Intraday Trade Call: 5 Stock Picks By VLA Ambala On Tuesday, 23rd Jan

Today's stock market outlook, according to VLA Ambala, a SEBI Registered Research Analyst at Stock Market Today, indicates that our markets are trading in a very crucial price zone. This zone can be considered a make-or-break point for market sentiments. Global markets are supporting the current trend in our markets.

A new bullish move is likely to continue if Nifty reclaims and sustains 21850 in the Jan 2024 series. On the other hand, sentiment may turn bearish if the price fails to sustain above the 21500 to 21430 range. Mid-Caps will be in focus, and sectors like Metal, PSU Banks, and Infra are also seen as having significant potential.

Nifty is trading very close to its 20-day EMA, a crucial threshold for many traders and investors. In today's intraday trading session, Nifty is expected to have key support levels at 21580/21490/21430, while resistances are projected at 21630/21700/21740.

Stock Market Today:

"I perceive the current price fluctuations as a favorable opportunity for both swing traders and investors. The crucial range for Nifty is anticipated to be within 21500 to 21430, serving as a substantial support zone for this month. A breakdown of the immediate support range at 21800 has occurred. It is now imperative for the benchmark index to reclaim this range to uplift market sentiments," expresses VLA Ambala from Stock Market Today - SMT (Stock Market Today - SMT).

Key levels to watch in Intraday Trading for January 23, 2024, include pivotal support at 21580/21490/21430 for Nifty, with resistances at 21630/21700/21740. The Bank Nifty index is navigating within a broad range, with intraday support at 46050/45800/45650 and key resistances at 46220/46360/46580.

Stocks To Buy Today

VLA Ambala recommends 5 stocks for purchase today: BALKRISIND, TATACHEM, SPARC, ZOMATO, and ADANIENSOL, citing good potential in these stocks for both intraday and swing trading.

Balkrishna Industries

Buy at Rs 2750, target Rs 2840 to 3000; Stop Loss Rs 2610.

Tata Chemicals

Buy at Rs 1020 to 1050, target Rs 1110 to 1250, stop loss Rs 980.

Sun Pharma Advanced Research Company

Buy at Rs 375, target Rs 405 to 480, stop loss Rs 340.

ZOMATO

Buy at Rs 130 to 134, target Rs 140 to 185; Stop Loss Rs 120.

Adani Energy Solutions

Buy at Rs 1120, target Rs 1210 to 1550, stop loss Rs 970.

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.