Swing Trading Guide: 3 Buy/Sell Stock Recommendations By VLA Ambala On Thursday, 30th May

The Nifty 50 Index, which has plunged by 2% from its all-time high, is likely to test the 22650 and 22400 levels before the last phase of the General Assembly elections. The index's current RSI reading is 64 on the weekly and 75 on the monthly timeframe, underscoring the prevailing bullish tendency across the timeframe, according to V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"The Nifty 50 index is currently trading nearly 11% away from the benchmark index's 20-day EMA on the monthly timeframe, showing a price divergence that is known to get filled over time. However, this correction might be smaller if the bullish trend continues to dominate the market. However, it should be noted that if the benchmark index Nifty 50 fails to sustain above the 22380 levels, we could witness further selling in this overbought condition. In such a situation, I advise investors and traders to adopt the wait-and-watch strategy," she added.

Market Outlook

"On the other hand, F&O Strangles and Debt spread could be suitable strategies to encash the corrective move. Future traders may consider selling index futures with covered calls, in the face of increasing selling pressure. They can even buy some puts from mid and benchmark indices to hedge their portfolio based on weightage. Additionally, investors with a long-term view could find some buying opportunities amid this volatility if the benchmark index reaches the support levels. Regardless, I advise caution in navigating this period of uncertainty as we approach the end of the election phase," VLA Ambala commented.

Nifty & Bank Nifty Prediction Today

"For the Nifty index, the key support levels for the next trading session will be between 22570 and 22450, whereas resistance will likely be noticed between 22700 and 22750. On the other hand, the Banking Index could find key support between 48340 and 48920, and witness 48600 and 48730, acting as their major resistance points," VLA Ambala predicted.

Stocks To Buy Today

V.L.A. Ambala has recommended 3 stocks to buy or sell on Thursday, 30th May for swing traders.

ORIENTCEM

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 215-219
• TARGET 1: Rs. 230
• TARGET 2: Rs. 235
• TARGET 3: Rs. 245
• TARGET 4: 250
• TIME PERIOD: 1-30 Days
• STOP LOSS: Rs. 210

RUSHIL

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 320-332
• TARGET 1: Rs. 345
• TARGET 2: Rs. 360
• TARGET 3: Rs. 390
• TIME PERIOD: 5-60 Days
• STOP LOSS: Rs. 305

TORNTPHARM

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 2724-2700
• TARGET 1: Rs.2780
• TARGET 2: Rs. 2850
• TARGET 3: Rs. 2900
• TIME PERIOD: 5-60 Days
• STOP LOSS: Rs. 2620

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.