Swing Trading Guide: 3 Buy/Sell Stock Recommendations By VLA Ambala On Wednesday, 22nd May

During the session on Tuesday, the stock market was seen trading in the overbought zone as per the movements on the monthly timeframe. However, it continues to sustain at its resistance point or record-high level. Then again, as we approach the end of the Lok Sabha elections, we could witness some fresh highs either before or during the time of election results.

"Judging by the broader market momentum, core sector stocks, especially those who enjoy monopoly seem to be in the focus. Additionally, sectors such as Media, Media, Banking PSU Industries, and IT are likely to outperform the market. Based on these developments, I hold a bullish view of the market. Then again, if there is a dip of up to 8% from its all-time high, an accumulation opportunity could occur for the investors," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Market Outlook

"Volatility indicator, India VIX concluded the day at 21, signaling a sense of fear and uncertainty in the market due to ongoing elections. Additionally, despite good ranking and review, the Indian market is experiencing net outflow through the FIIs. The current momentum and uncertainty around elections have prompted them to retain their profit-booking phase. As a result, the market is not recording any new investments from FIIs. Nifty is currently trading in the 22500 range, while 22350-22800 is the pause range for the market. We may anticipate seeing new movement beyond this range, which is likely to be a 4-8% directional movement," VLA Ambala commented.

Nifty & Bank Nifty Prediction

"For the Nifty index, the key support levels for the next trading session will be around 22450 and 22380, whereas resistance will likely be noticed between 22550 and 22640. On the other hand, the Banking Index could find key support at 47900/ 47800/47650, and witness 48120 and 47300, 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 3 stocks to buy or sell on Wednesday, 22nd May.

WHIRLPOOL

• TRADE TITLE:
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 1470- 1500
• TARGET 1: Rs. 1620
• TARGET 2: Rs. 1850
• TIME PERIOD: 2-8 Weeks
• STOP LOSS: Rs. 1390

ELDEHSG

• TRADE TITLE:
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 1070-1100
• TARGET 1: Rs. 1170
• TARGET 2: Rs. 1500
• TIME PERIOD: 1-25 Weeks
• STOP LOSS: Rs. 955

CDSL

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 2100-2150
• TARGET 1: Rs. 2350
• TARGET 2: Rs. 2500
• TARGET 3: Rs. 2650
• TIME PERIOD: 1-8 Weeks
• STOP LOSS: Rs. 2040

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.