Swing Trading Guide: 3 Intraday Trade Calls By VLA Ambala On Wednesday, 8th May

Price speaks before anything else, acting as a preview of the market momentum or stock performance. This makes it important to learn how to decode its language. The price chart had already predicted the market's current momentum, hinting at the probability of a nearly 4-8% correction from its latest all-time high. The expected correction is currently unfolding in the market. Taking cues from the price chart, we have explored the approach of trading futures with Put Covered in the broader index and stock markets. So far, this strategy has worked out quite well for those who followed it, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Technical Analysis of the Market

"Technical chart analysis suggests bearish trends from a positional view because the index valuations appear to be on the higher side at the monthly time frame. Based on the current price levels, it seems unlikely for the index to sustain at the elevated valuations. This is why we should expect a pullback or more correction in the market soon. Such a pullback can emerge as a potential dip buying opportunity in the stock market for those willing to explore the trend. It will likely enable investors to enter long positions at more lucrative price levels during the anticipated correction. Notably, almost all major sectors such as Media, CONSUMPTION, IT, ENERGY, and METAL, have been displaying bearish tendencies, which are likely to continue for the next 5-8 days. However, only FMCG appears to look bullish for the time being," VLA Ambala further added.

Market View for 8 May 2024

"For the Nifty index, the key support levels for the next trading session will be around 22100 and 22000, whereas resistance will likely be noticed between 22250 and 22300. On the other hand, the Banking Index could find key support at 48050 and 47650, and witness 48150 and 48300, acting as their major resistance points," the analyst further added.

Stocks To Buy Today

V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) has recommended the intraday stocks to buy or sell today.

CENTURYPLY

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 645 - 655
• TARGET 1: Rs. 665
• TARGET 2: Rs. 680
• TARGET 2: Rs. 695
• TIME PERIOD: SWING
• STOP LOSS: Rs. 630

TOUCHWOOD

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 157
• TARGET 1: Rs. 164
• TARGET 2: Rs. 168
• TARGET 2: Rs. 174
• TIME PERIOD: SWING
• STOP LOSS: Rs. 145

ADORWELD

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 1360
• TARGET 1: Rs. 1380
• TARGET 2: Rs. 1395
• TARGET 2: Rs. 1403
• TIME PERIOD: SWING
• STOP LOSS: Rs. 1320

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.