Buy/Sell: 3 Stock Recommendations By VLA Ambala For 8th April, Monday

During the last trading day, Nifty was seen trading above its previous month's highest level and it subsequently ended the day close to the 22500 mark. The benchmark index formed a 'Doji' candlestick on the weekly timeframe, suggesting a mood of uncertainty in the stock market. It can be said that the market is silently bracing itself for a significant shift in the range movement, mostly a breakout.

Market Outlook

Notably, the VIX index is trading at its lowest level at 11, with its average low at 8.90, which is even lower than the pandemic low. Based on its price momentum, it is likely to remain low for a long time. Amid such situations, I advise investors to hedge their trading portfolio to ride the rally in different sectors and generate better earnings. They may also consider covering their short-term F&O positions to avoid the repercussions of uncalculated risks, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

During the day, the RBI's positive outlook about the banking sector's growth and stability added momentum to the market sentiment. As a result, banking stocks noticed a surge and are moving towards their all-time high. My analysis suggests that this positive momentum is likely to continue way into the upcoming month. During the trading session, crude oil emerged as the only commodity that ended the day on a positive note. Even the equity markets remained active throughout the day. Taking this into account, I predict that Nifty could find support at 22480 and 22400 in the next trading session and experience resistance at the 22590 and 22680 levels, VLA Ambala further added.

Nifty & Bank Nifty Outlook

For the Nifty index, the key support levels for the next trading session will be around 22480 and 22400, whereas resistance will likely be noticed at 22590 and 22680. On the other hand, the banking index could find key support at 48550 and 48400, with 48650 and 48800 acting as their major resistance points, stated V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Stocks To Buy On Monday

V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) has recommended 3 buy/sell stocks recommendations for swing trading on Monday, 8th April.

1. CONCOR

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 890-933
• TARGET 1: Rs. 970
• TARGET 2: Rs. 1000
• TARGET 3: Rs. 1040
• TARGET4: Rs. 1090
• TIME PERIOD: 10-90 Days
• STOP LOSS: Rs. 865

2. UTIAMC

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 900-930
• TARGET 1: Rs. 985
• TARGET 2: Rs. 1000
• TARGET 3: Rs. 1030
• TARGET4: Rs. 1100
• TIME PERIOD: 10-80 Days
• STOP LOSS: Rs. 850

3. EXICOM

• TRADE TITLE: BTST
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 223-225
• TARGET 1: Rs. 227
• TARGET 2: Rs. 230
• TIME PERIOD: 1 Day
• STOP LOSS: Rs. 220

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.