Stocks To Buy Today: Top 5 Intraday Stock Picks By VLA Ambala On 21st Nov

The current market appears to be in a holding pattern, awaiting its next significant move. Upon closer examination of specific sectors, Energy, Metal, Auto, Infra, and Realty seem weaker compared to Nifty Pharma and private banks. Despite this, the Sensex continues to trade above its 20-, 50-, and 200-day exponential moving averages (EMAs), suggesting a potential pullback in the next 3-4 days.

Notably, Nifty Mid Cap hit a fresh all-time high, indicating that midcaps are outperforming large caps at the moment, although caution is advised when selecting midcap stocks for short-term swing trading. The banking sector is experiencing pressure, especially following the RBI's new norms about unsecured lending.

Nifty Outlook

Nifty opened flat on Monday, with 19,665 being a key level for the next movement. A sentiment weakness is anticipated if Nifty50 falls below this point. Despite a flat opening and visible selling pressure, Nifty closed below the day's open on a negative note.

Support levels for today are at 19,620 and 19,550, serving as buying zones for those following the "Buy on Dip" strategy. The next potential targets for Nifty are 19,750 and 19,830, representing major resistance in the upcoming trading session, according to V.L.A. Ambala, a SEBI Registered Research Analyst from Stock Market Today (SMT).

Bank Nifty Outlook

Bank Nifty is currently trading within the 20- and 200-day EMAs, in a critical range indicating an expected significant movement. Buyers participating in the bullish momentum will likely defend the price at the 200-day EMA, with the next support level around 42,930 if they fail. Major resistance levels for Bank Nifty are projected at 43,810 and 43,940. The nearest support for Bank Nifty is at 43,520, with buyers attempting to defend this level.

If unsuccessful, subsequent support levels are at 43,430 and 43,240. It's crucial to note that 43,500 is a significant psychological support level. V.L.A. Ambala, a SEBI Registered Research Analyst from Stock Market Today (SMT), emphasizes its importance, especially in case of flat and gap openings.

Stocks To Buy Today

VLA Ambala, a SEBI Registered Research Analyst, has provided recommendations for five stocks for intraday and swing trading on Tuesday, 21st November.

Ion Exchange (India)

Buy IONEXCHANG at 580/585 and hold for a mid-term target ranging from 630 to 750, with a stop loss at 520.

Kirloskar Electric Company

Buy KECL at 125 and hold for a mid-term target ranging from 130 to 145, with a stop loss at 110.

Banswara Syntex

Buy BANSWRAS at 156 and hold for a mid-term target ranging from 165 to 180, with a stop loss at 142.

Hindalco Industries

Sell HINDALCO 494 and hold for a short-term target ranging from 487 to 480, with a stop loss at 505.

United Breweries

Buy UBL at 1580 to 1560 and hold for a mid-term target ranging from 1600 to 1650, with a stop loss at 1510.

"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.