2 Stocks To Sell Today: Market Trading Guide By VLA Ambala On Friday, 6th September

The broader markets are awaiting the U.S. Federal Reserve's decision on interest rate cuts. However, given India's inflation challenges, the Reserve Bank of India is unlikely to mirror the Fed's actions. Despite India's GDP growth, inflation and unemployment remain major concerns, with floods and other climate-related disasters almost doubling food prices in recent years. Meanwhile, Typhoon Yagi in China also threatens to disrupt our supply chains.

As per V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT), on Thursday, Reliance Industries saw a 1.50% decline in intraday after announcing its first 1:1 bonus issue since September 2017. Notably, the ex-date is yet to be confirmed. However, if the company fails to take support at 2,960, it would take a toll on Nifty, which is already trading in an overbought zone. Any further continuation of the upside movement would depend on the stocks that are currently trading at a discounted price compared to the index. During the day, the benchmark index Nifty formed a 'Dark Cloud Cover' candlestick pattern.

VLA Ambala added that meanwhile, indices like Nifty Consumption, Pharma, Nifty Midcap 150, Nifty Midcap 100, Small-Cap 50, Nifty Small Cap 100, Nifty Small Cap 250, and Midcap Nifty reached new all-time highs. This shift reflects a change in investor preference towards small and mid-caps over large caps. However, the defensive sector continues to record a strong buying interest.

Market Overview for 6 September 2024, Friday

For the Nifty index, the key support levels for today's trading session will be between 25,260 and 25,300 whereas resistance will likely be between 25,070 and 25,000. On the other hand, the Bank Nifty Index could find key support between levels 51,250 and 51,140, and witness 51,580 and 51,800, acting as their major resistance points, VLA Ambala predicted.

Stocks to Checkout on 6 September 2024, Friday

Based on the market condition, VLA Ambala has recommended the below 2 stocks to sell today.

BORORENEW

• Sell: Rs. 505/500
• Target: RS. 495/480/470
• Stop Loss: Rs. 517
• Holding Period: Intraday

ALMONDZ

• Sell: Rs. 31/32
• Target: Rs. 30/29
• Stop Loss: Rs. 32.60
• Holding Period: Intraday

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.