Swing Trading Guide: 3 Buy/Sell Stock Recommendations By VLA Ambala On Monday, 8th July

During Friday's market session, Nifty opened at 24213.35 and closed near 24323.85 forming a Bullish Marubozu pattern on the daily timeframe. Also, the index's RSI reading showed 71 on the daily, 74 on the weekly, and 79 on the monthly timeframes, indicating an overbought situation. Meanwhile, Bank Nifty opened at 52560.1 with a 1% gap down, showing recovery from around the 52300 range. However, it faced resistance at the previous day's low, closing near 52660.35. The Index's RSI reading showed 61 on the daily, 72 on the weekly, and 71 on the monthly timeframe, and formed a Doji candlestick pattern on the daily timeline. During the session, Energy and Pharma sectors led the gains, whereas, Private Banks and Nifty Financial Services were the most losing sectors of the day. Amid these, India's VIX remained around 13, showing stability.

"Meanwhile, globally, the Asian market showed mixed signals, whereas both the US and European markets maintained a bullish trend. Despite these positive trends, traders should be cautious due to rising crude and Brent crude prices and the upcoming budget that could cause volatility in the Indian stock market. Despite these concerns, I advise the swing traders to hedge their positions and consider any buying dips of 5-12% to leverage underlying bullish sentiments. Hence, it is best to focus on stocks in monopoly categories as they could be the focus of this week. The Q1 results season has started, particularly for banking stocks. Meanwhile, in commodities gold and silver are expected to perform well in the July series," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Market View For 8 July 2024, Monday

"For the Nifty index, the key support levels for the next trading session will be between 24180 and 24050, whereas resistance will likely be noticed between 24350 and 24450. On the other hand, the Bank Nifty Index could find key support between 52350 and 52000, and witness 52850 and 53040, acting as their major resistance points," VLA Ambala commented.

Stocks To Checkout On 8 July 2024, Monday

VLA Ambala has recommended 3 stocks for swing trading on Monday.

JUNIPER

• Type: Buy
• Buy: Rs. 450-465
• Target: Rs. 485/500/530/555
• Stop Loss: Rs. 435
• Holding Period: 10-30 days

AARTIIND

• Type: Buy
• Buy: Rs. 700-725
• Target: Rs. 740/770/800/850
• Stop Loss: Rs. 675
• Holding Period: 10 - 30 days

INDRAMEDCO

• Type: Buy
• Buy: Rs. 240-245
• Target: Rs. 270/300/315/340
• Stop Loss: Rs. 220
• Holding Period: 5-40 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.