Stocks To Buy: 5 Technical Trade Calls By VLA Ambala On Tuesday, 9th Jan

Intraday activities reflected a noticeable selling pressure, prompting a recommendation to view any pullback as a "Dip Buying Opportunity," given the overall bullish trend. It is advised to hedge portfolios cautiously without overcommitting.

Profit booking is considered a natural part of the price journey, particularly as Nifty has surged more than 1,000 points in just one month. While witnessing some profit-taking at all-time highs, it doesn't necessarily indicate a reversal. A stock-specific approach is recommended, urging investors to choose wisely and consider averaging down on stocks available at a dip. For new investments, a phased approach is suggested, anticipating a pullback.

On January 9, 2024, a broad trading range is expected. Key support levels for Nifty are identified at 21430 and 21250, while major resistance points are at 21570 and 21615, according to insights from VLA Ambala. Staying invested in robust stocks and employing trailing techniques in surging stocks is advised to maximize gains. The anticipated key range for Nifty, as highlighted by V.L.A. Ambala, is between 21,500 and 21,430, serving as a crucial support range for the upcoming quarter.

The banking sector has exhibited lower performance compared to the benchmark index, suggesting a potential pullback for further upward momentum. Predicted support levels for Nifty Bank are at 47220 and 47000, with notable resistance at 47710 and 47850. V.L.A. Ambala underlines the potential for banking stocks, including ICICI, Bandhan Bank, KOTAKBANK, AUBANK, and Yes Bank, to experience upward movement after a pullback.

Stocks To Buy Today

On Tuesday, January 9, VLA Ambala, a SEBI Registered Research Analyst, offered recommendations for intraday and swing trading in five stocks.

Mahindra Holidays and Resorts India

Buy in the range above 390 with a target between 430 to 550 and a stop loss at 330.

Sacheta Metals

Consider buying in the range of 21.50 to 22.50, with a target range of 26/28/30/32/35/37/40/45/50 and a stop loss at 15.30.

Honeywell Automation India

Trading around 37300 to 37400, suitable for buying with a mid-term target range of 38000/38150/38300/39000 and a stop loss at 36260.

Servotech Power Systems

Buy above 80 with a target range of 88 to 100 and a stop loss at 70.

Univastu India

Consider buying above 105 with a target range of 115 to 140 and a stop loss at 90.

V.L.A. Ambala underscores that these recommendations are grounded in 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.