From PNB To MFSL: 4 Buy/Sell Stock Picks By VLA Ambala On Tuesday, 16th July

In Monday's session, the market hit an all-time high and closed the day on a neutral note. The RSI reading of Nifty showed 74 on the daily, 76 on the weekly, and 80 on the monthly timeframe, forming a Doji Star candlestick chart on a daily time frame, said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"On the other hand, Bank Nifty's price movements also formed a Doji pattern. The positive results of sectors such as IT, consumer, and retail continued to add to the positive sentiment of the broader market. By the end of the session, Media, Energy, and Realty were the leading sectors. The upcoming budget is also expected to add fresh triggers to the market. Despite these trends, I advise caution, especially due to the high index valuation," VLA Ambala commented.

She further added that this month, FIIs have bought Rs. 10,718.65 crore, and DIIs bought Rs. 5,005.38 crore in cash. Regardless, FIIs remain net sellers in stock options. In last Friday's trading session, FIIs bought Rs. 4,021.60 crore in cash and Rs. 1,414.40 crore in index futures but sold Rs. 5,451.07 crore in index options.

Market View for 16 July 2024, Tuesday
"For the Nifty index, the key support levels for the next trading session will be between 24,460 and 24,530, whereas resistance will likely be between 24,720 and 24,850. On the other hand, the Bank Nifty Index could find key support between 52250 and 51930 and witness 52650 and 52940, acting as their major resistance points," VLA Ambala predicted.

Stocks to buy on 16 July 2024, Tuesday

V.L.A. Ambala has recommended 4 stocks to buy or sell for short-term investors.

MFSL

• Buy: Rs. 1020-1040
• Target: Rs. 1070-1220
• Stop Loss: Rs. 1000
• Holding Period: 2-6 Days

TATACHEM

• Buy: Rs. 1060-1067
• Target: Rs. 1075/1080/1085/1092
• Stop Loss: Rs. 1054
• Holding Period: 1 Day

APOLLOHOSP

• Buy: Rs. 6420
• Target: Rs. 6540/6600/6750/6800
• Stop Loss: Rs. 6300
• Holding Period: 4-20 Days

PNB

• Buy: Rs.121-119
• Target: Rs. 123-125
• Stop Loss: Rs. 117.5
• Holding Period: 2-5 Days

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.