Trade Call: Technical Stock Picks By VLA Ambala On Friday, 16th August

On Wednesday, Nifty displayed a sideways movement and traded within a narrow range as the expiry inched closer. The index traded within 100 points, ranging between 24,100 and 24,200, eventually closing above 24,210. During the session, the benchmark index formed a small candlestick pattern on the daily time frame between its 20-day and 50-day EMAs. Similarly, Bank Nifty traded within a small 300-point range and closed the day at 49,727.30, forming a small red Doji candlestick pattern below its 20-day and 50-day EMAs, as per the analysis of V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

During the day, all sectors except Nifty IT and consumption closed in the red zone. Meanwhile, major indices, including Nifty, Bank Nifty, and Sensex, registered muted closings. Notably, Hero Motors saw an increase of over 3.5% in intraday sales despite reporting strong YoY growth in profit, which increased from Rs. 824.72 crores in June 2023 to Rs. 1,122.63 crores in June 2024. Its QoQ profit also surged from Rs. 1,016.05 crores to Rs. 1,122.63 crores.

However, more concerns arose in the market following the Supreme Court's verdict on the royalty case. This verdict upholds the power of states to levy taxes on mineral-bearing land and mineral rights. Such a verdict could put a strain on this sector.

Market Overview for 16 August 2024, Friday

"For the Nifty index, the key support levels for today's session will be around 23,950 and 24,000, whereas resistance will likely be between 24,365 and 24,750. On the other hand, the Bank Nifty Index could find key support around 49,580 and 49,400 and witness 49,850 and 51,000 acting as their major resistance points," said VLA Ambala.

Stocks to Checkout on 16 August 2024, Friday

Here are the two technical stocks to buy today as recommended by VLA Ambala.

HFCL

• Buy: Rs. 135-140
• Target1: Rs. 145
• Target 2: Rs. 146
• Target 3: Rs. 150
• Stop Loss: Rs. 130
• Holding Period: 1-6 Days

PRAJIND

• Buy: Rs. 670-700
• Target 1: Rs. 725
• Target 2: Rs. 735
• Target3: Rs. 750
• Stop Loss: Rs. 645
• Holding Period: 1-10 Days

Note: V.L.A. Ambala emphasizes that these recommendations are based on price movement, past behaviour, 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.