Swing Trading Guide: 3 Buy/Sell Stock Recommendations By VLA Ambala On Wednesday, 15th May

Both small-cap and mid-cap stocks were in focus during the day's session on Tuesday. The Nifty Midcap 50 index was trading close to its record high, whereas the benchmark index Nifty was still 2.5% away from its all-time high during closing. Judging by the current market momentum, the Nifty Mid-cap 50 Index seems to have been mimicking the Nifty index.

"During the session, a renewed interest was observed among investors who were seen buying quality stocks with momentum. The core sectors continued to attract significant investment flow, with domains like metals and energy exhibiting strength and upside momentum. Amid these developments, it is likely that the Nifty IT index, currently trading in an oversold territory, will move 2-5% upwards within the next two weeks. In this situation, 32,500 could be the key support level for the Nifty IT index," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"The stock market is awaiting the election results due on 4th June, during this time the market can witness some caution. However, we should note that the impact of price volatility is temporary and does not necessarily affect the long-term view of the market. In fact, when it comes to traders they love volatility. In this current situation, I recommend adopting a neutral strategy to turn this volatility to your advantage. Nifty is likely to test the 22,235 range again, and from that point onwards a "sell on rise" strategy could prove to be more viable for intraday," VLA Ambala commented.

Market View for 15 May 2024

"For the Nifty index, the key support levels for the next trading session will be around 22220 and 22150, whereas resistance will likely be noticed between 22335 and 22400. On the other hand, the Banking Index could find key support at 48000 and 47750, and witness 48200 and 48350, acting as their major resistance points," the analyst predicted.

Stocks To Buy Today

V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) has recommended 3 stocks to buy or sell on Wednesday, 15th May.

RCF

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 143/144
• TARGET 1: Rs. 160
• TARGET 2: Rs. 172
• TARGET 3: Rs. 185
• TARGET 4: Rs. 200
• TIME PERIOD: 30-120 Days
• STOP LOSS: Rs. 114

ELECON

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 1090-1093
• TARGET 1: Rs. 1115
• TARGET 2: Rs. 1130
• TARGET 3: Rs. 1150
• TIME PERIOD: 5 Days
• STOP LOSS: Rs. 1070

MAZDOCK

• TRADE TITLE: SWING
• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 2300/2306
• TARGET 1: Rs. 2390
• TARGET 2: Rs. 2440
• TARGET 3: Rs. 2490
• TARGET 4: Rs. 2550
• TARGET 5: Rs. 2620
• TIME PERIOD: 30 Days
• STOP LOSS: Rs. 2150

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.