Buy/Sell: 2 Swing Trading Calls By VLA Ambala For Monday, 15th April

The market is eagerly waiting for key data reports that depict the current stance of economic indicators such as CPI inflation, industrial output, manufacturing, foreign exchange reserves, and wholesale food prices. This is because previous data have shown the inflation to be around 5%, with significant growth in industrial output, foreign exchange reserves, and a surge in food prices. However, they do not necessarily reflect the impact of the current developments. For instance, we have noticed an increased buying activity in gold reserves in Asian countries, particularly, in India and China.The current market sentiment underscores a disparity in data available in the market, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Inflation level remains a major concern for India, and the prevailing rate should not be pitted against stock market performance as both numbers are rising simultaneously. The US market experienced negative sentiments after the core consumer prices on a year-over-year basis surpassed expectations for the fourth consecutive month. As a result, the 10-year Treasury spiked 19 basis points, reaching the 4.56% mark. Notably, this data was released during a holiday in the Indian market. Indian investors are now waiting for the January-March earnings disclosure to gauge the market performance across sectors, she further stated.

Review of the Stock Market

I believe in the saying, "Price speaks before anything else," and recent market developments continue to reaffirm this notion. For instance, following Wednesday's market analysis, we noted that the Nifty could retest the 22500-22460 levels before the beginning of the next uptrend. During the trading session, the benchmark index concluded at a low of 22503.75. This pullback move prevails with a 3-5% for some time. Individuals should consider the momentum as a dip buying opportunity and proceed as per their goals, risk tolerance, and portfolio composition, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Technical Analysis

During the session, Nifty formed a Bearish Marabozu candlestick at the daily timeframe, trading nearly 0.50% away from its 20 EMA at the daily timeframe. This development indicates a likely reset in momentum on Monday, the analyst further added.

Market View for 15 April 2024

For the Nifty index, the key support levels for the next trading session will be around 22460/22380/22320, whereas resistance will likely be noticed at 22550 and 22615. On the other hand, the banking index could find key support at 48200 and 48000, with 48400 and 48520 acting as their major resistance points, commented V.L.A. Ambala of Stock Market Today (SMT).

Stocks To Buy On Monday

FLUOROCHEM

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 3580 - 3600
• TARGET 1: Rs. 3740
• TARGET 2: Rs. 3850
• TIME PERIOD: 1-20 Days
• STOP LOSS: Rs. 3450

ATLANTAA

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 32.30
• TARGET 1: Rs. 35
• TARGET 2: Rs. 37
• TARGET 3: Rs. 40
• TARGET 3: Rs. 45
• TIME PERIOD: 1-20 Days
• STOP LOSS: Rs. 28

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.