Stocks To Buy: 2 Swing Trading Stock Picks By VLA Ambala On Monday, 1st July

In Friday's market session, Nifty touched another all-time high of 241740 and formed a Shooting Star pattern at the daily timeframe before settling at 24010.60 by the day's end. The benchmark index was seen trading in the range of 23985.8 and 24174 in intraday. On the other hand, Bank Nifty which was seen trading within the range of 52242.3 and 53030.3 in intraday, formed an Evening Star Candlestick pattern in intraday. Although the high valuation is still a concern, this increase is consistent with our expectation of profitability in overbought conditions. Typically, when stocks get overbought, they tend to pull back, and from that point any dip between 5 and 12% is a good dip buying opportunity.

"Those investing in Nifty ETFs or large-cap ETFs should take advantage of these dips to average the buying opportunities. The overall trend remains bullish, with several sectors like Media, Energy, Metals, FMCG, and IT trading at discounted prices compared to the benchmark index. Notably, stocks in these sectors, particularly in mid-cap categories trading at a discounted rate should be treated as potential swing trading opportunities. With no major global red flags and old concerns already priced in, the market's underlying strength becomes more evident," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"The government's plans to sell shares in some PSU bank stocks such as IRFC, NFL, and RCF, could cause some movement in this segment. Additionally, higher inflows from Airtel and Jio's tariff hikes are expected to increase their current quarter's revenue. Besides this, textiles, energy, real estate, infrastructure, and electric vehicles are expected to be the themes that could be focused on during the sessions leading up to the budget," VLA Ambala further added.

Market View For 1 July 2024, Monday

"For the Nifty index, the key support levels for today's trading session will be between 23810 and 23750, whereas resistance will likely be noticed between 24030 and 24100. On the other hand, the Bank Nifty Index could find key support between 52100 and 51800, and witness 52450 and 52700, acting as their major resistance points," she predicted.

Stocks To Buy Today

VLA Ambala has recommended 2 stocks to buy or sell for swing traders on Monday, 1st July.

APOLLOTYRE

• Trade: SWING
• Type: Buy
• Buy: Rs. 480-484
• Target 1: Rs. 495
• Target 2: Rs. 505
• Holding Period: 35 Days
• Stop Loss: Rs. 470

MCX

• Trade: SWING
• Type: Buy
• Buy: Rs. 3900-3960
• Target 1: Rs. 4060
• Target 2: Rs 4200
• Holding Period: 1-5 Days
• Stop Loss: Rs. 3800

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.