Stocks To Buy: 5 Technical Stock Picks By VLA Ambala On Thursday, 7th Dec

6th December, Wednesday marks a significant milestone in the Indian stock market as Nifty, Sensex, and the banking index, among other major indices, have achieved new record highs. Despite a slightly higher opening, the market experienced selling pressure and closed near its opening level. There is an anticipation of a pullback in broader indices, and in the event of a substantial gap down, it is advisable to "Buy on Dip," while a considerable gap up suggests "Sell on Rise" for intraday trading.

The leading sectors were NIFTY Energy, Media, and IT; however, the intraday trading ranges were narrower compared to recent days.

Regarding today's projections, key support levels for Nifty are expected at 20860, 20800, and 20700, while major resistance points are identified at 21000, 21050, and 21200. Close monitoring is recommended as Nifty is expected to approach 21100 soon.

The banking sector has outperformed the benchmark index and shows potential for further upward movement. In today's trading, significant support levels for Nifty Bank are forecasted at 46750 and 46500, with notable resistance points at 47000, 47220, and 47450. V.L.A. Ambala, a SEBI Registered Research Analyst and Co-Founder of Stock Market Today (SMT), emphasized the ongoing potential for banking stocks to rise.

Stocks To Buy Today

VLA Ambala, a SEBI Registered Research Analyst, has suggested intraday and swing trading strategies for five stocks on 7th December.

Engineers India

Trading above its crucial level, indicating a positive bias. Consider purchasing in the range of 155 to 160 for short to mid-term gains between 165 and 195. Place a stop loss at 140.

Tamilnadu Petroproducts

Poised for a fresh impulsive movement with a positive breakout. Initiate long positions above 93 for a mid-term target between 97 and 115. Set a stop loss at 85.

Lloyds Metals And Energy

Suitable for buying above 590 to 595 for a breakout, holding for a mid-term target ranging from 630 to 850, with a stop loss at 510. Exercise caution due to its current oversold status.

Deepak Nitrite

Consider purchasing in the 2240 to 2255 range, holding for targets ranging from 2320 to 2500, with a stop loss at 2105. Daily and weekly RSI indicators suggest favorable conditions for this stock.

Reliance Industries

Consider buying in the 2520 to 2700 range, holding for targets ranging from 2320 to 2500, with a stop loss at 2350. Daily and weekly RSI indicators suggest favorable conditions for this stock.

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.