Intraday Trading Stocks Today: VLA Ambala Recommends 2 Stocks To Buy/Sell On 18th July

In Tuesday's session, the market displayed mixed cues. However, by the end of the day, the Nifty benchmark index managed to close neutral to its previous day's level, forming a Doji Star candlestick pattern on the daily time frame whereas, Bank Nifty formed a Doji pattern. This movement reflects indecisiveness in the broader market even though the fundamental trend remains bullish, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"The high index valuation and composition call for caution, particularly for short-term investors exploring index ETFs. In this situation, the defense sector is expected to remain in focus. The positive corporate earnings and the upcoming budget are expected to add momentum to the market. However, inflation remains a concern and could hamper GDP growth if it persists for long," she stated.

"Analyzing the broader market sentiments, the Media, Energy, IT, PSU Banks, Auto, and Realty sectors are doing well compared to other overbought sectors. Similarly, gold and silver are trading near all-time highs. On the other hand, the rupee is at its lowest level in the currency market. In this situation, I advise adopting a cautious approach to cushion risks," VLA Ambala commented.

Market View For 18 July 2024, Thursday

"For the Nifty index, the key support levels for today's trading session will be between 24,550 and 24,470, whereas resistance will likely be between 24,680 and 24,740. On the other hand, the Bank Nifty Index could find key support between 52,200 and 51,830 and witness 52,630 and 52,940, acting as their major resistance points," VLA Ambala predicted.

Stocks To Checkout On 18 July 2024, Thursday

V.L.A. Ambala has recommended 2 stocks to buy or sell today based on swing trading basis.

Prestige

• Buy: Rs. 1700 - 1780
• Target: Rs. 1880 - 2180
• Stop Loss: Rs. 1600
• Holding Period: 5-20 Weeks

RAILTEL

• Buy: Rs. 480 - 520
• Target: Rs. 570/600/630/680
• Stop Loss: Rs. 450
• Holding Period: 4-10 Weeks

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.