Day Trading Guide: 5 Swing Trading Stocks To Buy/Sell On Thursday, 19th Oct

It is the war impact which is being seen in markets. Markets can bear the Inflation and geopolitical inflations but not "War". It's a panic sustained all around the world. People are calling it that it's the start of the 3rd World War. It is suggested to be bullion-heavy at this time if possible. Wait and watch for some time before initiating fresh funds in the stock market.

Select companies wisely, strictly follow stop loss and do not be scared, be cautious. The banking sector could continue to witness more pressure if it did not close above yesterday's low level. India, along with other global economies, is grappling with high inflation and making efforts to control it. While the benchmark index is striving to maintain its low points, global uncertainties could impact our markets in the short term. Investors and traders need to exercise extra caution in the coming days.

Global markets are currently dealing with significant challenges, including the threat of war, rising US bond yields, surging crude oil prices, an upward trend in the Strong rise in Dollar price and the depreciation of our domestic currency. All these factors are expected to influence our financial markets if they persist.

Nifty Outlook for Today

Except for Pharma, Media and Auto, all other indices closed under pressure on Wednesday. A strong hustle is underway between Domestic Institutional Investors (DII) and Foreign Institutional Investors (FII). FIIs are currently in a net selling mode, withdrawing funds from our markets, which is concerning to all market participants. However, DIIs have become net buyers daily, which is a positive sign."

Nifty closed nearly at 19,670 and Bank Nifty settled the day at 43888, Sensex closed on Wednesday at 65878. There was huge selling pressure in the market. It may see a buying push only if it starts closing above 19720.
Nifty has closed above yesterday's opening price. The intraday support levels are at 19590/19500/19370. It should be a buying zone for those looking to buy on dips. Possible intraday resistance points for Nifty50 are at 19730/19815.

Bank Nifty Outlook for Today:

On Wednesday, Bank Nifty traded within a 550-point range and closed below its opening price, forming a deep bearish candlestick at the daily time frame.' It faced resistance at its 50 Day EMA and above this only fresh upside momentum could be seen. The intraday open price is a critical level for the Banking Index. A move above it may sustain the bullish sentiment while falling below it could lead to selling."

Bank Nifty's nearest support levels are at 43800/43680/43500. On the other hand, considering its overall movement, major resistance levels for intraday trading are at 44100/44230/44350.

Swing and Day Trading Stock Recommendations

VLA Ambala, a SEBI Registered Research Analyst, has recommended five stocks for intraday and swing trading today. These trending stocks are:

IndiaMART InterMESH

Consider buying INDIAMART above 2830 with a target range of 2850 to 2900 and a stop loss at 2720.

Emmbi Industries

Add more EMMBI near the 114 range and hold for a short-term target of 125 to 170. It is trading near its breakout range, with a stop loss at 110.

Quess Corp

Buy QUESS around 440 and hold for a mid-term target ranging from 500 to 650, with a stop loss at 390

Prince Pipes and Fittings

PRINCEPIPE appears attractive for buying in the 700 range, with a target range of 800 to 1000 and a stop loss at 640. The price is trading above an important EMA, which could act as major support.

Manaksia

Consider buying MANAKSIA around 150, with a target range of 170 to 210 and a stop loss at 123. The price is trading above an important EMA, offering significant support.

"All these recommendations are based on price movement, past behaviour, and technical analysis," according to VLA Ambala, a SEBI Registered Research Analyst.

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.