Swing Trading Guide: 2 Stock Picks By VLA Ambala On Friday, 3rd May

During the day, the Indian stock markets were able to erase some of the losses incurred in the previous session. At the end of the session on Thursday, the benchmark index Nifty concluded around the 22,650 mark. Buying activity was seen throughout the day across all major sectors, except realty and banking. For instance, auto, metal, oil and gas, and power experienced a jump of 1% each, while realty and banking indices ended the day in the red territory.

"In the second half selling pressure became more prominent in the market, erasing some intraday gains. This comes as the Indian market reacts to the Fed's comments on keeping the rates unchanged due to a lack of control of the rising inflation rate in the US. The next session will provide a clearer insight into how the Indian market reacts to the plunge in US bond yields following the Fed's announcements," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Market View for 3 May 2024

"For the Nifty index, the key support levels for the next trading session will be around 22600, whereas resistance will likely be noticed between 22730 and 22800. On the other hand, the Banking Index could find key support at 49130 and 49000, and witness 49350 and 49600, acting as their major resistance points," the analyst predicted

Stocks To Buy Today

V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) has recommended 2 swing trading stocks to buy or sell on Friday, 3rd May.

ANURAS

• BUY: Rs. 843
• TARGET: Rs. 854/870/895/1020/1050
• STOP LOSS: Rs. 820
• HOLDING PERIOD: 4-50 Days

TATAELXSI

• BUY ABOVE: Rs. 7140/7145
• TARGET: Rs. 7240/7300/7350/7500/7800
• STOP LOSS: Rs. 6960
• HOLDING PERIOD: 2-40 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.