Buy/Sell: 5 Swing Trading Calls By VLA Ambala On Friday, 15th March

The market witnessed a support buying at the benchmark index's lower levels and promptly formed a small green candlestick at the daily timeframe. On Thursday, the Nifty surged 150 points, as a result, it was able to recover 50% of the previous day's loss. However, there are still multiple macro factors that might trigger a slowdown in the market.

In the intraday, the market witnessed a buying trend in all sectors. Railway stocks and several PSU stocks kept Dalal Street buzzing as it bounced back with sharp gains promptly after it corrected by nearly 15% earlier this week. Amid the positive trend, stocks like IRFC, IRCON, RVNL, and International Ltd were among the gainers, who clocked up to 11% intraday gains. Even the severely affected Nifty Small-Cap Index also recovered half of its loss.

Review of the Stock Market

The day witnessed buying after experiencing a sell-off for three consecutive days. Regardless, several stocks are still available at discounted rates ranging from 10-40%, waiting for investors to explore them. However, before tapping into such stocks, I advise investors to employ hedging strategies to protect their portfolios, especially if they are focused on F&O, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Notably, the market continues to harbour feelings of uncertainty amid elevated valuations and rampant profit booking. The momentum is further aggravated by mounting political unrest with the nation approaching its Lok Sabha elections. In fact, factors like the Anti-EVM sentiments, execution of CAA legislation, and verdict on electoral bonds continue to concern the investors. Additionally, SEBI's new rule for Small and Mid-Cap Mutual Funds to promote greater transparency has caused more disruptions than anticipated, she further added.

If these were not enough, cross-border tensions, including the deployment of additional troops along the Indo-China border and the nation's nuclear testing at Pokhran, have worried the investors, who are already battling inflation. A high rate of domestic inflation and the US's announcement regarding soaring inflationary rates and delayed rate cuts are likely to push FII to withdraw funds from our markets, this could prompt gaping interest rate differences between India and the US. In this situation, I feel the current concerns are enough to fuel negative sentiments in the market and among investors, Ambala stated.

Market View for 15th March 2024

For the Nifty index, the key support levels for the next trading session will be 22040 and 21900, whereas resistance is likely to be observed at 22260 and 22310. The banking index could find key support at 46750 and 46500, with 46950 and 47150 serving as major resistance points, commented V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Stocks To Buy Today

AUBANK

• BUY ABOVE - Rs. 588
• TARGET - Rs. 610/616/620
• STOP LOSS - Rs. 565

FINPIPE

• SELL BELOW - Rs. 206
• TARGET - Rs. 202/200/197/195/190/180
• STOP LOSS: Rs. 217

WELCORP

• BUY ABOVE - Rs. 516
• TARGET - Rs. 530/542/550/560
• STOP LOSS - Rs. 485

SUZLON

• BUY ABOVE - Rs. 39
• TARGET - Rs. 42/45/47/50/55
• STOP LOSS - Rs. 35

TATACHEM

• BUY - Rs. 1138
• TARGET - Rs. 1185/120/1220/1230/1250/1300
• STOP LOSS - 1055

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.