From SBI To HDFC Bank: 5 Buy/Sell Stock Recommendations By VLA Ambala On Friday, 31st May

The intensity of volatility in the stock market is increasingly reaching new peaks as we inch closer to the Lok Sabha elections. As a result, investors are on their edge and keeping a close eye on the market fluctuations. Recently, some overbought sectors have started correcting, as evidenced by the latest trading session. Mid-cap Nifty Index closed the session with a loss of 1.21%, and Metal emerged as the worst-hit sector, according to V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"While the benchmark index Nifty tested the 22417 level intraday, it closed the day's session above the 22550 level, forming a 'High Wave' candlestick pattern. Judging by the prevailing market momentum, it is likely that Nifty could remain bearish below the latest session's closing price. In this regard, I recommend following the buying-on-dip strategy only at the 22200 level against the current price of 22550. Hence, individuals may consider the sell-on-rise approach for the next session if the price reaches the 22700-22780 range," VLA Ambala commented.

"The market has corrected nearly 3% from the latest all-time high, and I believe this profit-booking trend is likely to continue for some time, creating buying and averaging opportunities for new entrants. In such a situation, those with highly profitable stocks in their portfolio must keep in mind that the stocks that surged the most tend to correct the most according to price behaviour," she further added.

Market Outlook Today

"For the Nifty index, the key support levels for the next trading session will be between 22480 and 22350, whereas resistance will likely be noticed between 22670 and 22715. On the other hand, the Banking Index could find key support at 48750/48250/48000, and witness 49180/49450, acting as their major resistance point," the analyst predicted.

Stocks To Buy Today

V.L.A. Ambala has recommended 5-day trading stocks to buy or sell on Friday, 31st May.

ICICIBANK

• Sell: Rs. 1125/1130
• Target: Rs. 1110/1100/990
• Stop Loss: SL- 1138

AXISBANK

• Buy: Rs. 1135/1140
• Target: Rs. 1160/1170/1175
• Stop Loss: Rs. 1125

SBIN

• Sell: Rs. 835/842
• Target: Rs. 825/820/800
• Stop loss: Rs. 850

HDFCBANK

• Sell: Rs. 1540/1545
• Target: Rs. 1520/1505/1490
• Stop Loss: Rs. 1555

BHARTIARTL

• Sell: Rs. 1377
• Target: Rs. 1365/1355/ 1340
• Stop Loss: Rs. 1395

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.