Stocks To Buy Today: 3 Stock Picks By VLA Ambala On Wednesday, 29th Nov

Throughout most of the day, the benchmark indices demonstrated a limited and sideways movement of approximately 50 points, indicative of a notable "Price tug of war" between Bears and Bulls. Ultimately, the Bulls took charge, resulting in a breakout beyond the formidable resistance at 19850 for Nifty during intraday trading. Looking forward, there is an anticipated support range of 19810 to 19850 in the event of a Flat or Gap-up opening today.

For intraday trading, a pivotal support level is foreseen at 19800/19740, while significant resistance levels for the upcoming session are expected at 19980 and 20050. The market is positioned for its next move, with an anticipated pullback. Currently, Nifty is trading above its short-term trend of 20 days EMAs and its positive sign", remarked V.L.A. Ambala, a SEBI Registered Research Analyst and Co-founder of Stock Market Today (SMT).

In contrast, the Banking Index, Nifty Bank, exhibited underperformance compared to Nifty50 on the given day and is likely to remain bearish as long as it stays below the 44000 range. Key support levels for Bank Nifty are estimated around 43800 and 43700, accompanied by notable resistance points at 44050 and 44200 for the upcoming day, said V.L.A. Ambala.

Stocks To Buy Today

On Wednesday, November 29, three stocks were recommended for intraday and swing trading by VLA Ambala, a SEBI Registered Research Analyst.

Meghmani Organics

Buy MOL at 78 and hold for a mid-term target ranging from 82 to 90, with a stop loss at 70.

Shipping Corporation of India

Buy SCI at 140 and hold for a mid-term target ranging from 146 to 160, with a stop loss at 128.

Southern Petrochemical Industries Corporation

Buy SPIC at 70 and hold for a mid-term target ranging from 74 to 80, with a stop loss at 65.

"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.