Stocks To Buy: 3 Swing Trading Stock Picks By VLA Ambala On Friday, 28th June

In Thursday's trading session, benchmark indices Nifty and Sensex touched new all-time highs, continuing the positive sentiments despite the high valuations and overbought market conditions.

"Investor's confidence remains strong with no negative developments dampening the spirit of the market. While concerns over valuations persist, many sectors are trading 10-15% below their all-time highs. As per technical charts, Nifty has broken out of its resistance trendline, with key support now shifted upward to 23,000. Any dip to 23000 would be absorbed in the Nifty index," 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 support levels for today's trading session will be between 23880 and 23800, whereas resistance will likely be noticed between 24080 and 24150. On the other hand, the Bank Nifty Index could find key support between 52800 and 52650, and witness 53100 and 53430, acting as their major resistance points," VLA Ambala predicted.

Nifty Prediction Today

Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities said, "Nifty 50 index closed at a lifetime high of 24,047. This marks the 24th all-time high in the year 2024 and places Nifty above the psychological mark of 24,000 for the first time ever. Certainly bulls couldn't have asked for anything better than this after what we saw on the day when election results were announced."

"The index recovered all of its Election Day losses in just three trading sessions. This must have been one of the fastest recoveries in the history of Indian capital markets which can mainly be attributed to fund flows. If you look at FPI's fund flow data from Sebi then you will see that they have been buyers in the last 12 sessions from 10 to 26 June. They have pumped in nearly Rs 32,087 crore in Indian equity markets. DII's have pumped in Rs 20,002 crore in the same period. Retail investors on the election day alone bought stocks worth Rs 21,179 crore. Thus market participants have been buying equities left, right and center over the last fortnight which has mainly driven the markets higher," Apurva Sheth further added.

"From a seasonality perspective, July has been one of the most bullish months for Indian equity markets. Nifty has closed on a positive note in 9 out of the last 10 years with an average gain of 3.3%. With bulls sitting firmly in the driving seat and multiple factors like liquidity, seasonality and momentum in Bulls' favour, one can expect the rally to continue in July with a target of 24,500 on the index," the analyst stated.

Stocks To Buy Today

V.L.A. Ambala has recommended 3 swing trading stocks to buy or sell on Friday, 28th June.

Ultratech cement

• Buy: Rs. 10800-11090
• Target: Rs. 12000-14530
• Stop Loss: Rs. 9400
• Holding Period: 3-25 weeks

The India Cement Ltd.

• Buy: Rs. 245-250
• Target: Rs. 290-450
• Stop Loss: Rs. 210
• Holding Period: 20-50 weeks

WHIRLPOOL

• Buy: Rs. 1689-1750
• Target: Rs. 2250/3000
• Stop Loss: Rs. 1400
• Holding Period: 5-15 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.