Stocks To Buy Today: 3 Technical Calls By VLA Ambala On Wednesday, 13th Dec

Tuesday, 12th 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 achieved fresh all-time highs yesterday, indicating a strong bullish trend with potential stock-specific actions. The India VIX, a volatility indicator, stands at around 12.70, 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 13, 2023, key support levels for Nifty are expected at 20810,20720and 20670 with major resistance points identified at 20950 and 21047.

The banking sector mirrors the benchmark index's performance, showing potential for further upward movement after a pullback. In the December 13, 2023 trading, significant support levels for Nifty Bank are forecasted at 46870 and 46520, with notable resistance points at 47220 and 47530 by V.L.A. Ambala, a SEBI Registered Research Analyst and Co-Founder of Stock Market Today (SMT.

Stocks To Buy Today

In the capacity of a SEBI Registered Research Analyst, VLA Ambala has provided intraday and swing trading recommendations for 3 technical stocks.

Balkrishna Industries

Consider buying above the 2520 to 2570 range, holding for targets ranging from 2620 to 2750, with a stop loss at 2450 Daily and weekly RSI indicators suggest a favorable setup for this stock.

AU Small Finance Bank

Consider buying above the 730 to 740 range, holding for targets ranging from 755 to 780, with a stop loss at 715. Daily and weekly RSI indicators suggest favorable conditions for this stock.

RITES

Consider buying above the 490 to 500 range, holding for targets ranging from 520 to 580, with a stop loss at 433. Daily and weekly RSI indicators suggest a favorable 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.