Swing Trading Guide: 2 Buy/Sell Stock Recommendations By VLA Ambala On Friday, 17th May

Though we are just two weeks away from Lok Sabha Election results, the broader market has started displaying volatile tendencies. For instance, India VIX is trading at an elevated number of 20, indicating a sense of fear and caution in the market. During the day, Nifty took support at the 22000 range and formed a bullish candlestick pattern 'Pin Bar' at the daily timeframe and a dual candlestick pattern 'Piercing Line' candlestick at the weekly timeframe. On the other hand, the price has been closing above the 20 and 50-day EMAs.

Market Outlook

"The benchmark index also traded within a wide range of nearly 300 points, while Bank Nifty traded in the wide range of 700 points in intraday. The session also observed expiry volatility as the broader market provided trading opportunities to both sides of expiry traders. Now, both Nifty and Bank Nifty are likely to continue their upward trend as long as they manage to trade above the last session's opening level. Notably, the Nifty will display bullish tendencies above the 22450 mark and bearish below the 22280 mark," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"As anticipated, IT, Media, and Realty emerged as the top three leaders of the day. For the next session, we expect FMCG, CONSUMPTION, IT, and MEDIA to be in focus. Hence, I recommend keeping a close watch on stocks like ZEEL, TATACHEM, APOLLOTYRE, MPHASIS, OBEROIRLTY, and HDFCAMC" she further added.

Nifty & Bank Nifty Prediction Today

"For the Nifty index, the key support levels for the next trading session will be around 22280/22200/22160, whereas resistance will likely be noticed between 22450 and 22600. On the other hand, the Banking Index could find key support at 48050/48200/48350, and witness 47850 and 47700, acting as their major resistance points," VLA Ambala predicted.

Stocks To Buy Today

V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) has recommended 2 swing trading stocks to buy or sell on Friday 17th May.

RATEGAIN

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 720/725
• TARGET 1: Rs. 760
• TARGET 2: Rs. 800
• TARGET 3: Rs. 840
• TIME PERIOD: 4-30 Days
• STOP LOSS: Rs. 660

BPCL

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 610-620
• TARGET 1: Rs. 650
• TARGET 2: Rs. 665
• TARGET 3: Rs. 880
• TIME PERIOD: 4-30 Days
• STOP LOSS: Rs. 585

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.