Swing Trading Guide: 3 Buy/Sell Stock Recommendations By VLA Ambala On Wednesday, 12th June

In the last trading session, the benchmark index Nifty formed a Shooting Star candlestick pattern at the daily timeframe and proceeded to conclude the day after trading in a small trading range. Notably, after trading within nearly 200 points for two consecutive days, the index concluded the session on Tuesday on a negative note. However, the broader market has been showing resilience in the last few sessions.

"Amid such developments, short-term and mid-term traders should consider any dip between 4% and 10% as a buying opportunity. Based on the current price movement we can expect to see Nifty trading in a wide range within the next 2-3 days," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Nifty & Bank Nifty Outlook Today

"For the Nifty index, the key support levels for today's trading session will be between 23200 and 23040, whereas resistance could be noticed between 23335 and 23500 levels. On the other hand, the Bank NiftyIndex could find key support between 49450 and 49200, and witness 49850 and 50100, acting as their major resistance points," VLA Ambala added.

Market Outlook Today

"We believe the market fundamentals will continue to be driven by "narrative" in the near term. The market will continue to find direction based on 1) "Feel good" factor on policy continuity, 2) Pre-Budget expectations, 3) Progress of Monsoon, 4) Development on the CAPEX agenda, 5) Fiscal consolidation path, and 6) Expectation of rural recovery in the second half. In light of the above developments, we believe style and sector rotation will play a critical role in the alpha generation moving ahead. Moreover, with a strong catch-up by Midcaps and Smallcaps in the last couple of months, we still believe the margin of safety (in terms of valuations for these segments at current levels) has reduced as compared to that available in Largecaps. Keeping this in view, the broader market may see some time correction in certain pockets in the near term and flows will likely shift to Largecaps. Based on this, we believe Nifty 50 could see a new high in the near term. In our base case, we roll over the Nifty target to Mar'25 to 24,600 by valuing it at 20x on Mar'26 earnings. Hence, we recommend investors remain invested in the market and maintain good liquidity (10%) to use any dips in a phased manner and build a position in high-quality companies (where the earnings visibility is quite high) with an investment horizon of 12-18 months," said the brokerage firm Axis Securities in a note.

Stocks To Buy Today

VLA Ambala has recommended 3 swing trading stocks to buy, sell or add today on 12th June - Wednesday.

EMUDHRA

• TRADE TITLE: INTRADAY
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 850-858
• TARGET 1: Rs. 868
• TARGET 2: Rs. 878
• TIME PERIOD: INTRADAY
• STOP LOSS: Rs. 840

JWL

• TRADE TITLE: INTRADAY
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 670-675
• TARGET 1: Rs. 680
• TARGET 2: Rs. 685
• TIME PERIOD: INTRADAY
• STOP LOSS: Rs. 665

ARVIND

• TRADE TITLE: INTRADAY
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 385-388
• TARGET 1: Rs. 392
• TARGET 2: Rs. 396
• TIME PERIOD: INTRADAY
• STOP LOSS: Rs. 381

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.