Hey, traders! Welcome back to Wealth Nexus, your go-to source for daily swing trading stock research and market analysis for options trading. Today's date is 26th May, 2024. Let's dive into tomorrow's top swing trading and option trading opportunities!
But first, let's take a quick look at the overall market.
On the daily NIFTY 50 chart, market has given a clear breakout with W pattern. Generally this type of breakout gives good rally. But as we all know that Elections results are coming soon and it shall be difficult to predict the right behaviour of the market. We need to trade cautiously. Because even a small news can give big moves in the market.
Tomorrow is MIDCAP NIFTY expiry. MIDCAPNIFTY is currently in upward direction in the daily charts. But in the 15 minutes chart, we can see that it is currently holding a very crucial stage. If it breaks the 11400 mark, then it can move below 11350 region. If we consider the Option Chain, we can see that there is strong resistance at 11500 and strong support at 11400. My view is that , tomorrow morning first we need to see how the option chain data is implying before taking any trade in MIDCAPNIFTY. If there is strong increase in Open Interest in PUT side, then we should take bullish positions. If there is strong increase in Open Interest in CALL side, then we should take bearish positions. Do not take hold your trade for long period. Go for small profits.
Overall, the market seems to be in the grasp of Bulls. But there shall be small corrections. We should be ready for that and keep our stop loss tight.
Now let's move to the Swing Trading Stock Analysis Part.
Our stock to watch today is NFL ( National Fertilizers Limited ). Let's break down why this stock is on our radar.
Brief Description about the Company :
National Fertilizers Limited was promoted by the Government of India in 1974 to set up fuel oil-based urea plants at Panipat (Haryana) and Bhatinda (Punjab). Later, NFL took over Fertilizer Corporation of India's plant at Nangal (Punjab) and set up a natural gas-based urea plant at Vijaipur. After disinvestment, the government's stake has come down to 97.65%.
The Company is engaged in producing and marketing of Neem Coated Urea, Bio-Fertilizers (solid & liquid) and other allied Industrial products like Ammonia, Nitric Acid, Ammonium Nitrate, Sodium Nitrite and Sodium Nitrate. The Company is also engaged in trading of Imported and Fertilizers, Compost, Seeds, Agro Chemicals and other Agro products.NFL has the country's second largest capacity for urea .
Technical Analysis:
The stock is trading above both 20 and 50 EMA which is a good sign.
Momentum indicator, Relative Strength Index (RSI) is close to 60 which implies strength in near term.
On weekly time frame, the MACD is close to be giving a bullish crossover.
Technically saying, the stock is gaining a positive momentum after consolidating in a closed region for few weeks. If the MACD bullish crossover happens, it is bound to give good return.
Fundamental Analysis :
On the fundamental side, NFL had reported 29809 Crore Revenue in Financial Year 2023 and a Net Profit of Rs 456 Crore . This gives us confidence in its potential upward movement.
Trade Setup:
For this trade, we're looking at a buy zone around 105 to 107, with a target price of 112, and a stop-loss set at 101.
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Remember, this is not a stock recommendation video. Trading carries risks, and it's important to do your own research and stay disciplined. Happy trading, and I'll see you in the next video!
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