Stocks To Buy Today: 4 Technical Stock Picks By VLA Ambala On Friday, 1st Dec

The Indian economy appears set to continue its trend of surpassing growth expectations, with the statistics ministry set to reveal data for the July-September period today. Economists predict a GDP growth of 6.8% in Q2 FY24, with some projections going as high as 7.2%. In contrast, the RBI's forecast is 6.5%. The overall market is poised to reach new "All-Time Highs" in both NIFTY and SENSEX. Sellers attempted to push the market down in the first half of the day, but "Buyers" stepped in, and lifted up the market. NIFTY closed the day above its "Day Open" and the Previous day High," indicating positive price action.

Nifty has formed a "Bullish Pin Bar" candlestick, closing near 20,135, signalling the start of a new impulsive move. The market suggests the potential for a significant upward shift in the coming weeks. Looking ahead to today, key support levels for Nifty are expected at 20,105 and 20,030, with major resistance points at 20,230 and 20,350. The banking sector, especially private banks like HDFC Bank, ICICI Bank, and Axis Bank, displayed a bullish trend.

While the banking sector underperformed the benchmark index, it is not bearish. In the upcoming trading day, significant support levels for Nifty Bank are projected at 44,420 and 44,270, with notable resistance points at 44,850, 45,000, and 45,150. V.L.A. Ambala, a SEBI Registered Research Analyst and Co-Founder of Stock Market Today (SMT) mentioned, "Banking stocks have some good scope."

Stocks To Buy Today

As part of the day trading guide for Friday, December 1, VLA Ambala, a SEBI Registered Research Analyst, has recommended four stocks for intraday and swing trading.

PI Industries

Buy PIIND at 3750 and hold for a mid-term target ranging from 3840 to 3900, with a stop loss at 3640.

TCS

Buy TCS at 3460/3475 and hold for a mid-term target ranging from 3500 to 3600, with a stop loss at 3420.

Infosys

Buy INFY at 1420 to 1435 and hold for a mid-term target ranging from 1480 to 1530, with a stop loss at 1415.

Zee Entertainment Enterprises

Buy ZEEL at 253 and hold for a mid-term target ranging from 260 to 280, with a stop loss at 235.

"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.