Stocks To Buy Today: Day Trading Guide By VLA Ambala On Friday, 23rd August

With a muted expiry day, Nifty closed at 24,800 on Thursday. The index traded within a narrow range of 24,784.45 to 24,867.35 intraday and formed a small Bearish Belt Hold candlestick pattern on the daily timeframe. On the other hand, Bank Nifty formed a Green Doji candlestick pattern, and its RSI readings were 51 on the daily, 58 on the weekly, and 66 on the monthly timeframes. In this session, the price managed to sustain itself above 23,800, so it could reach August's high in 6-13 days. Notably, it is only 1% away from its all-time high. The RSI reading has reached 60 on the daily frame but is still above 70 on the weekly and monthly timeframes, indicating a strong trend. In this situation, following the 'buy on dip' strategy could help capitalize on the potential swing move.

"India VIX continued to trade in its lower range of 10-13, closing at 12.95. Meanwhile, the Media, Energy, IT, and Pharma sectors faced losses, while others ended the day positively. Sectors like Media, FMCG, and Infra are likely to be the focus in the coming days. I recommend traders and investors consider August 22's low as a key support zone. If the price fails to hold here, we may witness an intraday fall during Friday's trading session. However, if the price breaches the day's high, buying will continue intraday," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Market Overview for 23 August 2024, Friday

"For the Nifty index, the key support levels for today's trading session will be between 24,780 and 24,650, whereas resistance will likely be between 24,840 and 24,950. On the other hand, the Bank Nifty Index could find key support between levels 50,770 and 50,650, and witness 51,220 and 51,450, acting as their major resistance points," said VLA Ambala.

Stocks to Checkout on 23 August 2024, Friday

These stocks are advised to buy on Friday by V.L.A. Ambala, a research analyst (SEBI registered) and co-founder of Stock Market Today (SMT), amid the formation of a small Bearish Belt Hold candlestick pattern by Nifty on the daily timeframe.

JINDALSTEL

• Buy: Rs. 964/965
• Target: Rs. 973/980/995/1015/1020/1035/1050/1065
• Stop Loss: Rs. 940
• Holding Period: Rs. 3-20 Days

Note: V.L.A. Ambala emphasizes that these recommendations are based on price movement, past behaviour, 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.