Stocks To Buy: 3 Technical Stock Picks By VLA Ambala On 5th Jan, Friday

The current market trend is predominantly bullish, with 21,500 serving as a crucial support level for the month. Despite reaching new all-time highs this year, there was noticeable selling pressure, followed by a recovery in the last trading session.

Anticipate a broad trading range on January 5, 2024, with key support levels for Nifty at 21,620 and 21,550, and major resistance at 21,750 and 21,840, as per insights from V.L.A. Ambala, a SEBI Registered Research Analyst and Co-Founder of Stock Market Today.

To capitalize on this market movement, wise investment in quality and high-potential stocks is recommended. VLA Ambala assures that as long as bulls secure the weekly support range of 21,500 to 21,430, there's no cause for concern.

The banking sector has outperformed the benchmark index, hinting at a potential breakout for further upward momentum in the upcoming week. In today's trading, significant support levels for Nifty Bank are predicted at 48,170 and 48,950, with notable resistance at 48,370 and 48,750. V.L.A. Ambala underscores the ongoing potential for banking stocks to rise after a pullback, highlighting stocks like Bandhan Bank, IDFC Bank, Kotak Bank, PNB, and Yes Bank.

Stocks To Buy Today

VLA Ambala provided three intraday and swing trading recommendations for specific stocks on 5th January, Friday as a SEBI Registered Research Analyst.

Kotak Mahindra Bank

Consider a dip buying opportunity in the range of 1820/1860 with a target between 1900 and 2000, setting a stop loss at 1780.

Zeal Aqua

Buy above the 10.70 range with an anticipated target between 12 and 20, maintaining a stop loss at 8.

National Fertilizers Ltd

Aim to buy in the 100 to 105 range with a target spanning 115 to 150, and set a stop loss at 85.

V.L.A. Ambala suggested these recommendations are derived from 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.