Buy or Sell: VLA Ambala Recommends 6 Stocks To Trade Today — Jan 10

Stock Market Today: Nifty's key range is expected to be between 21,500 and 21,430, serving as a significant support range in the upcoming quarter of the financial year, believes VLA Ambala of Stock Market Today - SMT.

Buy or sell stocks for today: Global Markets are bullish, especially Western markets. Indian stock market's major trend is still bullish. However, this is the time when profit booking is taking place and there are some psychological reasons too. Currently nifty is trading very close to its all-time high and it is just before the major yearly event which is the Financial Budget. Some geopolitical concerns with neighbouring countries may have a short-term impact on some stocks.

There are some fundamental and technical aspects too that are supporting this selling pressure. Firstly, Nifty is trading at 65 RSI at a daily time frame and Price history suggested "Profit booking at such levels. Technically, Nifty has completed Head and Shoulder Chart Pattern at a daily time frame which is considered one of the most Bearish patterns. All of these reasons cause "Profit Booking" to many short-term investors.

Stock Market Today - Key Levels for Watch in Intraday Trading

Now Nifty key support for this Uptrend continuation is 21500 to 21430 and we must watch price at this range closely. However, Nifty is trading at 22.79 which is not acceptable. Any significant dip should be considered as a "Discount Buying opportunity".

Nifty traded in a wide range on Tuesday. Nifty 50 index closed at the 21,544 level, and BSE Sensex settled the day at 71,386. Nifty and Bank Nifty both indices are trading at 1 Month old price, which had shaded significant monthly gains. However, the Bank Nifty index went off 36 points and finished at 48,159 level.

Intraday trading tips for Wednesday

VLA Ambala of Stock Market Today -SEBI Registered Research Analyst at Stock Market Today - SMT believes that the Domestic market is experiencing Profit booking and this may continue for another 1-4 days. Nifty has a major support range of 21500 to 21430. Hence buyers will try to save this range. This price could fall by another 2% to 3.5% in this month.

However, Stock Market Today - SMT expert maintained that the bullish trend can be assumed only after the Nifty gives a fresh breakout of this week's high. Key support to Nifty in today's Intraday Trading session will be at 21470 and 21350 and resistances will be at 21630 and 21720. She went on to add that the Bank Nifty index is also traded in a wide range and further support for Intraday will be at 47060 and 46550 and key resistances should be at 47650 and 47815.

Stocks to buy today

On stocks to buy today, VLA Ambala recommended 6 intraday stocks for today and those three shares are ZEEL, MARUTI, Schaeffler India, APOLLOHOSP, KIRLOSIND and INFY.

Zee Entertainment Enterprises

Buy at Rs 250/257, target Rs 270/280/290, stop loss Rs 234.

Maruti Suzuki India

Buy at Rs 10045, target Rs 10170/10210/10300, stop loss Rs 9800.

Apollo Hospitals Enterprise

Buy at Rs 5800, target Rs 5870/5920/5980, stop loss Rs 5620.

Schaeffler India

Buy at Rs 3190 to 3210, target Rs 3280/3340/3400, stop loss Rs 3150

Infosys

Buy at Rs 1520 to 1530, target Rs 1560/1580/1610, stop loss Rs 1490.

Kirloskar Industries

Buy at Rs 3700 to 3750, target Rs 3900/4030/4150/4200, stop loss Rs 3420.

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.