Stocks To Buy: 3 Trade Calls By VLA Ambala For Monday, 15th January

Nifty is getting ready for another intense upside movement. Friday was another benchmark mark in India's stock market as Nifty and Sensex have hit new all-time highs. Nifty traded in 200 pints wide range and movement was directional.

The Nifty formed a "Bullish Marubozu" candlestick pattern on the daily timeframe, signalling a strong breakout and further this will act as a major support range for Nifty50, earlier it was 21430 to 21500 range. Short-term investors or swing traders can treat this as a new support range. The recent trading session rally was notably supported by the IT and PSU banking sectors.

Stock Market Outlook

Nifty's key range is expected to be between 21,800 and 21,680, serving as a significant support range this month now. We have got a breakout of immediate resistance at 21780 and Friday closed the session nearly at 21900. A fresh all-time high in mid of the month, it is a positive sign for the market's bullish trend, believes VLA Ambala of Stock Market Today - SMT

Stock Market - Key Levels for Watch in Intraday Trading for Monday 15th Jan 2024

According to VLA Ambala, the Nifty is currently undergoing a significant shift in support, transitioning from the 21500 to 21430 range to the range of 21800 to 21720. It is anticipated that buyers will actively defend this range with the goal of pushing Nifty towards 22500 in the quarter.

At present, Nifty is trading slightly above its 20-days EMA, a critical level for many traders and investors. In Monday's intraday trading session, the pivotal support levels for Nifty are expected at 21870 and 21800, while resistances are projected at 21990 and 22140.

Ms. Ambala also highlighted that the Bank Nifty index is currently navigating within a broad range. Intraday support for Bank Nifty is identified at 47800 and 47650, with key resistances observed at 48030 and 48350.

Stocks to Buy or Sell

VLA Ambala (SEBI Regd. Research Analyst) recommends 3 stocks to buy on Monday - January 15, 2024. The recommended stocks for Intraday and Swing Trading are TAKE, MAZDA and NAVKARCORP. A good potential is seen in these stocks.

Take Solutions

Buy at Rs 27, target: Rs 30/32/35/40, stop loss Rs 24

Mazda

Buy at Rs 1500 to 1530, target Rs 1640/1680/1750/1850, stop loss Rs 1420.

Navkar Corporation

Buy at Rs 121, target Rs 135/145/160/175, stop loss Rs 105.

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.