Buy/Sell: 5 Trade Calls By VLA Ambala On Wednesday, 20th March

The Nifty benchmark index was trading amid the bearish market sentiments and ended the trading session on Tuesday below its opening price level. Interestingly, the benchmark index opened at the 21780 level the previous month and is currently trading close to the same level again. The current market momentum suggests that the index is trading at a marginal gain this month, and we may continue to observe profit booking in the market due to overvaluation and the SEBI mutual fund stress test's effect on the mid and small-cap funds.

Stock Market Outlook

With the General Elections set to begin next month and several government-backed policies and developments coming into action, a sense of uncertainty has taken over the market. The day witnessed sectors like Media, IT, Pharma, and FMCG slump by around 2-4% each. As a direct impact, notable IT stocks such as TCS, LT, and INFY were among the biggest losers. Additionally, Reliance Industries declined nearly 1% intraday, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

At the end of the day, the Nifty benchmark index closed near the 21800 level, with a 1.10% loss. Because of these ongoing conditions and impending doubts around the market, Nifty's major support levels for the rest of this week could be near the 21500 to 21460 range, whereas the key intraday support could be around 21780 and 21670. For the next session, the major resistance points for the index could be in the 21860 and 21920 range, she further added.

Market View for 20th March 2024

For the Nifty index, the key support levels for the upcoming trading session will be around 21780 and 21670, whereas resistance is likely to be observed at 21860 and 21920. On the other hand, the banking index could find key support at 46000 and 45750, with 46450 and 46600 acting as their major resistance points, commented V.L.A. Ambala.

Stocks To Buy / Sell Today

V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) has recommended to buy or sell 5 stocks on Wednesday, 20th March.

TORNTPOWER

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 1275-1280
• TARGET 1: Rs. 1295
• TARGET 2: Rs. 1310
• TARGET 3: Rs. 1325
• TIME PERIOD: 1 Day
• STOP LOSS: Rs. 1250

EVEREADY

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 330-334
• TARGET 1: Rs. 337
• TARGET 2: Rs. 340
• TARGET 3: Rs. 345
• TIME PERIOD: 1 Day
• STOP LOSS: Rs. 328

ADORWELD

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 1375-1375
• TARGET 1: Rs. 1390
• TARGET 2: Rs. 1400
• TARGET 3: Rs. 1420
• TIME PERIOD: 1 Day
• STOP LOSS: Rs. 1355

HEMIPROP

• TRADE TYPE: SELL
• ENTRY: 188
• TARGET: Rs. 180/174/170/165
• STO LOSS: Rs. 200
• TIME PERIOD: 1 Day

NMDC

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 205-208
• TARGET 1: Rs. 219
• TARGET 2: Rs. 240
• TIME PERIOD: 25-30 Days
• STOP LOSS: Rs. 190

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.