Stocks To Buy: 2 Intraday Trading Stock Recommendations By VLA Ambala On Friday, 21st June

The Nifty benchmark index was seen trading within 182 points in the latest trading session, forming a 'Dragon Fly Doji' and 'Inside Bar' candlestick pattern at the daily timeframe. The index was also seen trading with an RSI of 62 on the daily, 64 on the weekly, and 77 on the monthly timeframe, suggesting that Nifty is inclining towards overbought territory in the higher timeframe. However, the volatility indicator India VIX concluded the day at 13.35 with a decline of -2.63%, suggesting a cool-off in market volatility from the previous session. Regardless, in this situation, following a sell-on-the-rise strategy would prove beneficial for traders and investors, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Market Outlook Today

"For the Nifty index, the key resistance levels for the next trading session will be around 23720 and 23800, whereas support could be noticed between 23550 and 23445 levels. On the other hand, the Bank NiftyIndex could find key support between 51350 and 51150, and witness 51930 and 52200, acting as their major resistance points," VLA Ambala stated.

Nifty & Bank Nifty Prediction Today

Chandan Taparia, Senior VP, Equity Derivatives & Technicals, Broking & Distribution, MOFSL said, "Nifty index has been moving in a narrow trading band of 250 points from the last four trading sessions. It made a new life time high of 23664 marks on Wednesday but the pace of buying is lesser in the market. It formed an Inside Bar pattern in daily scale and finding narrow trading band as momentum is lesser due to lack of next trigger. India VIX corrected in last 2-3 weeks but slightly rising from last two sessions. Now till it holds above 23400 zones, major trend remains intact for an upside move towards 23750 and 24000 zones. Volatility has been slightly on the rise from the last three sessions which is causing a bumpy ride on the upside direction. On option front, data suggests a broader trading range in between 23200 to 24000 zones while an immediate range between 23400 to 23700 levels."

Stocks To Buy Today

V.L.A. Ambala has recommended 2 intraday trading stocks to buy on Friday for swing traders.

ABCAPITAL

• BUY: Approximately Rs. 240/245
• TARGET: Rs. 255/260/265/270/280/285/290
• STOP LOSS: Rs. 235
• HOLDING PERIOD: 20-60 Days

CUB

• Rs. 165-160
• TARGET: Rs. 175/185/190/195/200/205/210
• STOP LOSS: Rs. 150
• HOLDING PERIOD: Rs. 15-35 Days

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.