Buy/Sell: 3 Trade Calls By VLA Ambala of SMT On Wednesday, 14th Feb

Reliance Industries, which holds the heaviest weight in NIFTY and SENSEX, has become India's first company to surpass the Rs. 20 lakh crore mark in market capitalization. On the other hand, the Indian banking stocks observed a surge following the RBI Governor's assurance about managing the expected jump in inflows owing to the JPMorgan bond index inclusion in June 2024. In the case of the Bank Nifty Index, the index faced resistance at the 46000 level. Notably, surpassing this level will prompt a bullish sentiment in the financial market.

The Bank Nifty closed the day on Tuesday at around 45600, signalling a positive market momentum in the banking sector. However, high inflation continues to be a burning issue as the assembly election date draws near. Meanwhile, the stock market's key expectations are centered around the awaited Repo rate cuts and relaxation in food prices to combat the inflationary pressure in the economy. On the trading front, key sectors, such as Media, Metal, Auto, and Realty, witnessed sharp losses, while the banking sector emerged as the top-performing segment of the day.

Technical Overview of the Stock Market

The India VIX surged higher and ended the day close to 16, signalling volatility in the market. Even the Nifty displayed a bullish candlestick pattern - 'Hammer' on the daily timeframe, closely aligned to its 20-day Exponential Moving Average (EMA). This candlestick pattern indicates that a bullish sentiment will continue above this level while a bearish sentiment will persist below it. The level between 21530 and 21850 indicates a major sideways trading range. However, a big move in the range is expected in the near future.

Key Levels to Watch on February 14th, 2024

The Nifty could find support between the 21630 and 21510 range, whereas the index's resistance point for intraday trading is anticipated between the 21860 and 21925 range. The Bank Nifty, the intraday support levels could be between the 45670 and 45350 range, with resistance around the 48950 and 46400 range.

Stocks To Buy Today

Stocks to Buy or Sell Today: VLA Ambala (SEBI Regd. Research Analyst) recommends traders and investors check out these three stocks on - February 14, 2024. As per her observation, the three stocks - HAVELLS, POONAWALLA, and ICICIBANK, can offer them substantial growth opportunities.

1. HAVELLS

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Above Rs. 1360
• TARGET 1: Rs. 1400
• TARGET 2: Rs. 1440
• TIME PERIOD: 30-45 Working Days
• STOP LOSS: Rs. 1313

2. POONAWALLA

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 480 - Rs. 482
• STOP LOSS: Rs. 466
• TARGET 1: Rs. 495
• TARGET 2: Rs. 515
• TIME PERIOD: 18-20 Working Days

3. ICICIBANK

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 1020 - Rs. 1022
• TARGET 1: Rs. 1040
• TARGET 2: Rs. 1060
• TIME PERIOD: 10-12 Working Days
• STOP LOSS: Rs. 999

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.