Stocks To Buy: 3 Intraday Stock Picks By VLA Ambala For Tuesday, 28th Nov

The Sensex and Nifty benchmark indices started the day with a nearly flat opening and concluded with minimal changes, exhibiting a sideways movement. Analysing the situation, it appears that the market is gearing up for a substantial shift. Currently, it seems to be on a temporary pause and unlikely to remain in this state for an extended period. A significant market movement seems imminent, and we can expect it soon.

It's crucial to closely monitor the overall price dynamics. Nifty has been trading within a narrow range of 120 points for almost six days. Key support levels for the upcoming day are anticipated at 19760 and 19540, while major resistance points are likely at 19870 and 19950. For the Banking Index, Nifty Bank, essential support levels are projected around 43620, 43440, and 43300, with key resistance points expected at 43870, 43930, and 44050 for the next trading session", remarked V.L.A. Ambala, a SEBI Registered Research Analyst and Co-founder of Stock Market Today (SMT).

Weekly Market Outlook

"The market was largely quiet this past week, with no significant changes in the headline indices. However, there was some stock-specific activity. Global cues were favorable, but investors are awaiting the results of the state elections. Additionally, liquidity is tied up in primary markets due to the recent surge of IPOs. This week, the market may experience some direction and increased volatility as we approach the November month F&O expiry. On November 30, exit polls for the state elections will be revealed, along with India's GDP for the third quarter. Monthly auto sales for November will follow on December 1, with particular attention paid to Diwali sales figures. While global cues are relatively muted, market participants will closely monitor movements in crude oil prices, US bond yields, and the dollar index," said Santosh Meena, Head of Research, Swastika Investmart Ltd.

"Nifty is currently facing resistance in the 19800-19850 zone. If Nifty manages to break above 19850, we can anticipate a potential move towards the 19990-20150 zone. On the downside, 19700 serves as an immediate support zone, while the 19600-19550 range acts as a critical demand zone," stated Santosh Meena.

Commenting on the outlook of Bank Nifty, Santosh Meena said, "Bank Nifty, which had been underperforming, is currently exhibiting signs of recovery, bouncing back from its 200-DMA level of 43300. The 50-DMA, located at 44000, presents an immediate hurdle, while 44400 stands as a critical hurdle."

On the outlook of derivative analysis, Santosh Meena said, "Foreign institutional investors' (FIIs) short exposure in index futures remains elevated at 77%, and the put-call ratio (PCR) stands at 0.99, suggesting the potential for a short-covering rally."

Stocks To Buy On Tuesday

VLA Ambala, a SEBI Registered Research Analyst, has recommended the below 3 intraday stocks to buy on Tuesday, 28th Nov.

PI Industries

Buy PIIND at 3750/3775 and hold for a mid-term target ranging from 3850 to 4000, with a stop loss at 3640.

ACC

Buy ACC at 1835 and hold for a mid-term target ranging from 1870 to 1980, with a stop loss at 1770.

Hindalco Industries

Buy HINDALCO at 495 to 503 and hold for a mid-term target ranging from 520 to 615, with a stop loss at 475.

"All of the recommendations are being provided here based on the price overall movement, previous behaviour and technical analysis", said V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).

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.