Swing Trading Guide: 2 Buy/Sell Stock Recommendations By VLA Ambala On Thursday, May 23

The Nifty displayed good support at the 22500 range, and concluded the day's session at 22620, forming a 'Bullish Hammer' pattern at the daily timeframe on Wednesday. The benchmark index's current RSI is 60 on the daily and 63 on the weekly timeframe. These readings suggest a neutral momentum in the market. However, analysis suggests that prices could soon start chasing a fresh high as soon as it takes support at its 50-day SMA at the weekly timeframe.

Market Outlook Today

"In this current market situation, any dip can be considered a buying or averaging opportunity. With the General Assembly election results being two weeks away, the market volatility has heightened and is likely to continue in the coming weeks. Amid these developments, I recommend keeping short positions hedged to avoid the impact of any deep volatile move. In fact, individuals should consider staying neutral in the F&O segment. On the other hand, sectors such as Nifty IT, FMCG, and Media can be considered the best options as they are currently available at a dip. However, the Metal, Pharma, and Energy sectors are likely to continue their upside rally. In case of Bank Nifty, stocks displayed bearish momentum and closed the day below its intraday opening and the previous day's closing levels," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Nifty & Bank Nifty Predictions Today

"For the Nifty index, the key support levels for the next trading session will be around 22550 and 22480, whereas resistance will likely be noticed between 22730 and 22800. On the other hand, the Banking Index could find key support at 47950 and 47700, and witness 48050 and 48240, 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 the below stocks to buy, sell or add on Thursday, 23rd May.

HAPPSTMNDS

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 810-820
• TARGET 1: Rs. 840
• TARGET 2: Rs. 855
• TARGET 3: Rs. 870
• TARGET 4: Rs. 900
• TIME PERIOD: 3-50 Days
• STOP LOSS: Rs. 790

DEEPAKFERT

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 550-560
• TARGET 1: Rs. 570
• TARGET 2: Rs. 585
• TARGET 3: Rs. 600
• TARGET 4: Rs. 620
• TIME PERIOD: 3-50 Days
• STOP LOSS: Rs. 535

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.