Swing Trading Guide: 2 Stock Recommendations By VLA Ambala On 2nd May, Thursday

All major India indices such as NIFTY50, Nifty Bank, Nifty Mid, and Bankex concluded the month of April at record highs. The last day of the month has been significantly volatile, with the market experiencing a roller coaster ride in price levels.

"Notably, in the first five hours of trading, the market demonstrated bullish tendencies. However, in the last 1.5 hours of the trading session, we witnessed an intense sell-off, prompting the market to close below the previous day's closing and high levels. As expected, the price momentum was in line with our previous discussions where we anticipated a 3-5% pullback followed by a fresh record high," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT)

Market Outlook

"The current Relative Strength Index of Nifty points at 64 on the daily, weekly, and monthly timeframe, signaling a bullish trend in the broader market. While the overall market trend remains bullish, a small pullback may be noticed due to the profit-booking sentiment. Such a trend could last for 1-3 days. Amid these developments, dips should be considered as lucrative buying opportunities. However, individuals must identify their goals and risk tolerance to understand how such opportunities can impact their portfolios," Ambala stated.

Market View for 1 May 2024

For the Nifty index, the key support levels for the next trading session will be around 22500 and 22420, whereas resistance will likely be noticed between 22630 and 22700, commented the analyst.

Stocks To Buy Today

V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) has recommended 2 swing trading stocks to buy or sell on Thursday, 2nd May.

METROPOLIS

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 1760-1810
• TARGET 1: Rs. 1860
• TARGET 2: Rs. 1910
• TARGET 3: Rs. 1980
• TARGET 4: Rs. 2200
• TIME PERIOD: 3-60 Days
• STOP LOSS: Rs. 1720

SPRAYKING

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 40/41
• TARGET 1: Rs. 45
• TARGET 2: Rs. 47
• TARGET 3: Rs. 50
• TARGET 4: Rs. 54
• TIME PERIOD: 3-60 Days
• STOP LOSS: Rs. 34

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.