Swing Trading Guide: 3 Buy/Sell Stock Recommendations By VLA Ambala On Friday, 5th July

During Thursday's market session, the Nifty index opened at 24369.95, traded in a narrow range, and closed near 24300, forming a Spinning Top candlestick pattern. Also, the index's RSI readings showed 72 on the daily, 74 on the weekly, and 79 on the monthly timeframes, reflecting overbought conditions. Meanwhile, Bank Nifty opened at 53357.7, and closed near 53100, making a Shooting Star candlestick pattern. The RSI readings of Bank Nifty were 67 on the daily, 73 on the weekly, and 71 on the monthly frames, indicating caution. During the session, sectors like IT and Pharma led the gains, while volatility indicator India VIX hovered around 13.

"Meanwhile, global markets in Asia, the US, and Europe showed a bullish trend. However, domestic concerns such as inflation, rising oil prices, and upcoming monetary policies are expected to trigger market momentum, given the higher valuation of the index. I advise the swing traders to keep their positions hedged due to potential volatility. Additionally, amid this bullish trend dips between 5-12% should be seen as a good buying opportunity. However, to make the most, I recommend focusing on stocks with strong fundamentals that are currently trading at discounted price levels," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Market View For 5 July 2024, Friday

"For the Nifty index, the key support levels for today's trading session will be between 24250 and 24150, whereas resistance will likely be noticed between 24395 and 24450. On the other hand, the Bank Nifty Index could find key support between 52950 and 52850, and witness 53350 and 53500, acting as their major resistance points," VLA Ambala predicted.

Stocks To Checkout On 5 July 2024, Friday

On Friday, 5th July, V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) has recommended 3 stocks to buy or sell based on swing trading approach.

SJVN

• Type: Buy
• Buy: Rs. 136-139
• Target: Rs. 145/150/155
• Stop Loss: Rs. 130
• Holding Period: 1-20 days

MONTECARLO

• Type: Buy
• Buy: Rs. 655-675
• Target: Rs. 705/720/750/780
• Stop Loss: Rs. 620
• Holding Period: 1-20 days

HONASA

• Type: Buy
• Buy: Rs. 460-470
• Target: Rs. 485/500/515/540
• Stop Loss: Rs. 440
• Holding Period: 1-20 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.