Day Trading Guide: 5 Swing Trading Stocks To Buy Today, 18th Oct

After declining for the previous four consecutive sessions, the market managed to close higher on October 17, maintaining a support range of 19,680-19,800. The Nifty50 ended the day above its previous week's closing but just at the closing level of the first week of September 2023. The high from yesterday is a critical level, and if Nifty can sustain levels above it, the positive bias will continue. It may face selling pressure only if it starts closing below yesterday's low.

Nifty encountered resistance at 19,850, and in my opinion, if the index can convincingly breach this level, it may move within the 19,000-20,000 range in just 1 to 3 weeks, provided it finds immediate support in the 19,760 to 19,720 range. Nifty has closed above yesterday's opening price. The intraday support levels are at 19,760, 19,705, and 19,660, making it a buying zone for those looking to buy on dips. Potential intraday resistance levels for Nifty50 are at 19,875, 19,920, and 19,985.

Bank Nifty Outlook for Today

Yesterday, Bank Nifty traded within a 250-point range and closed below its opening price, forming a bearish candlestick at the daily time frame. It is encountering resistance at its 50-Day EMA, and only a breakthrough above it may result in fresh upside momentum. The intraday opening price is a pivotal level for the Banking Index. A move above it may sustain the bullish sentiment while falling below it could trigger selling."

Bank Nifty's nearest support levels are at 44,320, 44,140, and 44,000. Considering its overall movement, major resistance levels for intraday trading are at 44,710 and 44,930.

Swing and Day Trading Stocks To Buy, Sell Or Add Today

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

Exide Industries

Consider purchasing EXIDEIND above 265 with a target range of 275 to 290 and a stop loss at 253.

Rashtriya Chemicals and Fertilizers

Accumulate more RCF in the range of 135 to 140 and hold for a short-term target of 145 to 170. It is currently trading near its breakout range, with a stop loss at 124.

BPCL

Buy BPCL around 347 and hold for a mid-term target ranging from 351 to 350, with a stop loss at 340.

Apollo Tyres

APOLLOTYRE appears enticing for purchase in the 375 to 390 range, with a target range of 405 to 455 and a stop loss at 360. The price is trading above a significant EMA, which could act as substantial support.

Balkrishna Industries

Consider buying BALKRISIND at approximately 2595, with a target range of 2640 to 2790 and a stop loss at 2510. The price is trading above a significant EMA, offering substantial support.

"All these recommendations are based on price movements, historical behavior, 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.