Stocks To Buy On Monday: Day Trading Stock Picks By VLA Ambala On 20th Nov

Following two days of gains, the market took a break, and on Friday it closed slightly lower due to mixed sectoral movements. Nifty dropped 33.40 points, or 0.17 per cent to settle at 19,731.80, while the Sensex dropped 187.75 points, or 0.28 per cent to close at 65,794.73. On the Nifty, the primary losers were SBI, Axis Bank, ONGC, BPCL, and Bajaj Finance; the top winners were SBI Life Insurance, HDFC Life, Apollo Hospitals, Larsen & Toubro, and Tata Consumer Products. The RBI's announcement of tighter guidelines for consumer loans prompted the Bank Nifty to close at 43,583.95, down 577.60 points, or 1.31%. On the sectoral front, Nifty PSU Bank was the top loser followed by Nifty Bank and OIL & Gas whereas the top performers were Nifty Healthcare followed by pharma and FMCG.

Weekly Market Outlook

Vinod Nair, Head of Research at Geojit Financial Services said, "The domestic markets ended the week on a positive note, buoyed by global cues and favourable Indian macroeconomic indicators hinting at controlled inflation. Softer-than-expected inflation figures in the US, UK, and at home bolstered investor optimism, fueling hopes for an end to the interest rate cycle. This sentiment propelled gains across the broader market, particularly in small and mid-cap stocks. Confidence in export-oriented sectors like IT and Pharma resurged, anticipating increased spending, while the auto and real estate sectors gained favour during the festival season. Towards the week's end, however, banking stocks were impacted by the RBI's decision to raise risk weights for unsecured loans. Despite this, the market is anticipated to maintain its positive momentum in the short term, supported by declining oil prices and moderating US yields"

Nifty Outlook On Monday

"Nifty opened with a gap down but recovered quickly and traded sideways throughout the day to end at 19,732, down 33 points. The Long-Short Ratio moved up to 22.71% on 16th November from 18.71% on 13th November, as the Foreign Portfolio Investors (FPIs) continued to trim their short positions in Index futures. The level of 19,800 proved to be a strong resistance for Nifty for the second consecutive trading day as the call writers strengthened their position and kept the bulls at bay. The Index has multiple resistance around the 19,850 levels and chances of a further up move will depend on the option activity at the maximum call open interest strike of 19,800," said Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities.

Bank Nifty Outlook On Monday

"Bank Nifty opened with a gap down and consolidated in a tight range throughout the day to end at 43,584, down 578 points. The Index has given a lower close on the daily chart. Bank Nifty took resistance around 50% Fibonacci retracement level of 44,206 for the previous two trading sessions and fell, drawn from the high of 46,310 made on 15th September to the low of 42,105 made on 26th October. The option activity at the maximum put open interest strike of 43,500 will provide cues about Bank Nifty's future direction," stated Ashwin Ramani.

Stocks To Buy On Monday

VLA Ambala, a SEBI Registered Research Analyst, has provided recommendations for 7 stocks for intraday and swing trading on 20th November, Monday.

Metropolis Healthcare

Buy at 1560/1600 and hold for a mid-term target ranging from 1650 to 1720, with a stop loss at 1440.

Torrent Power

Buy near 800 to 835 and hold for a mid-term target ranging from 890 to 950, with a stop loss at 750.

Power Grid Corporation of India

Buy at 210 and hold for a mid-term target ranging from 216 to 240, with a stop loss at 195.

Coal India

More pullback is expected. Buy Coal India 315 to 325 range and hold for a mid-term target ranging from 350 to 370, with a stop loss at 300.

Bayer CropScience

Buy at the 5260 to 5300 range and hold for a mid-term target ranging from 5500 to 5650, with a stop loss at 5150.

United Spirits

Buy the 1045 to 1055 range and hold for a mid-term target ranging from 1070 to 1150, with a stop loss at 1000.

Tide Water Oil Co India

Buy at the 1235 to 1250 range and hold for a mid-term target ranging from 1280 to 1400, with a stop loss at 1150.

"All of the recommendations are being provided here based on the price overall movement, previous behaviour and technical analysis"- said VLA Ambala (SEBI Regd. RA).

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.