Stocks To Buy: 2 Technical Trade Calls By VLA Ambala On Friday, 29th Dec

The market has hit a fresh all-time high, characterized by a gap-up opening. The price action has primarily been positive sideways, observing Indian stocks reaching unprecedented levels. The overall market sentiment is positive, fueled by substantial investments from Foreign Institutional Investors (FIIs). The current strategy suggests embracing a buy-on-dips approach in this upward trajectory, with a notable support level marked at 21,500 for the ongoing financial year.

The Indian Stock Market is presently undergoing a robust uptrend, expected to endure. The Sensex came remarkably close to touching 72,500 in the current month's series, narrowly missing by 16 points, and with one more trading session pending on Friday. VLA Ambala, a SEBI Registered Analyst, foresees an additional 10% to 15% increase in Nifty during Q4 2023. She exudes confidence in the positive market outlook, citing technical indicators, price signals, and overall market sentiment. Underscoring the bullish trend, Ambala consistently advises considering market downturns as opportunities for cost-effective entry.

Today's projection underscores substantial support levels for Nifty at 21,780 and 21,680, while major resistance points are pinpointed at 21,870 and 22,000. To capitalize on this movement, it is recommended to stay invested in robust stocks, utilizing trailing techniques to secure maximum gains in highly surged stocks. Nifty has reclaimed its 21500 range and it's going to be major support this next and Q4 for this Financial year according to V.L.A. Ambala, a SEBI Registered Research Analyst and Co-Founder of Stock Market Today (SMT).

The banking sector has exhibited superior performance compared to the benchmark index, indicating potential for further upward momentum. In today's trading, significant support levels for Nifty Bank are predicted at 48400 and 48250, with notable resistance points at 48730 and 49000. V.L.A. Ambala, a SEBI Registered Research Analyst and Co-Founder of Stock Market Today (SMT) emphasized the ongoing potential for banking stocks to experience upward movement.

Stocks To Buy Today

VLA Ambala provided intraday and swing trading advice for these stocks as a SEBI Registered Research Analyst. Study every aspect of technical analysis, taking into account the stop-loss, target, and entry prices.

Sheela Foam

Buy above 1250/1253 and the target could be expected in the range of 1320 to 1500, setting a stop loss at 1170.

Welspun Corp

Trading nearly at 547 and looking suitable for buying now and holding for a mid-term target ranging from 575 to 650, with a stop loss at 514.

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.