Swing Trading Guide: 2 Buy/Sell Stock Recommendations By VLA Ambala On Tuesday, 9th July

During Monday's market session, Nifty recorded a flat opening near 24329.45. During the session, the index traded within a narrow range and formed a Hanging Man candlestick pattern on the daily timeframe. This indicates the possibility of a short-term pullback. The index's RSI readings showed 72 on the daily and 74 on the weekly timeframe, indicating Nifty's overbought condition and chances of small profit booking within 5-10 days. The benchmark index is currently trading just 2% from its 20-day EMA. On the other hand, during the session, Bank Nifty formed a Doji candlestick pattern on the daily timeframe.

"The broader market's underlying sentiment remains bullish, making it a good opportunity to accumulate fundamentally strong stocks during any dips. According to the Current Open Interest (OI) data, the 24200 level emerged as the support level and 24500 as the immediate resistance point. Meanwhile, volatility indicator, India's VIX rose 7% to trade at 13.76, indicating increased volatility as we approach the budget session. As companies begin reporting their Q1 results, these earnings are likely to impact the market sentiments significantly. Crude oil and commodities are likely to continue their uptrend, driven by factors such as high inflation. In such a situation, interest rate cuts are unlikely in the next 2-3 months. Amid these developments, I suggest investors be mindful of the market momentum and volatility," commented V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Market View For 9 July 2024, Tuesday

"For the Nifty index, the key support levels for the next trading session will be between 24300 and 24180, whereas resistance will likely be noticed between 24430 and 24500. On the other hand, the Bank Nifty Index could find key support between 52480 and 52250, and witness 52760 and 52950, acting as their major resistance points," VLA Ambala predicted.

Stocks To Checkout On 9 July 2024, Tuesday

Based on swing trading analysis, VLA Ambala has recommended the below 2 stocks to buy or sell today.

GHCL Textiles

• Type: Buy
• Buy: Rs. 91-93
• Target: Rs. 95-105
• Stop Loss: Rs. 89
• Holding Period: 1-8 Days

MTNL

• Type: Buy
• Buy: Rs. 41-42
• Target: Rs. 44-50
• Stop Loss: Rs. 39.50
• Holding Period: Rs. 1-8 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.