Stocks To Buy: 3 Intraday Trading Stock Recommendations By VLA Ambala On Monday 24th June

Along with Nifty, almost all major indices witnessed a decline in Friday's trading sessions except Media, Metal, and IT. The index was seen trading with an RSI of 77 on the monthly, 68 on the weekly, and 60 on the daily timeframe.
"The benchmark index formed a Bearish Belt Hold pattern at the daily timeframe and a Spin Top pattern at the weekly frame with a high valuation, indicating room for correction. On the other hand, Bank Nifty was also seen trading with an RSI of 70 on the monthly, 69 on the weekly, and 65 on the daily timeframe. This comes as the market was seen trading on a higher valuation on the bigger timeframe, or the mid-to-long-term position timeframe. In this situation, I recommend adopting the sell-on-the-rise strategy for short-term swing and intraday traders. By the end of the session, volatility indicator India VIX closed at 13.18, with a decline of 1.27% intraday," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"This week, we can expect the 18th assembly in India Assembly, which is likely to trigger short-term volatility in the market. Hence, I suggest traders and those not equipped to handle high volatility, avoid limiting their market participation or cover their positions to protect capital. While the broader market is trading at an all-time high with a higher valuation, the hedge commodity, gold, is also reaching new highs. This is a rare combination where the stock market and the bullion are at record levels, demanding a cautious approach. To limit impact and exposure, I suggest allocating investments into multiple asset classes as overexposure to certain scrips or assets could be risky for the portfolio. Those with a low-risk appetite may diversify their portfolio as per their investments and risk appetite," VLA Ambala further added.

Market Outlook On 24 June 2024

"For the Nifty index, the key support levels for today's trading session will be between 23410 and 23350, whereas resistance could be noticed between 23530 and 23640 levels. On the other hand, the Bank NiftyIndex could find key support around 51250 and 50800, and witness 51850 and 51980, acting as their major resistance points," the analyst commented.

Stocks To Buy Today

Below are the 3 stock recommendations by VLA Ambala to buy, sell or hold on Monday, 24th June.

Astral

• Buy on Dip: Rs. 2210-2180
• CMP: Rs. 2273 wait for Range
• Target: Rs. 2300/2450/2600/2700
• Stop Loss: 2100
• Holding Period: 5-20 Days

Coforge

• Sell on Rise: Rs. 5600 to 5700
• Target: Rs. 5450/5300/5200
• Stop Loss: Rs. 5770
• Holding Period: Intraday

SRF

• Buy on Dip: Rs. 2360 to 2400
• Target: Rs. 2510/2600/2680/2750/2800
• Stop Loss: Rs. 2250
• Holding Period: 4-15 Days

Note: V.L.A. Ambala emphasizes that these recommendations are based on price movement, past behavior, 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.