Stocks To Buy: 3 Technical Trade Calls By VLA Ambala For Monday, 18th Dec

The domestic stock market indices mirrored the positive momentum observed in both US and Asian markets, driven by the Federal Reserve's accommodative stance, reaching new highs in morning trading.

In the first half of December, key equity benchmarks like the Sensex and the Nifty sustained their impressive performance. On December 15, the Nifty crossed 21,492.3, and the Sensex achieved a milestone by surpassing 71,605 for the first time. This marks a prosperous period, and it is advisable to remain invested to maximize returns in this robust bull market. Shorting is discouraged, with a focus on the "Buy on dip" strategy. Current domestic and global trends, along with influencing factors, support a positive outlook.

Earlier forecasts suggested the Nifty approaching the 21,500 range, and today it has already peaked at 21,492.3. In the event of a gap-up opening on Monday, the 21,500 range is considered a crucial support level for the remaining days in December. Looking at the projections for December 18, 2023, V.L.A. Ambala, a SEBI Registered Research Analyst and Co-Founder of Stock Market Today (SMT) notes key support levels for Nifty at 21,350 and 21,280, with significant resistance points identified at 21,520 and 21,750.

The banking sector has outperformed the benchmark index and shows potential for further upward movement. In today's trading, significant support levels for Nifty Bank are predicted at 47,850 and 47,620, with notable resistance points at 48,450 and 48,850. V.L.A. Ambala, a SEBI Registered Research Analyst and Co-Founder of Stock Market Today (SMT), highlighted the continued potential for banking stocks to rise.

Stocks To Buy On Monday

As a SEBI Registered Research Analyst, VLA Ambala provided intraday and swing trading recommendations for 3 stocks on Monday, 18th December.

Poonawalla Fincorp

In intraday, it rose from 420 to 440 and is still poised for a fresh impulsive movement with a positive breakout. The target could be expected in the range of 460 to 580, setting a stop loss at 385.

Indus Towers

Trading above its important levels and EMAs, indicating a positive bias. Consider buying in the range of 195/200 for short to mid-term gains between 205 and 220. Place a stop loss at 187.

Cholamandalam Investment and Finance Company

Trading nearly at 1246 and looking suitable for buying above 1200 to 1250 for a breakout, holding for a mid-term target ranging from 1340 to 1540, with a stop loss at 1120. Exercise caution due to its current oversold status.

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.