Buy/Sell: 3 Stock Picks By VLA Ambala On 1st April, Monday

The benchmark index Nifty's high and low levels were recorded at 22516 and 22163 points, respectively, and it concluded the last trading session at the 22326 level, concluding the day and the Financial Year above the 22000 mark. Though buying sentiment was noticed intraday throughout the day, a sudden sell-off was observed in the last hour of the session.

Stock Market Review

The financials rose following RBI's decision to ease the norms binding the lender investments in Alternate Investment Funds. From now instead of a 100 per cent provision, the banks will need to set aside funds in proportion to their investments in an AIF that is further invested in debtor companies. During the day, the Adani Family injected Rs. 6,661 crore into Ambuja Cements, raising the stake to 66.7%, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Market Highlights

The US stocks ended on a higher level overnight, with the Dow's gains and the S&P 500 recording a new closing milestone. Even the Asian and European markets recorded gains ahead of the much-awaited US core Personal Consumption Expenditures (PCE) price index data, which is a preferred measure of prevailing inflation for the Feds.
Recently, Morgan Stanley raised India's GDP growth forecast for the Financial Year of 2025 to 6.8% from its previous projection of 6.5%, underscoring the nation's financial resilience. It also revised the nation's growth forecast for the Financial Year 2024 to 7.9%. Such positive projections suggest that the nation's growth will likely remain strong in the upcoming years and its cyclical sectors are expected to perform well.

In terms of technical and price charts, the Nifty benchmark index found its support above its 20 and 50-day Exponential Moving Average (EMA).

Market View for 1st April 2024

For the Nifty index, the key support levels for the next trading session will be around 22250 and 22200, whereas resistance will likely be noticed at 22410 and 22530. On the other hand, the banking index could find key support at 47000 and 46800, with 47350 and 47550 acting as their major resistance points, said VLA Ambala.

Stocks To Buy Today

V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT) has recommended the below stocks to buy or sell today.

IRCON

• Trade title: New BTST trade
• Trade Type: Buy
• Entry Price Range: Rs. 218 - 222
• Target 1: Rs. 225
• Target 2: Rs. 227
• Target 3: Rs. 230
• Time Period: Buy Today Sell Tomorrow (BTST)
• Stop Loss: Rs. 215

JAYBARMARU

• Trade title: New BTST trade
• Trade Type: Buy
• Entry Price Range: Rs. 118 - 119
• Target 1: Rs. 122
• Target 2: Rs. 125
• Target 3: Rs. 128
• Time Period: Buy Today Sell Tomorrow (BTST)
• Stop Loss: Rs. 114.50

TCIEXP

• Trade title: New BTST trade
• Trade Type: Buy
• Entry Price Range: Rs. 1130
• Target 1: Rs. 1142
• Target 2: Rs. 1150
• Target 3: Rs. 1180
• Time Period: Buy Today Sell Tomorrow (BTST)
• Stop Loss: Rs. 1110

Note: V.L.A. Ambala emphasizes that these recommendations are based on price movement, past behavior, 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.