Stocks To Buy/Sell Today: Day Trading Picks By VLA Ambala On Thursday, 12th September

Despite global movements, the Indian market opened on a flat note and ended the day with a 0.50% loss on Wednesday. During the trading session, consumption and FMCG emerged as the leading sectors, while Energy, PSU Banks, Metals, and Media sectors were among the laggard ones. Meanwhile, India VIX surged by 2%, indicating an increase in market volatility.

As per V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT), the impact of the US Fed's decision to reduce the interest rate by 25 basis points was evident in the market, particularly in the banking sector. PSU Banks suffered the steepest losses during the session, which pulled down the Bank Nifty index by nearly 0.50%. By the end of the day, the index managed to close near the 51,000 mark.

"According to the technical charts, Nifty formed a Bearish Engulfing candlestick pattern in the latest session. Meanwhile, the index's RSI readings were 53 on the daily chart and 68 on the monthly chart, reflecting neutral to overbought trends. The Nifty index is currently trading around the 20-day EMA on the daily chart, but it is still 3.5% above its 20-day EMA on the weekly chart. If Nifty closes below the 24,700 level in the coming days, the gap is likely to fill. On the other hand, the Bank Nifty formed an Inverted Hammer candlestick pattern with a daily RSI of 49 and a weekly RSI of 58," said VLA Ambala.

Market Overview for 12 September 2024, Thursday

"For the Nifty index, the key support levels for today's trading session will be between 24,735 and 24,630 whereas resistance will likely be between 25,020 and 25,145. On the other hand, the Bank Nifty Index could find key support between levels 50,410 and 50,200, and witness 51,250 and 51,400, acting as their major resistance points," VLA Ambala predicted.

Stocks to Checkout on 12 September 2024, Thursday

VLA Ambala has suggested buying or selling of two stocks on Thursday following the formation of a Bearish Engulfing candlestick pattern on Nifty in the last session.

ESTER

• Buy: Rs. 160/169
• Target: Rs. 180/195/210/230/250
• Stop Loss: Rs. 130
• Holding Period: 1-10 Weeks

AARTIIND

• Sell: Rs. 575/576
• Target: Rs. 565/560/555/550
• Stop Loss: Rs. 585

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.