Intraday Trading Stocks Today: VLA Ambala Recommends 2 Stocks To Buy/Sell On 22nd July

During Friday's session, the Nifty opened positively, hitting an intraday high of 24,853.8 but later faced heavy selling pressure, closing around 24,600, falling at 24,508. These sales were majorly reflected in the Auto, Metals, and Realty sectors however, the Indian VIX rose nearly 2%, closing above 14.50. The upcoming union budget for FY 24-25 is scheduled for next week on Tuesday, July 23, 2024, when the market might witness significant volatility in the next 5-7 days. Despite the upside, the current valuation means waiting for a dip before investing in ETFs or stocks that are trading at a discount. Meanwhile, gold, silver, and benchmark indices trading near all-time highs could indicate the next market move.

"On the daily chart, Nifty formed a Bearish Engulfing pattern trading around 1.5% above its 20-day EMA, with an RSI of 67 for the day and 76 for the week. For short-term and swing traders I would recommend them to be cautious, meanwhile, for mid to long-term investors, I would advise them to focus on discounts or wait for a decline in the benchmark index before making any moves. The weekly chart of the Nifty shows a Downward Shooting Star, indicating potential resistance, whereas, the sell-off may rise from 24,920 to 24,890 over the next 2-3 days, forming a Bearish candle pattern,"said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Market View for 22 July 2024, Monday

"For the Nifty index, the key support levels for today's trading session will be between 24480 and 24350, whereas resistance will likely be between 25625 and 24700. On the other hand, the Bank Nifty Index could find key support between 51950 and 51650 levels, and witness 52470, 52710, or 52850, acting as their major resistance points," predicted VLA Ambala.

Stocks to buy on 22 July 2024, Monday

MEDIASSIST

• Buy: Rs. 550 / 555
• Target: Rs. 575/ 590/ 605
• Stop Loss: Rs. 520
• Holding Period: 2 - 10 Days

PAYTM

• Buy: Rs.450 - 460
• Target: Rs. 490/ 520/ 550/ 580
• Stop Loss: Rs. 400
• Holding Period: 2 - 30 Days

Note: V.L.A. Ambala emphasizes that these recommendations are based on price movement, past behaviour, 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.