Buy Or Sell: 3 Swing Trading Stock Picks By VLA Ambala On Thursday, 8th Feb

The stock market encountered some resistance during the intraday trading session but managed to end the day with marginal gains on Wednesday. The Nifty formed a bearish candlestick pattern known as the 'Hanging Man' candlestick pattern. Typically, such a candlestick pattern signals a potential shift in stock market momentum from a bullish to a bearish trend.

The market's current relative strength index (RSI) stood at 14 at the daily, 52 at the weekly, and 60 at the monthly timeframe. However, Nifty has witnessed a bullish MACD crossover at the 21850 range. It should be noted that a bullish MACD crossover suggests a potential shift in the stock market momentum.

For Nifty, the major support range was 21700 to 21820, and as per my analysis, it is crucial for the index to sustain above the current support range to maintain this uptrend sentiment. Currently, the index is trading very close to the 21900 range, and there is a substantial possibility of a pullback due to profit booking as the market approaches an all-time high again. Notably, a pullback is a natural part of the price journey.

However, post this profit Booking or pull back move, I anticipate a breakout in the upcoming days if the price remains above the specific range. Then again, the Nifty may witness a bearish trend if the index goes below the 21700 range. This is why I believe all uptrend participants are likely to protect this support range, said VLA Ambala of SMT.

Key Levels to Watch on February 8, 2024

The Nifty's support range is expected to be between 21820 and 21740. On the other hand, the major resistance point for intraday trading is anticipated to be between 22000 and 22140. For the Bank Nifty, the intraday support levels could be between 45550 and 46070, whereas the resistance will likely be between 45970 and 46280.

Stocks To Buy Today

Stocks to Buy or Sell Today: VLA Ambala (SEBI Regd. Research Analyst) has recommended that traders and investors check out these stocks on - February 8, 2024. As per her analysis, PARAGMILK, CHAMBLFERT, and SURYODAY could offer significant growth potential to investors and traders.

Parag Milk Foods

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 222 - 225
• TARGET 1: Rs. 240
• TARGET 2: Rs. 250
• TIME PERIOD: 7 - 15 Working Days
• STOP LOSS: Rs. 210

Chambal Fertilisers and Chemicals

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 375 - 377
• TARGET 1: Rs. 385
• TARGET 2: Rs. 400
• TIME PERIOD: 8 - 10 Working Days
• STOP LOSS: Rs. 360

Suryoday Small Finance Bank

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 177 - 179
• TARGET 1: Rs. 187
• TARGET 2: Rs. 200
• TIME PERIOD: 8 - 10 Working Days
• STOP LOSS: Rs. 170

Note: V.L.A. Ambala emphasizes that these recommendations are based on price movement, past behaviour, 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.