Swing Trading Guide: 3 Buy/Sell Stock Recommendations By VLA Ambala On Tuesday, 4th June

The market momentum has fluctuated rapidly backed by exit polls and investors' broader sentiments as we approach the final hours before the Lok Sabha Election results. The impact of the anticipation triggered by the speculations was observed across all major indices during the trading session, which surged between 3.5% and 4% in intraday. The session on Monday witnessed a gap-up opening with a nearly 3% hike where the price sustained. In this situation, I recommended individuals adopt a neutral strategy for at least 1-5 days to target a wider range, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"With hours leading up to the final results, we can expect the market to display signs of high volatility, with deeper swings in the price levels. In such situations, those with low-risk tolerance levels should consider staying away from participating in the market or hedging their positions to protect gains," she added.

Market View for 4 June 2024

"For the Nifty index, the key support levels for the next trading session will be between 23240 and 23000, whereas resistance will likely be noticed between 23450- and 23610. On the other hand, the Banking Index could find key support at 50800 and 50000, and witness 51500 and 52100, acting as their major resistance point," VLA Ambala commented.

Nifty Outlook Today

"All Strikes from 22,500 until 23,000 saw call writers (Bears) exiting and additional put writing, which kept the Index steady throughout the day. Nifty broke its upper channel on the daily chart and closed above the key 23,100 level. The channel which acted as a resistance earlier is likely to act as a support now. If the BJP led NDA government bags 400 seats, a sharp rise further can't be ruled out," said Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"All Strikes from 49,500 until 50,000 saw call writers (Bears) exiting and put writing which kept the Index strong throughout the day. The call writers (Bears) have sizable positions at the 51,000 Strike and the option activity at this strike will provide cues about Bank Nifty's Intraday direction today," Ashwin Ramani stated.

Stocks To Buy Today

V.L.A. Ambala has recommended 3 swing trading stocks to buy or sell on Tuesday, 4th June.

TIINDIA

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 3800-3840
• TARGET 1: Rs. 4000
• TARGET 2: Rs. 4200
• TIME PERIOD: 1-60 Days
• STOP LOSS: Rs. 3400

INOXGREEN

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 131-132
• TARGET 1: Rs. 135
• TARGET 2: Rs. 140
• TARGET 2: Rs. 145
• TIME PERIOD: 1-60 Days
• STOP LOSS: Rs. 126

TATACHEM

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 1045-1050
• TARGET 1: Rs. 1080
• TARGET 2: Rs. 1125
• TARGET 2: Rs. 1150
• TIME PERIOD: 1-60 Days
• STOP LOSS: Rs. 1020

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.