Swing Trading Guide: 4 Buy/Sell Stock Recommendations By VLA Ambala For Monday, 10th June

In the last stock market trading session, the benchmark index Nifty outperformed the Bank Nifty index. During the session on Friday, Nifty was seen trading in a wide range of 22821.85 to 23320.20 in intraday. As the day rolled, the index formed a Bullish Pin bar at the weekly timeframe, erasing the losses incurred on the day of the Lok Sabha election results. However, in this situation, short-term investors or traders are advised to remain vigilant and cautious of the market movements in the new week.

"Nifty is currently trading with an RSI of 76 on monthly, 66 on weekly, and 59 on the daily timeframe, suggesting that the market valuation is still on the higher side. By the end of the session, sectors such as Auto, Metal Realty, Energy, and Infra emerged as market leaders. We have already witnessed the price correct by nearly 10% from the index's all-time high. However, the same has been recovered within 3 days," V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) said.

"This development suggests that the broader market continues to exhibit high volatility and range is likely to widen down the road. On the other hand, the volatility indicator India VIX concluded the day close to 16, suggesting a cool-off in the intensity of market volatility from previous sessions. Meanwhile, Option Premium is trading with a higher premium as the stock market awaits new government policies and budgets. In these conditions, I suggest remaining invested and tracking market movements for 5-15% dips, which could emerge as dip-buying opportunities in the broader stock market," she further added.

Market Outlook On Monday

"For the Nifty index, the key support levels for the next trading session will be between 23200 and 23120, whereas resistance will likely be noticed between 23500 and 23720. On the other hand, the Bank NiftyIndex could find key support between 49500 and 49200, and witness 50100 and 50750, acting as their major resistance points," VLA Ambala predicted.

Stocks To Buy On Monday

V.L.A. Ambala has recommended the below 4 swing trading stocks for Monday, 10th June.

ZEAL

• BUY: Rs. 10.50
• TARGET: Rs. 11.50/13/15
• STOP LOSS: 9

IREDA

• BUY: Rs. 176-180
• TARGET: Rs. 185/190/195
• STOP LOSS: 170

LATENTVIEW

• BUY: Rs. 500-515
• TARGET: Rs. 530/545/560
• STOP LOSS: Rs. 485

BARBEQUE

• BUY: Rs. 530-535
• TARGET: Rs. 562/580/605
• STOP LOSS: Rs. 510

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.