: Rs. 1000
• TIME PERIOD: INTRADAY
• STOP LOSS: Rs.960

JINDALSAW

• TRADE TITLE: BTST
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 563-568
• TARGET 1: Rs. 572
• TARGET 2: Rs. 578
• TIME PERIOD: 1 Day
• STOP LOSS: Rs. 558

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.