Day Trading Guide: ONGC, REC, L&T Among 6 Stocks To Buy/Sell Today

The selling pressure was seen in all segments and sectors, as mid-term and short-term investors are being cautious because of the rapid increase in oil prices because it slows down the economy. Inflation is already a burning issue among all economies and if crude oil price keeps on rising and rising above the 90 USD level, it will be a major cause of concern and it's going to work as fuel for the burning inflation problem.

Global cues are indicating weakness. Upcoming GDP data and the US FED meet results will be monitored carefully as is going to decide the future trend in the markets. If bond yield keeps on rising it's gonna insist FIIs to stay in selling mode."

The Nifty has witnessed a significant sell-off from its ATH and yesterday failed to sustain above its 50-day EMA. Now if it couldn't take support at 19470, we could see more selling pressure ahead. On the daily timeframe, today the candle has engulfed (covered) almost all a few days range. This indicates the seller's control.

Looking ahead, the Nifty may decline towards 19,210 if it fails to sustain above today's low which is 19553. Immediately key support is at 19,430 and the post that next is at 19210. Major resistance is positioned at the higher end at 19,670 and 19750.

However, Bank Nifty's major resistance for today should be at 44460/44670/44720 and major support will be 44180/44000/43850," She remarked further on key levels for Nifty and Bank Nifty for today.

Swing and Day trading stocks for today by VLA Ambala

VLA Ambala (SEBI Registered Research Analyst) has recommended the below stocks to buy or sell today on Friday.

ONGC

ONGC looking good to buy above 188 (range) and have a target expectation of 192 to 206 with a stop loss of 183

REC Ltd

REC looks good buy in the 280 to 282 range and has a target expectation of 300 to 320 with a stop loss at 262.

Ramcosys

Buy it at the 325 range and have a target expectation of 350 to 425 with a stop loss of 302.

SFL

Sell SFL at 1140 and hold it for 1165 to 1185 in a very short term. Keep stop loss in consideration of 1100.

L&T

Buy LT near the 3000 to 3030 range and hold it for a target ranging from 3070 to 3150 in the mid-term. Keep its stop loss at 2900.

Kama Holdings

Buy it above the 15300 range and hold it for a target ranging from 15600 to 16750 in the short term. Keep its stop loss at 14645.

"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.