Stocks To Buy: 5 Swing Trading Stock Picks By VLA Ambala of SMT For Monday, 16th Oct

India and the world's other economies are facing hardships with high inflation and trying to control it in every possible way. Amid all this, War situations are "adding fuel to fire". FIIs are pulling out money from our market and it's a cause of concern now. The benchmark index is still trying to save its low points but weak global scenarios could impact our markets too. Short-term term investors and traders need to be extra cautious now at least for a few days as we are suggesting regularly.

The benchmark index is not so far from its "all-time high" (ATH) it is just 2.50%. It's been two weeks since Nifty closed above its Sep 2023 closing price. It had formed "Bullish Pin Bar" at weekly time and made a proceeding weekly candlestick too. This week's high is a key trigger point for the market's next movement. Ahead, Nifty could trade in the 1.20% to 3% range in the coming 2 weeks. The world is fighting with some such big concerns like War, increased US bond yields, a spike in crude oil prices, an upswing in the Dollar Index and a fall in our domestic currency value, all of these definitely will have a deep impact on our markets.

Nifty Outlook For Monday

For Intraday Traders, it was a quite volatile day on Friday. Nifty opened the gap down at almost -0.70% and closed at -0.22%. In the previous trading session benchmark index Nifty opened with a gap up and managed to sustain above its "day's open price", however it has ended lower below 19,800 which was a major support point. It's a very crucial level now and if the price could break this, sentiment will turn into bullish momentum but whenever it starts sustaining below today's Day low levels, it is going to resume and continue the negative sentiment in intraday. Worth to note here is FPIs are continuing to pull out money from our markets, it's not a good sign in the longer run if it continues ahead", said VLA Ambala".

Finally, Nifty has closed below its yesterday Open price. Intraday Nifty support levels are 19645/19590/19550/19520. It's a buying zone for those who want to "Buy on Dips in case the price sees weakness. Nifty50 next possible resistance points should be at 19720/19800/19880 in intraday and so Monday" according to V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).

Bank Nifty Outlook For Monday

Banking sectors were more bullish as compared to the benchmark Nifty. Intraday closing is a very major level for the Banking Index, if this breaks breakdown again then more sell-off will be seen and bullish sentiments may continue above it.

Now Nifty Bank's nearest support is 44030,43870,43720 on the other hand considering its overall movement, Bank Nifty will have major resistance at 43360/43535/44700 for Intraday trading. These levels will work best in the case of flat or up to 1% gap opening as per V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).

Day trading stocks for Monday

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.

Prakash Pipes

PPL looks good to buy above 340 and has a target expectation of 375 to 500 with a stop loss of 280.

Exxaro Tiles

EXXARO looking good to buy at the 139 range and has a target expectation of 144 to 160 with a stop loss of 127.

Trigyn Technologies

Buy TRIGYN near the 128 range and hold it for a target ranging from 132 to 150 in the mid-term. Keep its stop loss at 118.

Rashtriya Chemicals and Fertilizers

Buy RCF at 130 and hold it for 133 to 165 in a very short term. It's trading near its breakout range. Keep stop loss in consideration of 123.

Gujarat Alkalies And Chemicals

GUJALKALI looking good buy in the 765 range and has a target expectation of 830 to 900 with a stop loss at 690. Price is trading above its important EMA which could act as a major support point for this stock.

"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.