Swing Trading Guide: On Thursday, March 21st, VLA Ambala Suggests Buying/Selling Three Stocks

On a daily basis, the Nifty index showed a Long Legged Doji, which suggests that traders are unsure about what to do. Although it finished the day below the 20-day EMA, the index was exactly at the 50-day EMA. On the daily chart, the current RSI is 43, indicating a neutral momentum. The Nifty is predicted to move over the week within a 300-point range with this configuration.

Wednesday ended with gloomy feelings as the benchmark index failed to finish above its starting level, despite Reliance’s over 1% intraday gain. The Nifty weekly expiration is today, and it is expected that the index will close between 21950 and 21720.

Outlook for the Stock Market
The Nifty index displayed a Long Legged Doji pattern on the daily time frame, indicating the persistent ambivalence among investors. The stock market had a day of mixed emotions. Even if heavyweight companies like Reliance saw intraday gains, the market as a whole was unable to sustain positive momentum, and the day ended with gloomy overtones. The index’s relationship to its 50-day and 20-day EMAs, as well as the neutral RSI reading, suggest that traders are taking a cautious approach, according to V.L.A. Ambala, a research analyst (SEBI registered) and co-founder of Stock Market Today (SMT).

The reluctance of the market may also be linked to a number of macroeconomic variables and worldwide market patterns that persistently impact investor mood. She said, “Key support and resistance levels are in the spotlight as the Nifty weekly expiry draws near, and these levels will probably determine the short-term market direction.”

Market Outlook for March 21st
The market is anticipated to stay within a predetermined range going ahead, with the Nifty most likely ranging between 300 and 400 points throughout the course of the week. A further element of conjecture is added by the expectation around the weekly expiration, with forecasts indicating a close between 21950 and 21720. V.L.A. Ambala said that the index’s technical condition, which closed below the 20-day EMA and barely under the 50-day EMA, further adds to this cautious perspective.

Important NIFTY Support (S) Levels: 21840 and 21700
21900 and 21910 represent resistance (R).

Important Levels for BANKNIFTY Assistance (S): 46300, 46200, and 46050
Opposition (R): 4650 and 46450

Stocks to Purchase Right Now
On Thursday, March 21, V.L.A. Ambala, a research analyst (SEBI registered) and co-founder of Stock Market Today (SMT), will provide recommendations for three companies to buy or sell.

Trade Type: Buy Entry Price Range: Rs. 300 to 310 for ZUARIIND
Goals: 325, 340, 350, 365, and 380 rupees
Stop Loss: 264 rupees
2- KOTAKBANK Trade Type: Buy Entry Price: Rs. 1765 Goals: Rs. 1785 / 1790 / 1805 / 1820 Stop Loss: Rs. 1724
3-BPCL Transaction Type: Sale Entry Price: Rs. 578 Goals: Rs. 560 / 545 / 540 / 530
Stop Loss: INR 585
Note: V.L.A. Ambala stresses that technical analysis, historical performance, and price movement are the foundations of our suggestions.