Buy/Sell: 3 Swing Trading Call By VLA Ambala On Monday, 22 April

Nifty witnessed a 4.5% drop from its all-time high during the day, but it managed to bounce back on Friday. During the day, the benchmark index formed a bullish candlestick pattern, 'Bullish Marubozu' at the daily timeframe. Alternatively, it formed a bearish candlestick pattern, 'Hanging Man' on the weekly timeframe, reflecting the downtrend momentum that prevailed all week.

"Meanwhile, the market continues to display bearish sentiments mostly due to the escalation in tensions in the Middle East, which has triggered a hike in crude oil prices. This has added to the existing sense of uncertainty in the domestic market. Additionally, the ongoing Lok Sabha election has further aggravated the market volatility, which is likely to prevail for some time. Amid these situations, I recommend hedging positions to minimize risks and protect gains," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Market View for 22 April 2024

"For the Nifty index, the key support levels for today's trading session will be around 22060 and 21900, whereas resistance will likely be noticed at 22240 and 22310. On the other hand, the banking index could find key support at 47500/47350/47000 and 47820 and 48000 acting as their major resistance points," the analyst added.

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 Monday, 22 April based on swing trading basis.
ZEEL

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 145
• TARGET 1: Rs. 153
• TARGET 2: Rs. 157
• TARGET 3: Rs. 60
• TARGET4: Rs. 165
• TIME PERIOD: 7-40 Days
• STOP LOSS: Rs. 135

GESHIP

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 965-1000
• TARGET 1: Rs. 1025
• TARGET 2: Rs. 1040
• TARGET 3: Rs. 1070
• TARGET4: Rs. 1100
• TIME PERIOD: 7 -40 Days
• STOP LOSS: Rs. 940

VETO

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 128-130
• TARGET 1: Rs. 139
• TARGET 2: Rs. 145
• TARGET 3: Rs. 150
• TARGET4: Rs. 155
• TIME PERIOD: 7-40 Days
• STOP LOSS: Rs. 121

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.