Stocks To Buy: 3 Swing Trading Stock Picks By VLA Ambala On Wednesday 26th June

Nifty and Sensex both touched record highs during the latest trading session. During the day, benchmark index Nifty was seen trading within a wide range of 0.77% in intraday, and concluded the session near the 23700 Mark. The benchmark index Nifty also formed a bullish candlestick pattern, Bullish Marubozu in the daily time frame.

"The index was seen trading at an RSI of 64, 70, and 78 on the daily, weekly, and monthly timeframes, respectively, suggesting Nifty's inclination towards the overbought territory at higher frames. Hence, the valuation is extremely high at the index level. In fact, Nifty Mid Select, Nifty Financial Services, Nifty Private Bank, Nifty 50, and Nifty Bank were seen trading at their record high. On the other hand, Bank Nifty was seen trading with an RSI above 71 for the same period. The index also formed a chart pattern, Rising Wedge at the weekly timeframe," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"While the overall trend is bullish, the valuation is still very high. Stocks currently available at a discounted price and consolidating at the prevailing situation are likely to offer more room for an uptrend movement. In such a situation, I recommend hedging trading positions to safeguard capital and minimize risks," she further added.

Nifty & Bank Prediction On 26 June 2024

"For the Nifty index, the key support levels for the next trading session will be between 23660 and 23600, whereas resistance could be noticed between 23790 and 23900 levels. On the other hand, the Bank NiftyIndex could find key support around 52500 and 52350, and witness 52850 and 53200, acting as their major resistance points," VLA Ambala predicted.

Market Outlook Today

Sarvjeet Singh Virk, Co-founder & MD, Shoonya by Finvasia said, "The Sensex and Nifty reaching all-time highs suggest that 2024 could be a record-breaking year. The exponential surge in IPOs and FPOs in CY2024, with 56 companies poised to raise around Rs. 90,000 crore, underscores the significant impact of several key factors. Retail investor participation has been crucial, alongside strong macroeconomic factors and increasing FPI investments, driving the market and contributing to economic growth. With a recent stable government, increased spending is anticipated, along with a favorable monsoon to boost the rural economy. However, investors need to be cautious while making any investment decisions, as the markets are at an all-time high, due diligence is necessary."

Stocks To Buy Today

VLA Ambala has recommended 3 stocks to buy or sell on Wednesday, 26th June for swing traders.

WELCORP

• VIEW: BUY
• ENTRY: Rs. 528-530
• TARGET: Rs. 550/565/580/600
• STOP LOSS: Rs. 518
• Holding PERIOD: 1-7 Days

PRESTIGE

• VIEW: Sell on Rise
• SELL: Rs. 2000
• TARGET: Rs. 1950/1910/1870/1850
• STOP LOSS: Rs. 2050
• HOLDING PERIOD: Intraday

ITC

• VIEW: BUY
• ENTRY: Rs. 423
• TARGET: Rs. 427/430/434
• STOP LOSS: Rs. 419
• HOLDING PERIOD: Intraday

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.