Short-Term Stocks To Buy: Intraday Guide By VLA Ambala On 29th July

During Friday's session, intraday dips were seen as buying opportunities, with the Nifty maintaining a healthy uptrend. Recently, the price found support at its 20-day EMA, which is expected to act as key support in the coming weeks. Meanwhile, during the session, the Nifty formed a Bullish Marubozu candlestick pattern, indicating that the price could open with a gap on Monday. However, current RSI readings for the index show 70 for daily, 77 for weekly, and 81 for monthly timeframe, reflecting a high valuation on the higher frame.

"After considering this, I recommend that traders and investors hold their positions and make cautious changes. Meanwhile, the India VIX has cooled, trading at 12, making premium options cheaper, which is ideal for hedging strategies. Gold is also trading at about 7% lower than its all-time high, with August features hovering around 68,050. For the next 10 days, the focus could be on key sectors such as Financial Services, Private Banking, IT, Steel, and Media," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Market View for 29 July 2024, Monday

"For the Nifty index, the key support levels for today's trading session will be between 24,720 and 24,680, whereas resistance will likely be between 24,970 and 25,050. On the other hand, the Bank Nifty Index could find key support between levels 51,150 and 50,950, and witness 51,600 and 51,830, acting as their major resistance points," VLA Ambala predicted.

Stocks to Checkout On 29 July 2024, Monday

V.L.A. Ambala has recommended 3 stocks to buy or sell for short-term on Monday, 29th July.

LLOYDSME

• Buy: Rs. 730-746
• Target: Rs. 783-1000
• Stop Loss: Rs. 700
• Holding Period: 1-4 Weeks

MHRIL

• Buy: Rs. 465-470
• Target: Rs. 500-650
• Stop Loss: Rs. 430
• Holding Period: 1-10 Days

MOTHERSON

• Buy: Rs. 194-196
• Target: Rs. 203-220
• Stop Loss: Rs. 188
• Holding Period: 1-6 Weeks

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.