Stocks To Buy For Short Term: 2 Buy/Sell Stock Picks By VLA Ambala On Monday, 15th July

During Friday's market session, Nifty set a new all-time high at 24,593, crossing its crucial 24,500 resistance point. Both Nifty and Sensex jumped by almost 1% in intraday but finished the day with only a 0.70% gain, ending another week on a positive note. During the session, the benchmark index formed a 'Spinning Top' candlestick pattern at the weekly timeframe, adding to the overbought conditions as seen by its RSI readings across all timeframes.

"TCS' latest announcement declaring positive quarterly results offered a boost to the market sentiment, with its stocks leading the intraday session followed by the media stocks. At the end of Friday's market session, TCS, Wipro, LTIM, Infosys, and HCL emerged as the day's top gainers. TCS surged 6.93% during the session, while other top gainers jumped 3-6.93%. On the other hand, IT and Media recorded the most gains while Realty lost the most," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"Amid this day filled with mixed market cues, the volatility indicator India VIX plummeted over 2%, underscoring some degree of cooling in volatility. While the current bullish trend is expected to continue for some time, its high valuation would remain a concern for short-term traders and investors. Hence, I advise short-term investors to hedge their positions and bank on the deep dips as buying opportunities. The US CPI data is also expected to provide momentum to the market along with the upcoming Union Budget session," commented the analyst.

Market View For 15 July 2024, Monday

"For the Nifty index, the key support levels for the next trading session will be between 24480 and 24350, whereas resistance will likely be noticed between 25630 and 24700. On the other hand, the Bank Nifty Index could find key support between 52220 and 51850 and witness 52650/52800/53050, acting as their major resistance points," VLA Ambala predicted.

Stocks To Checkout On 15 July 2024, Monday

ZEEL

BUY: Rs. 150-155
TARGET: Rs. 160 to 182
STOP LOSS: Rs. 144
HOLDING Period: 2-10 Days

PNB

SELL: Rs. 121-119
TARGET: Rs. 116 to 112
STOP LOSS: 124
HOLDING PERIOD: 1 day

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.