Day Trading Guide: 5 Swing Trading Stocks To Buy/Sell Today, 9th October

Amid a lot of hustle and ongoing tensions between many developed and developing economies like Canada- India, the War situation in Israel and Gaza and Russia and Ukraine, China and Taiwan along with the highest Inflation and economic crises, the market may witness stressed in this week only if it gets failed to sustain above it Friday low points. India is still a better option to part money but as of now, global cues are not supportive.

In the 1st week of Oct 2023, Foreign Portfolio Investors (FPIs) pulled out Indian equities worth Rs 8,000 crore amid the growing dollar price value and increasing US bond yields.

The equity market uptrend was driven by lower oil prices, robust domestic PMI data, and unchanged repo rates by the Monetary Policy Committee (MPC). However, the RBI's inflation concerns led to a hawkish tone and an announcement of OMO sales, causing a spike in the 10-year bond yield. Significant FII outflows, influenced by higher US bond yields and a strong US dollar index, limited market gains.

On October 8, MCX announced that it had obtained approval from SEBI's technology panel to launch a new web-based commodity derivatives platform (CPD) following previous regulatory delays.

Nifty 50 Outlook

Nifty has formed a "Doji candlestick" in a daily time frame. The market has successfully traded above its 50-day Exponential Moving Average (EMA). This week, I am expecting a Big Range to be traded. Keep in mind the Israel and Gaza War was declared over the weekend so the impact could be seen in Indian Markets too. India has declared that we are on Israel's side. We have strong business terms with Israel. Stay active in the market with more caution and watch it closely below given levels, said V.L.A. Ambala, a SEBI Registered Research Analyst, in their analysis for Stock Market Today (SMT).

Nifty key levels for Intraday

As we have mentioned, the market is in wait-and-watch sentiments and it has formed a "Doji" candlestick in Intraday. Global markets are not in a good mood, for reasons already explained. In case of flat and big gap opening, we could see Nifty Take support at 19530/19425/19330/19200 and resistance at 19690/19730/19800 as outlined by V.L.A. Ambala, a SEBI Registered Research Analyst, in their analysis for Stock Market Today (SMT).

Bank Nifty Outlook

However, the current outlook for Bank Nifty suggests that today's low level is crucial for the Banking Index. If it breaks down further, it could lead to more selling pressure. Bank Nifty is currently trading above its previous day's open (PDO) and closing (PDC) prices. It's essential for the price to maintain its position above the intraday low points in order to negate bearish sentiments.

Key Levels for Intraday in Bank Nifty

A big range is expected to trade in the upcoming days and Major gap openings could take place. The nearest support levels for Nifty Bank are 44240/44120/43950/43860. On the other hand, considering its recent price movements, Bank Nifty is likely to encounter significant resistance at 44480/44680/44740 for intraday trading, according to V.L.A. Ambala, a SEBI Registered Research Analyst, in their Stock Market Today (SMT) analysis.

Swing and Day trading stocks for today by VLA Ambala

On intraday and swing stocks for today, stock market experts - VLA Ambala (SEBI Registered Research Analyst)- recommended 5 stocks to buy today for intraday and swing trading.

ZEEL

ZEEL looks good to buy above 262 and have a target expectation of 270 to 300 with a stop loss of 252.

PI Industries

PIIND looking good buy at the 3425 range and has a target expectation of 3475/3490/3510/3550/3600 with a stop loss of 3370.

Maruti Suzuki India

MARUTI looking good buy in the 10335 range and has a target expectation of 10450 to 10750 with a stop loss at 10050. Price is trading above its important EMA which could act as a major support point for this.

UltraTech Cement

ULTRACEMCO looking good buy in the 8215 range and has a target expectation of 8250 to 8380 with stop loss at 8040. Price is trading above its important EMA which could act as a major support point for this.

Apollo Hospitals Enterprise

APOLLOHOSP looking good buy in the 5060 range and has a target expectation of 5100 to 5180 with stop loss at 4990. ''Price is trading above its important EMA which could act as a major support point for this.

All of the recommendations are being provided here based on the price overall movement, previous behaviour and technical analysis, said VLA Ambala (SEBI Regd. RA).

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.