Swing Trading Guide: Day Trading Stock Picks By VLA Ambala On Monday, 13th May

During the Friday closing session, the Nifty formed a 'Bearish Belt Hold' candlestick pattern at the weekly timeframe, signalling a potential bearish trend in the market amid strong selling pressure. On the other hand, the index formed a small green candlestick pattern and combined it with the previous pattern to create a 'Bullish Harami' candlestick pattern on the daily timeframe. This formation hints at a potential reversal in the short term.

"Amid these developments, the market is likely to witness a 1-1.5% move within this weekly expiry. However the same would depend on whether the price concludes above or below the key levels of 22060 and 21945. I recommend traders closely monitor the daily timeframe candlestick patterns at closing to estimate the upcoming trend or momentum. During the day, sectors like Energy, Metal, and Auto emerged as the top-performing, highlighting investors' increased interest in these key areas," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Market View for 13 May 2024

"For the Nifty index, the key support levels for the next trading session will be around 22025 and 21800, whereas resistance will likely be noticed between 22180 and 22310. On the other hand, the Banking Index could find key support at 47500 and 47250, and witness 47800/47950/48150, acting as their major resistance points," VLA Ambala stated.

Stocks To Buy On Monday

V.L.A. Ambala has recommended 4 day trading stocks to buy or sell on Monday, 13th May.

SILVERBEES

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 80/83
• TARGET 1: Rs. 85.50
• TARGET 2: Rs. 89
• TARGET 3: Rs. 92
• TIME PERIOD: 10-40 Days
• STOP LOSS: Rs. 78

BHAGYANGR

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 110/116
• TARGET 1: Rs. 122
• TARGET 2: Rs. 125
• TARGET 3: Rs. 130
• TIME PERIOD: 10-40 Days
• STOP LOSS: Rs. 107

DEEPINDS

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 308-310
• TARGET 1: Rs. 322
• TARGET 2: Rs. 335
• TARGET 3: Rs. 355
• TIME PERIOD: 10-80 Days
• STOP LOSS: Rs. 285

IRISDOREME

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 84/85
• TARGET 1: Rs. 90
• TARGET 2: Rs. 94
• TARGET 3: Rs. 100
• TIME PERIOD: 1-10 Days
• STOP LOSS: Rs. 80

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.