Stocks To Buy: 3 Technical Stock Picks By VLA Ambala For Monday, 11th Dec

The current market sentiment is bullish, and adopting a "buy on dip" strategy is deemed most suitable in the prevailing steep uptrend. Aligning with the principle of considering the major trend as a friend, notable indices such as Nifty, Sensex, Bank Nifty, and Mid Cap Nifty are all trading at record highs. The India VIX, a volatility indicator, stands at around 12, signalling a trend continuation. While there is anticipation of a broader indices pullback, the strongest support for the December month series is identified at 20550. In the event of a substantial gap down, it is advisable to "buy on dip," whereas a significant gap up suggests "sell on rise" for intraday trading.

For Monday's projections, key support levels for Nifty are expected at 20870, 20800, and 20750, with major resistance points identified at 21100, 21150, and 21230.

The banking sector has demonstrated outperformance compared to the benchmark index, showing potential for further upward movement. In today's trading, significant support levels for Nifty Bank are forecasted at 47030 and 46800, with notable resistance points at 47450 and 47750. V.L.A. Ambala, a SEBI Registered Research Analyst and Co-Founder of Stock Market Today (SMT), underscores the ongoing potential for banking stocks to rise.

Stocks To Buy This Week

In the capacity of a SEBI Registered Research Analyst, VLA Ambala has provided intraday and swing trading recommendations for 3 stocks to trade on Monday.

Bata India

Consider purchasing in the 1650 range, holding for targets between 1700 to 1850, with a stop loss at 1560. Daily and weekly RSI indicators suggest favorable conditions for this stock.

IOL Chemicals and Pharmaceuticals

Consider buying above the 440 to 435 range, holding for targets ranging from 470 to 490, with a stop loss at 420. Daily and weekly RSI indicators suggest favorable conditions for this stock.

Apollo Hospitals Enterprise

Consider buying above the 5550 range, holding for targets ranging from 5600 to 5800, with a stop loss at 5350. Daily and weekly RSI indicators suggest a favorable setup for this stock.

Note: V.L.A. Ambala emphasizes that these recommendations are grounded in 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.