Buy/Sell: 3 Swing Trading Stock Picks By VLA Ambala On Wednesday, 10th April

Nifty recorded another fresh all-time high on Tuesday at the 22768.40 level. However, by the end of the trading session, the benchmark index concluded the day below the previous day's closing level. During the session, Nifty was seen trading within a wide range of 150 points, while in intraday it formed a 'Bearish Belt Hold' candlestick pattern at the top. Such a formation hints at the possibility of a reversal in price levels. After the trading session, all major sectors like metal, realty, and private banks ended the day in the green territory but the rest of the sector ended the session with a bearish sentiment, V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) stated.

Review of the Stock Market

Amid these developments, there is a chance that the price may test the 22500 level again before moving on to the next upward trend. However, it should be noted that Nifty has delivered around 5% return between the period of January 2024 and 9th April 2024, demonstrating a fast market momentum. As we witness the valuation getting higher and the price trading at an all-time high, the market will record more instances of profit booking and present dip buying opportunities for those who missed the chance previously. In such a situation, you should feel lucky if you manage to find a 3-5% dip from the current price levels. I would advise you to continue to have faith in the market and consider the potential dip opportunities as a chance to park money in the market's bull run. As the next trading session marks the weekly expiry, I believe maintaining a neutral strategy will work best, especially at the current price level, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Market View for 10 April 2024

For the Nifty index, the key support levels for the next trading session will be around 22600 and 22500, whereas resistance will likely be noticed at 22680 and 22750. On the other hand, the banking index could find key support at 48500 and 48350, with 48700 and 48800 acting as their major resistance points, the analyst further added.

Stocks To Buy Today

V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) has recommended 3 swing trading guides for investors on Wednesday, 10th April.

HMAAGRO

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 69-70
• TARGET 1: Rs. 75
• TARGET 2: Rs. 77
• TARGET 3: Rs. 80
• TARGET 4: Rs. 85
• TIME PERIOD: 1-10 Days
• STOP LOSS: Rs. 65

KRITINUT

• TRADE TITLE: BTST
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 104-106
• TARGET 1: Rs. 110
• TARGET 2: Rs. 115
• TARGET 3: Rs. 120
• TARGET 4: Rs. 130
• TIME PERIOD: 1-4 Days
• STOP LOSS: Rs. 98

RENUKA

• TRADE TITLE: BTST
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 45-46
• TARGET 1: Rs. 47
• TARGET 2: Rs. 48
• TARGET 3: Rs. 50
• TARGET 4: Rs. 53
• TIME PERIOD: 1-4 Days
• STOP LOSS: Rs. 43

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.