Stocks To Buy: 4 Technical Trade Calls By VLA Ambala On Tuesday, 19th Dec

The market was buzzing around Bank of Maharashtra and Union Bank of India's possible merger. DOMS IPO allotment will be done today and it is going to get listed on 20th Dec 2023. IRCTC was one of the most surged stocks in yesterday's trading session. Top losers on the Nifty were Power Grid Corporation, JSW Steel, ICICI Bank, ITC and Tech Mahindra, while gainers were Bajaj Auto, Adani Ports, Sun Pharma, Hindalco Industries and Reliance Industries.

There was a little pause before the next upside move. I am expecting the Dec 2023 series above 21500.
Amid mixed global cues, the domestic indices started the day and closed the day on a negative note on Monday. However aggressive "Sell on rise" should be avoided as the major is still bullish.

Looking at the projections for December 19, 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 21320 /21200 and 21200, with significant resistance points identified at 21510 and 21600.

The banking sector has outperformed the benchmark index and shows potential for further upward movement with possible pullback. In today's trading, significant support levels for Nifty Bank are predicted at 47690 and 47520 with notable resistance points at 47930 and 48200, 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 Today

On Tuesday, December 19, VLA Ambala, a SEBI Registered Research Analyst, issued four recommendations for intraday and swing trading.

Bank of Maharashtra

In intraday, it rose from 47 and is still poised for a fresh impulsive movement with a breakout. The target could be expected in the range of 50 to 65, setting a stop loss at 43.20.

PI Industries

Trading below its important levels and EMAs, indicating a pullback trade bias. Consider buying in the range of 3425 for short to mid-term gains between 3460 and 3560. Place a stop loss at 3300.

IndiaMART InterMESH

Trading nearly at 2830 and looking suitable for buying above 2870 to 3350 for a breakout, holding for a mid-term target ranging from 1340 to 1540, with a stop loss at 2650. Exercise caution due to its current oversold status.

Zee Entertainment Enterprises

Trading nearly at 280 and looking suitable for buying above the 275 to 281 range for a breakout, holding for a mid-term target ranging from 300 to 350, with a stop loss at 245.

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.