Buy/Sell: 3 Trade Calls By VLA Ambala On Monday, 19th Feb

The Nifty formed a 'Doji Candlestick' on the daily time frame, indicating a sense of uncertainty and indecision in the market. On a higher timeframe, Nifty concluded on Friday on the weekly timeframe, recovering the losses it incurred in the past four weeks. This development indicates that the Bulls are still in control of the market and are unwilling to release their hold, at least for now. The range 21530 to 21470 emerged as a strong support range for the Nifty, suggesting that a sharp decline is not expected as long as the market can hold this support level.

Review of the Stock Market

In terms of investing and growth opportunity, India is compared to an 'Apple Pie' in the global market. According to BofA's latest fund manager survey on Asia, India is a preferred investment destination following Japan, as investors are cautious after 'overweight' China owing to fears of structural de-rating. The survey further reveals that Japan, with 56% of investors 'overweight,' followed by India and Taiwan at 19% each. On the other hand, China is at its new low with a net 23% 'underweight.'

Besides these, FPI witnessed a surge of 13% to $738 billion in the December quarter, which is higher than the $651 billion of the September quarter. Amid all these, the market has become somewhat comfortable with the delayed repo rate cuts.

Oberoi Realty has partnered with Marriott International to develop two properties - JW Marriott Hotel Thane Garden City in Oberoi Garden City, Thane, and Mumbai Marriott Hotel Sky City in Borivali. Notably, both projects are scheduled to be completed by 2027-28 and are part of the integrated developments featuring luxury residences and amenities.

Vikas Oberoi, Oberoi Realty's chairman, highlighted the extensive features of the upcoming projects, including the planned luxury towers and a sprawling mall in Borivali East. While India is dealing with cross-border issues effectively, domestic challenges such as high inflation remain a cause of concern. As a result, the market is anticipating a Repo rate cut and relief in food prices.

Technical Overview of the Stock Market

India VIX closed at 15.22, indicating a continued sentiment of volatility in the market. During the day, the Nifty formed a bullish candlestick pattern - 'Hammer', while recovering the losses of the past four weeks. Currently, trading within a range above its 20-day exponential moving average (EMA), signalling a potential breakout. For the index, strong support lies within the 21530 to 21470 range, with the nearest support being between the 21730 to 21650 level on the weekly timeframe. However, for recording fresh highs, prices must sustain above these levels. A pullback is expected within the next 4-5 days.

Key Levels to Watch on February 19th, 2024

The Nifty is expected to find support at the 22050/21970/21830 range, whereas, the index's major resistance point for intraday trading could be around 22110/22170/22200. For the Bank Nifty, the intraday support levels could be found within the 46200 and 45850 range, with resistance between 46860 and 47100.

Stocks To Buy Today

Stocks to Buy or Sell Today: VLA Ambala (SEBI Regd. Research Analyst) recommends checking out three stocks on - February 19, 2024. According to her, PANELEC, FINPIPE, and WONDERLA, have ample growth potential.

PANELEC

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 34/38
• TARGETS: Rs. 45/48/55/60/65/70/80
• TIME PERIOD: 30-190 Days
• STOP LOSS: Rs. 22

FINPIPE

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 220 - Rs. 222
• TARGET: Rs. 250 to Rs. 500
• TIME PERIOD: 2 Months to 2 Years
• STOP LOSS: Rs. 180

WONDERLA

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 955- Rs. 957
• TARGET 1: Rs. 990
• TARGET 2: Rs. 1030
• TIME PERIOD: 15-20 Days
• STOP LOSS: Rs. 892

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.