Intraday Trading Stocks Today: VLA Ambala Recommends 2 Stocks To Buy/Sell On 19th July

During Thursday's session, benchmark indices Nifty and Sensex reached new record highs. In the morning, Nifty faced some pressure, however, in the second half, the index witnessed remarkable movement, recording another all-time high. However, the Nifty closed the day near 24,800, an immediate resistance point, with its main support for the July series shifting from 24,100 to 24,350. By the end of the market session, the IT and FMCG sectors were leading the market, with IT gaining more than 2% in intraday, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"On the other hand, gold and other commodities were trading near their respective record highs. Despite overpricing, inflation, and weather risks hoarding the food supply, the market continues to display strong growth. However, in this situation, I would advise swing and short-term traders to remain cautious and focus on investing in undervalued companies," VLA Ambala commented.

Nifty & Bank Nifty Prediction

"For the Nifty index, the key support levels for today's trading session will be between 24,740 and 24,800, whereas resistance will likely be between 24,860 and 24,940. On the other hand, the Bank Nifty Index could find key support between 52,750 and 52,600 levels, and witness 53,100 to 53,250, acting as their major resistance points," VLA Ambala predicted.

Market Outlook Today

Sameet Chavan, Head Research, Technical and Derivative - Angel One said, "With markets anticipating a landslide victory for BJP in the General election, the disappointment on Verdict day (4th June) triggered a massive sell off. However, since PM Modi continued his third consecutive term, markets became jubilant once again and hence, we witnessed a v-shaped recovery thereafter. A lot of underperforming sectors like Banking joined the party along with IT and FMCG sectors. This provided the much needed impetus to reach all milestones one after another. Before anyone could realise, Nifty hastened towards 23000 first and then 24000. But it seems the market is unstoppable and we are now knocking the door at one more interesting milestone of 25000."

"The kind of participation we are seeing and with US markets supporting, reaching 25000 on or before the upcoming Budget is merely a formality. Honestly speaking, all the key technical indicators are placed in the extreme overbought territory and with few moving averages deviating far away from prices, the ongoing gravity defying rally looks unreal. Hence, we advise short term traders to take some money off the table and avoid aggressive bets for a while," Sameet Chavan further added.

Stocks To Checkout On 19 July 2024, Friday

VLA Ambala has recommended 2 intraday stocks to buy or sell today for short term based on swing trading analysis.

COASTCORP

• Buy: Rs. 277-280
• Target 1: Rs. 283
• Target 2: Rs. 286
• Holding Period: INTRADAY
• Stop Loss: Rs. 274

INNOVATORS

• Buy: Rs. 220-235
• Target: Rs. 255/270/290/310/350
• Stop Loss: Rs. 205
• Holding Period: 1-5 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.