Swing Trading Guide: VLA Ambala Recommends 3 Stocks To Buy/Sell On Thursday, 21st March

The Nifty index displayed a Long Legged Doji on the daily time frame, indicating indecision among traders. The index closed the day right at the 50-day EMA but below the 20-day EMA. The current RSI stands at 43 on the daily chart, suggesting a neutral momentum. With this setup, the Nifty is expected to trade within a 300-point range for the week.

Despite Reliance's nearly 1% surge in intraday trading, the benchmark index failed to close above its opening level, ending the day with bearish sentiments on Wednesday. Today, being the Nifty weekly expiry, it is anticipated that the index may close within the 21950 to 21720 range.

Stock Market Outlook

The stock market witnessed a day of mixed sentiments, with the Nifty index showcasing a Long Legged Doji pattern on the daily time frame, reflecting the ongoing indecision among investors. Despite the intraday gains seen in heavyweight stocks like Reliance, the broader market failed to maintain a bullish momentum, ultimately closing the day with bearish undertones. This pattern indicates a cautious stance among traders, especially considering the index's position relative to its 50-day and 20-day EMAs and the neutral RSI reading, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

The market's hesitancy can also be attributed to various macroeconomic factors and global market trends that continue to influence investor sentiment. With the Nifty weekly expiry approaching, the market's focus is on key support and resistance levels, which will likely dictate the short-term market direction, she further stated.

Market View for 21st March

As we move forward, the market is expected to navigate within a defined range, with the Nifty likely oscillating within a 300-point range for the week. The anticipation around the weekly expiry adds an extra layer of speculation, with predictions suggesting a close within the 21950 to 21720 range. This cautious outlook is further compounded by the index's technical position, closing just at the 50-day EMA and below the 20-day EMA, V.L.A. Ambala commented.

Key Levels for NIFTY

Support (S): 21840 and 21700
Resistance (R): 21900 and 21910

Key Levels for BANKNIFTY

Support (S): 46300 / 46200 / 46050
Resistance (R): 46450 and 4650

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 Thursday, 21st March.

1 - ZUARIIND

• Trade Type: Buy
• Entry Price Range: Rs. 300 to 310
• Targets: Rs. 325 / 340 / 350 / 365 / 380
• Stop Loss: Rs. 264

2 - KOTAKBANK

• Trade Type: Buy
• Entry Price: Rs. 1765
• Targets: Rs. 1785 / 1790 / 1805 / 1820
• Stop Loss: Rs. 1724

3 - BPCL

• Trade Type: Sell
• Entry Price: Rs. 578
• Targets: Rs. 560 / 545 / 540 / 530
• Stop Loss: Rs. 585

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.