Stocks To Buy: 3 Technical Trade Calls For 26th Dec Tuesday By VLA Ambala

Amid the Christmas and New Year holiday sessions, the market may experience low volumes. This recent trading session is very crucial as sentiments will remain positive above that level. The predominant trend in the market is bullish, signalling preparations for another significant upward movement. Pullbacks are part of the price behaviours.

Looking at Tuesday's projections, key support levels for Nifty are expected at 21240 and 21120, while major resistance points are identified at 21420 and 21550. Stay invested in good stocks to ride this movement but be very careful while investing in overvalued stocks. Close monitoring is advised as Nifty is anticipated to approach 21500 soon mostly in this Dec 2023" said V.L.A. Ambala, a SEBI Registered Research Analyst and Co-Founder of Stock Market Today (SMT)

2023 Market Review & Outlook For 2024

Vinod Nair, Head of Research at Geojit Financial Services said, "At the beginning of the year, uncertainties surrounded the economy and market due to challenges such as supply constraints, hyperinflation, and overvaluation. The collapse of US small banks, driven by rising interest rates, added to the concerns. Domestic earnings growth contracted in Q3CY22 & Q4CY22 due to a slowing global economy & geopolitical risk.

But India's GDP growth forecast started to upgrade from Q1, and the earnings growth of corporate continued its robustness. FIIs hold on to their risk-off strategy due to a weak global market, but domestic retail inflows expanded starting from Q2. Throughout the year, the domestic market demonstrated strong resilience, surpassing expectations. Towards the end of the year, the stock market saw improvement as FII selling reduced, accompanied by a decrease in geopolitical risks and inflation."

"We expect Nifty50 to provide a return of ~10-12% in CY24. Currently, we are positive on H1CY24 in anticipation of a pre-election rally as the domestic political and global market environment is aptly placed. And the final performance of the second half hinges on the election outcome and the final budget, which is also forecast to be stable.

While challenges are the EL-Nino effect on food inflation and the recent far stretched performance of global markets in anticipation of a deep cut in interest rate, which is a challenge when CPI is forecast to be above the long-term average. We suggest a multi-asset investment strategy, as both equity and non-equity can provide a moderate return as valuations are inexpensive," the analyst further added.

Stocks To Buy

On Tuesday, December 26, VLA Ambala, a SEBI Registered Research Analyst, released recommendations concerning intraday and swing trading in three companies.

Sun Pharma Advanced Research Company

Buy above 264 and the target could be expected in the range of 270 to 300, setting a stop loss at 240.

Trigyn Technologies

Trading above its important levels and EMAs, indicating a positive bias. Consider buying in the range of 135 for short to mid-term gains between 145 and 170. Place a stop loss at 117.

Zomato

Trading nearly at 128 and looking suitable for buying now and holding for a mid-term target ranging from 150 to 280, with a stop loss at 114. Exercise caution due to its current oversold status.

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.