Trade Call: Technical Stock Picks By VLA Ambala On Friday, 9th August

During Thursday's session, the benchmark index Nifty traded within a narrow range of almost 100 points and closed the day near 24,100, forming a bearish candlestick pattern with a small upper wick. The RSI readings show 45 on the daily, 64 on the weekly, and 73 on the monthly timeframes, indicating varying market strength. Despite this momentum, Nifty ended the day in negative territory, registering a decline of almost 3.8% from its all-time high.

As per, V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT), these developments suggest that the market could retest the 23500-24550 range in 3-5 days. Market sentiment is currently weak due to several factors, including geopolitical concerns, inflationary pressure, and unemployment, which continue to impact market confidence.

"In the latest session, the RBI also shared concerns about the possibility of a recession and high inflation, but the discussion on these issues has been delayed. Despite peak levels of inflation and unemployment, the RBI has maintained the repo rate at 6.5% for 9 consecutive months. In addition, the bank has maintained the SDF at 6.25%, the marginal standing facility at 6.7%, and the bank rate at 6.7%. While the RBI has stated it is targeting a 4% inflation rate, this feat seems unlikely to be achieved in the short term," VLA Ambala stated.

"Currently, our economy is dealing with many challenges, such as inflation, unemployment, geopolitical concerns, and climatic disasters. On the other hand, the lack of impactful policies to keep the domestic workforce confident and connected is leading to restlessness," she further added.

Market Overview for 9 August, Friday

"For the Nifty index, the key support levels for today's session will be between 22,900 and 23,820, whereas resistance will likely be between 24,010 and 25,150. On the other hand, the Bank Nifty Index could find key support between 50,000 and 49,650 levels and witness 50,250 and 50,350 acting as their major resistance points," VLA Ambala predicted.

Stocks to Checkout on 9 August, Friday

For swing traders, V.L.A. Ambala has recommended 2 stocks to buy or sell today based on technical analysis.

TEXINFRA

• Buy: Rs. 127
• Target: Rs. 129/131/133/135
• Stop Loss: Rs. 124
• Holding Period: 1-4 Days

NEWGEN

• Buy: Rs. 1000-950
• Target: Rs. 1035/1055/1080/1120/1150
• Stop Loss: Rs. 920
• Holding Period: 1-4 Days

Note: V.L.A. Ambala emphasizes that these recommendations are based on price movement, past behaviour, 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.