Trade Call: 3 Swing Trading Stock Picks By VLA Ambala On Monday, 12th Feb

Despite a bullish global market, the persistent issue of job cuts and unemployment remains a significant challenge for governments worldwide. The financial and banking sectors, in particular, have been experiencing considerable hardships. The US Bureau of Labor Statistics has reported a 2.1 per cent decrease in employment within credit intermediation and related areas over the past year. Notably, Citigroup announced last month its intention to cut 20,000 jobs from its global workforce of approximately 200,000. This month, Deutsche Bank disclosed plans to eliminate 3,500 positions as part of a strategy to reduce costs by $2.7 billion by 2025. The rise of machine learning technology threatens to exacerbate the situation by displacing even more jobs.

This issue resonates within the Indian economy as well. However, the Indian markets have shown remarkable resilience, surging since April 2023. This growth is attributed to improved economic conditions, strong fundamentals, robust earnings, and expectations of lower inflation, all of which have contributed to elevated market sentiment. The market's strength is further supported by macroeconomic data indicating stability and improved growth prospects for the economy.

Technical Review of the Stock Market

The Nifty index recently closed the day above its 20-day EMA, it is a crucial averaging level and the market may consider it a "make or break" mark. According to VLA Ambala, Nifty's major support levels have now shifted to the 21,410-21,220 range on a weekly timeframe, with the current price trading at 21,780. A flat to 0.50% opening is expected to find support at the previous day's low. However, a failure to maintain this level could lead to a continuation of the selling sentiment. Nifty appears bullish above the 21,850 range, indicating a potential for further upward movement.

Key Levels to Watch on February 12th, 2024

NIFTY

Support: 21750 and 21670
Resistance: 21860 and 21930

BANK NIFTY

Support: 45350 and 44840
Resistance: 46030 and 46200

Stocks To Buy Today

Stocks to Buy or Sell Today: Stocks to Check Out for Intraday and Swing Trading on February 12, 2024 as recommended by VLA Ambala of Stock Market Today (SMT).

GLOBUSSPR

Trade Title: Swing Trade
Trade Type: BUY
Entry Price Range: 865 - 870
Target 1: 940
Target 2: 1040
Time Period: 15 to 20 Days
Stop Loss: 785

APOLLOPIPE

Trade Title: Swing Trade
Trade Type: BUY
Entry Price Range: 780 - 790
Target 1: 940
Target 2: 1040
Time Period: 15 to 20 Days
Stop Loss: 785

APOLLOPIPE

Trade Title: Swing Trade
Trade Type: BUY
Entry Price Range: 780 - 790
Target 1: 950
Target 2: 1000
Time Period: 45 to 60 Days
Stop Loss: 678

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.