Stocks To Buy For Short Term: 2 Buy/Sell Stock Picks By VLA Ambala On Friday, 12th July

During Thursday's session, the markets were seen trading at a higher valuation, which remains a concern for investors. The Nifty 50 index closed near its previous session level, around 350 points away from its 28-day EMA. By the end of the session, Nifty closed at 24,300, showing a gain of 0.71% over June's closing level. The index's RSI readings of 69 on the daily, 74 on the weekly, and 79 on the monthly timeframes suggest an overbought condition. Meanwhile, Bank Nifty formed a long-legged Doji candlestick pattern in the next trading session. Factoring these developments, for the next 2-3 days, the 'sell-on-the-rise' strategy may be ideal. However, the trend over the next 6-9 months appears bullish but I advise following a cautious approach to navigate the risks for the short term, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"Notably, the broader markets are currently anticipating the upcoming budget, which could put midcap and large-cap stocks in the automobile, semiconductor, infrastructure, and green energy sectors on focus. According to option OI data, the benchmark index holds its key support at 24300 and resistance at 24500," the analyst added.

Market View For 12 July 2024, Friday

"For the Nifty index, the key support levels for today's trading session will be between 24,310 to 24,120, whereas resistance will likely be noticed between 24,480 to 24,530. On the other hand, the Bank Nifty Index could find key support between 52200 and 51700 and witness 52450 and 52700, acting as their major resistance points," VLA Ambala predicted.

Nifty & Bank Nifty Prediction

Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said, "Nifty has formed a consecutive hanging man pattern on the daily chart. The 24,200 & 24,300 Strike saw significant put writing over call writing, which led to an Intraday recovery in Nifty in the second half. The one who gives up on the 24,300 Strike first will set the tone for the future movement in Nifty."

"Bank Nifty continued its slide in the first half and later recovered sharply in the second half to close at 52,271, up 81 points. Bank Nifty formed a dragonfly doji pattern on the daily chart. The Index reversed from its previous channel support of 51,800 level. The 51,800 Strike saw heavy put writing, which led the sharp intraday recovery in the Index. The option activity at the 52,000 Strike will provide cues about Bank Nifty's future direction," the analyst added.

Stocks To Checkout on 12 July 2024, Friday

V.L.A. Ambala has recommended to buy or sell 2 stocks based on swing trading for short-term investors.

APOLLOHOSP

Buy: Rs. 6300-6350
CMP: Rs. 6390
Target: Rs. 6450-6500
Stop Loss: Rs. 6230

SUNTV

Buy: Rs. 790-800
CMP: Rs. 810
Target: Rs. 835-870
Stop Loss: Rs. 765

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.