Stocks To Buy For Short Term: 3 Buy/Sell Stock Picks By VLA Ambala On Thursday, 11th July

During Wednesday's session, Nifty erased 4 days of gains and closed around 24,300. It opened flat and hit a fresh all-time high intraday but encountered resistance in yesterday's given range. However, its current overvaluation could prompt profit booking. According to yesterday's OI data, 24,500 was the key resistance and 24,300 was the key support range. During the day's trade, Nifty recorded a low of 24,141 and a high of 24,461 but closed near the 24,300 mark. The option volatility analysis shows major support at 24,200 and resistance at 24,400 and 24,500 as we move closer to Nifty's weekly expiry. The index's RSI readings showed 69 on the daily, 74 on the weekly, and 79 on the monthly timeframe, indicating the overvalued conditions, and it formed a Shooting Star and Bullish Engulfing candlestick pattern on the daily timeframe, according to V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"Meanwhile, India's VIX rose nearly 2% for the day and ended the day 1.5% higher. The FMCG, Energy, Pharmaceutical, and Metals sectors will be on the lookout for the next 3-8 days as they are trading at a comparatively favorable price position. Hence, for those with a view of 2-3 months, I advise them to keep their positions hedged, avoid overly expensive stocks, and only invest in discounted stocks," VLA Ambala commented.

Market View for 11 July 2024, Thursday

"For the Nifty index, the key support levels for the next trading session will be between 24140 and 24020, whereas resistance will likely be noticed between 24141 and 24520. On the other hand, the Bank Nifty Index could find key support between 51850 and 51600 and witness 52450 and 52780, acting as their major resistance points," she predicted.

Stocks To Buy On 11 July 2024, Thursday

V.L.A. Ambala has recommended 3 stocks to buy/sell/hold/add today for the short term.

INDIGOPNTS

• Buy: Rs. 1500-1530
• Target: Rs. 1600/1650/ 1700/1750/1800
• Stop Loss: Rs. 1420
• Holding Period: 3-40 Days

GLOBE

• Buy: Rs. 4.10/4.20
• Target: Rs. 5.50/6/7/9/10/11/12
• Stop Loss: Rs. 3.50
• Holding Period: 1-10 Days

PCJEWELLER

• Buy: Rs. 62-65
• Target: Rs. 72/80/83/85/90
• Stop Loss: Rs. 59
• Holding Period: 10-40 Days

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.