Buy/Sell: 4 Swing Trading Stock Picks By VLA Ambala On Thursday, 7th March

Nifty has recorded another new high, touching the 22491 points which is just 9 points short of the milestone of 22,500. Regardless of this key achievement, the day was marred by volatility, especially for the Nifty index on Wednesday. The benchmark index observed a sharp plunge in the first trading session. However, in the second session, Nifty managed to recover and double its initial losses by the end of the day.

Review of the Stock Market

The current price chart analysis indicates that the stock market is set to witness a fresh upward rally. During the day, the benchmark index also formed a 'Bullish Engulfing' candlestick pattern, signalling a potential shift from bearish to bullish temperament in the stock market. Notably, the candlestick's high and low points on the daily timeframe will now serve as the key price levels.

In this situation, investors are advised to closely monitor the sectors that have been underperforming. They should also look out for dip buying opportunities in the market to grow their portfolio. Additionally, I would suggest traders and investors capitalize on monitoring the key price level, market triggers, and shift in momentums to tap into the anticipated upside of the market developments, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Market View for 7th March 2024

For the next trading session, the key support levels will be 22500 and 22430, whereas, resistance will be observed at 22580 and 22630. The banking index, which has been outperforming intraday could find key support between 47810 and 47700, with 48350 and 48500 acting as major resistance, according to V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Stocks To Buy On March 7, 2024

V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) has recommended 4 stocks to buy or sell today.

PIIND

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 3620-3650
• TARGET 1: Rs. 3720
• TARGET 2: Rs. 3780
• TIME PERIOD: 30-65 Days
• STOP LOSS: Rs. 3540

PFC

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 420-425
• TARGET 1: Rs. 445
• TARGET 2: Rs. 470
• TIME PERIOD: 4-40 Days
• STOP LOSS: Rs. 400

INDTERRAIN

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 80- 81
• TARGET 1: Rs. 85
• TARGET 2: Rs. 90
• TIME PERIOD: 5-40 Days
• STOP LOSS: Rs. 75

ERIS

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 895
• TARGET 1: Rs. 915
• TARGET 2: Rs. 960
• TIME PERIOD: 5-40 Days
• STOP LOSS: Rs. 865

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.