Stocks To Buy Today: 3 Technical Calls By VLA Ambala On Tuesday, 12th Dec

Monday, 11th December marked a momentous occasion for many investors as the Sensex reached 70,000 and the Nifty traded at 21,000. The Mid Cap Nifty also experienced a surge, reaching 10,000. The prevailing market sentiment is bullish, and a "buy on dip" strategy appears most suitable in the current steep uptrend. The Nifty is currently trading at approximately 22 PE ratio, nearly 3.305 away from its 20-day EMA, and a pullback is anticipated as the price approaches its averages.

Nifty, Sensex, and Mid Cap Nifty have achieved fresh all-time highs today, indicating a strong bullish trend with potential stock-specific actions. 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 20,550. 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.

Looking ahead to the trading session on December 12, 2023, key support levels for Nifty are expected at 20,870, 20,800, and 20,760, with major resistance points identified at 21,050, 21,170, and 21,230.

The banking sector mirrors the benchmark index's performance, showing potential for further upward movement after a pullback. In the December 12, 2023 trading, significant support levels for Nifty Bank are forecasted at 47,180 and 47,000, with notable resistance points at 47,350, 47,520, and 47,600. V.L.A. Ambala, a SEBI Registered Research Analyst and Co-Founder of Stock Market Today (SMT) emphasizes the ongoing potential for banking stocks to rise.

Stocks To Buy Today

As a SEBI Registered Research Analyst, VLA Ambala has recommended three stocks for intraday and swing trading.

Ikio Lighting

Consider buying above the 350/360 range, holding for targets ranging from 380 to 450, with a stop loss at 320. Daily and weekly RSI indicators suggest a favourable setup for this stock.

Titagarh Rail Systems

Consider buying above the 1030 to 1070 range, holding for targets ranging from 1150 to 1350, with a stop loss at 920. Daily and weekly RSI indicators suggest favourable conditions for this stock.

Apollo Hospitals Enterprise

Consider buying above the 5545 range, holding for targets ranging from 5600 to 5800, with a stop loss at 5350. Daily and weekly RSI indicators suggest a favourable setup 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.