Swing Trading Guide: 3 Intraday Stock Recommendations By VLA Ambala On Tuesday, 14th May

During the session on Monday, both Nifty and Bank Nifty found support at their long-term levels. The
India VIX, which indicates the prevailing market volatility, jumped nearly 11% in intraday and concluded the trading session above 20%, indicating a prevailing sense of uncertainty.

"These developments contributed to a mixed sentiment day on Dalal Street, which witnessed major sectors such as media, energy, auto, consumption, and public sector undertakings (PSUs) closing in the negative territory. However, other sectors concluded the day in the green territory. The day's rally was a result of the support witnessed in mid-cap stocks and some dip-buying was also noticed in IT stocks. From hereon, I feel sectors like metals, FMCG, IT, and media could be in focus, especially in the next trading session," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Market Outlook Today

"The current market momentum suggests that the index is likely to retest the 22,235 range, which is now serving as its key resistance level. The technical charts showed how Nifty formed a 'Double Top' pattern on the daily timeframe. During the session, the index also found support from its previous support range - 'Neckline,' which is marked at the 21,800 level. On the other hand, Nifty is still trading in a very high trading zone, as its current Relative Strength Index (RSI) points at 70 on the monthly timeframe. In this situation, the positional view could be considered bearish, at least for the short term, and individuals must cover or hedge positions to safeguard gains," VLA Ambala stated.

"For the Nifty index, the key support levels for the next trading session will be around 22180 and 22100, whereas resistance will likely be noticed between 2250 and 22350. On the other hand, the Banking Index could find key support at 47850 and 47600, and witness 48050 and 48240, 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 Tuesday, 14th May.

COFORGE

• TRADE TITLE: SWING TRADE
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 4500
• TARGET 1: Rs. 4700
• TARGET 2: Rs. 5000
• TARGET 3: Rs. 5200
• TIME PERIOD: 7 - 60 Days
• STOP LOSS: Rs. 4200

INDIGO

• TRADE TITLE: SWING TRADE
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 4080
• TARGET 1: Rs. 4200
• TARGET 2: Rs. 4350
• TARGET 3: Rs. 4500
• TIME PERIOD: 7- 60 Days
• STOP LOSS: Rs. 3950

GREENPANEL

• TRADE TITLE: SWING TRADE
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 296
• TARGET 1: Rs. 302
• TARGET 2: Rs. 310
• TARGET 3: Rs. 320
• TIME PERIOD: 7- 60 Days
• STOP LOSS: Rs. 287

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.