Stocks To Buy: 4 Technical Stock Picks By VLA Ambala For Monday, 4th Dec

Friday marks a significant milestone as Nifty has reached a fresh all-time high. It is advisable to refrain from shorting in this upward impulsive movement, especially until it's not a substantial "Gap up". A buy-on dip is ideal in the case of a gap-down case.

Looking at today's projections, key support levels for Nifty are anticipated at 20230 and 20100, while major resistance points are identified at 20350 and 20500. This wide range requires close monitoring, as Nifty is expected to soon reach 20500.

The banking sector has outperformed the benchmark index and is poised for further upward movement. On Friday's trading, significant support levels for Nifty Bank are forecasted at 44780 and 44650, with notable resistance points at 45150 and 44500. V.L.A. Ambala, a SEBI Registered Research Analyst and Co-Founder of Stock Market Today (SMT) emphasized the potential for banking stocks to continue their ascent.

Stocks To Buy On Monday

On December 4th, Monday, VLA Ambala, a SEBI Registered Research Analyst, provided recommendations for swing and intraday trading for four companies.

IRCTC

Trading above its Important EMAs, indicating a positive bias. Consider buying in the range of 694 to 700, holding for short to mid-term gains between 715 and 750. Place a stop loss at 660.

PI Industries

With a positive breakout, PIIND is poised for a fresh impulsive movement. Initiate long positions above 3800, holding for a mid-term target between 3900 and 4000. Set a stop loss at 3540.

Adani Enterprises

Trading below its 200-day EMA, suitable for buying above 2420 for a breakout. Hold for a mid-term target ranging from 2550 to 2700, with a stop loss at 2210. Exercise caution due to its current oversold status.

ABB India

A large-cap company in Heavy Electrical Equipment Manufacturing, currently trading at 4388. Consider buying at 4325, holding for targets ranging from 4500 to 5000, with a stop loss at 4150. Daily and weekly RSI indicators suggest favourable conditions for this stock.

V.L.A. Ambala, the SEBI Registered Research Analyst, emphasises 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.