Swing Trading Guide: 3 Buy/Sell Stock Recommendations By VLA Ambala On Friday, 7th June

The benchmark Index Nifty had formed a long-legged candlestick pattern in the latest trading session, suggesting a sense of uncertainty or indecision in the broader stock market. The index was also seen trading with a Relative Strength Index of 54 on the daily timeframe whereas the weekly RSI was seen at 63, hinting at some overbought conditions on the higher timeframe. Meanwhile, the volatility indicator, India VIX has significantly cooled off compared to the previous session and closed the day at 16.80 in intraday, according to V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"At the end of the day's session on Thursday, FMCG, PVT banks, and Pharma ended the day on a negative note, while the rest of the key sectors concluded with positive gains. During the day, sectors like Nifty Media and Realty emerged as the leaders. Judging by the recent development, Nifty will likely trade within a range of 3.5-5% this week, and sectors like Media, FMCG, IT, REALTY, and PHARMA may remain in the bull's focus. In such a situation, I advise long-term and mid-term investors to be vigilant of the price movements to seek lucrative dip opportunities, especially when the market begins to offer a 7-10% dip at broader index levels," she added.

Market Outlook Today

"For the Nifty index, the key support levels for the next trading session will be between 22700 and 22600, whereas resistance will likely be noticed between 22920 and 23000. On the other hand, the Bank NiftyIndex could find key support between 48950 and 48500, and witness 49500 and 49850, acting as their major resistance points," VLA Ambala commented.

Nifty Prediction Today

Chandan Taparia, Senior VP, Equity Derivatives & Technicals, Broking & Distribution, MOFSL said, "Nifty index remained range bound on expiry day but managed to hold support of 22650 zones and headed towards 22900 levels. India VIX cooled off by 12.39% from 18.89 to 16.55 levels. Volatility crashed for the second consecutive day and comforted the bulls to hold at higher zones. Option data suggests a broader trading range in between 22200 to 23500 zones while an immediate range between 22500 to 23100 levels. It formed a small bodied Bullish candle on daily frame with longer lower shadow and has started to form higher lows from the last two sessions."

"It witnessed a volatile swings in the last four trading sessions. It started the week on a positive note by hitting new life time high of 23338 but it could not hold at higher zones on election result day and drifted towards 21281 levels. It corrected around 2000 points from top but again recovered by around 1600 points from its panic lows. We have witnessed that meaning declines were being bought and major trend of the market remains intact. It formed a small bodied candle with long lower shadow which indicates that declines are being bought while on weekly scale it is forming a big long lower shadow which indicates a volatile swing with tug of war between Bulls and Bears. Now it has to hold above 22750 zones for an upside move towards 22950 then 23100 zones whereas supports are placed at 22650 then 22450 zones," Chandan Taparia further added.

Stocks To Buy Today

V.L.A. Ambala has recommended 3 day trading stocks to buy or sell on Friday for swing traders.

SHRIRAMFIN

• BUY: Rs. 2400-2450
• TARGET: Rs. 2580/2700/2920
• STOP LOSS: Rs. 2200
• HOLDING: 20-60 Days

Jubilant foods

• ENTRY: Rs. 470-490
• TARGET: Rs. 525/540/560/585
• Stop Loss: Rs. 450

KIRLOSIND

• ENTRY: Rs. 5850-6000
• TARGET: Rs. 6450-6800
• STOP LOSS: Rs. 5600

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.