Swing Trading Guide: 3 Stock Picks By VLA Ambala On Wednesday, April 24

In yesterday's session, Nifty reached the 22400 mark again with a gap-up opening only to conclude the day at 22368. Throughout the session, the benchmark Nifty index exhibited sideway movements but did not necessarily demonstrate a clear directional breakout.

Regardless of this behaviour, the benchmark index displayed a positive trend by closing above the critical moving average. Amid these developments, Nifty formed a candlestick pattern - 'Bearish Belt Hold,' on the daily timeframe, suggesting a weakening of the bullish trend and a potential shift in the domestic market sentiment, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"Notably, today's trading session would mark the expiry of the Nifty Bank Index. With the latest closing level of 47970, we may anticipate a wide trading range in the next session. On the other hand, the quarterly results season has brought along several dividend announcements as a result, multiple stocks have started displaying stronger performance than the benchmark index in their concerned categories. Individuals must take note of these developments to plan their next round of trading or investment moves," the analyst stated.

Market Outlook Today

"For the Nifty index, the key support levels for the next trading session will be around 22300/22210/22150, whereas resistance will likely be noticed between 22380 and 22420. On the other hand, the Banking Index could find key support at 47770/47550/47300, and witness 48050/48220/48500, acting as their major resistance points. Given the prevailing conditions and the anticipated volatility in Bank Nifty owing to its impending expiry, the market could witness a significant change in momentum. In this situation, I recommend traders remain alert and adopt a swift approach to switching their trading strategies per market temperament to offset risk and protect gains," V.L.A. Ambala added.

Stocks To Buy Today

V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) has recommended 3 swing trading stocks to buy or sell on Wednesday, 24th April.

PARAS

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 737- 742
• TARGET 1: Rs. 747
• TARGET 2: Rs. 755
• TARGET 3: Rs. 760
• TARGET 4: Rs. 765
• TIME PERIOD: 1-3 Day
• STOP LOSS: Rs. 730

AAREYDRUGS

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 48-48.70
• TARGET 1: Rs. 50
• TARGET 2: Rs. 52
• TARGET 3: Rs. 53
• TARGET 4: Rs. 55
• TIME PERIOD: 1-5 Days
• STOP LOSS: Rs. 45.40

IBREALEST

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 142 - 144
• TARGET 1: Rs. 146
• TARGET 2: Rs. 147.40
• TARGET 3: Rs. 150
• TIME PERIOD: 1-3 Day
• STOP LOSS: 140

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.