Stocks To Buy Today: Day Trading Guide By VLA Ambala On Monday, 26th August

On the second consecutive day of muted performance, the Nifty index closed with a small gain of 0.07%, forming a red Long-Legged Doji candlestick pattern on the daily timeframe. The index traded within 120 points over its previous session. Similarly, Bank Nifty formed a High Wave candlestick pattern and closed above 50,933.

V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT), said "based on this, I expect the prices to trade within the 600-point range in 1-2 days before the next big-range movement. While the prevailing bullish trend is driving market sentiment, many sectors are trading in the overbought zone. As a result, several sectors, such as Realty, Pharma, Consumer Goods, and Metals are likely to plunge 3-5% in this August series. Despite the slow performance, the Nifty Smallcap 50 and Smallcap 250 indices registered their all-time highs in Friday's session."

"During the day, the India VIX surged 4.20% and closed at 13.56, suggesting increased volatility. In such a situation, I recommend avoiding overbought stocks and considering booking profits with caution. Despite challenges like inflation and unemployment, international markets are becoming dependent on India, the world's largest market. This is adding to India's strong market sentiment," Ambala further stated.

Market Overview for 26 August 2024, Monday

"For the Nifty index, the key support levels for today's trading session will be between 24,760 and 24,700, whereas resistance will likely be between 24,890 and 24,965. On the other hand, the Bank Nifty Index could find key support between levels 50,800 and 50,500, and witness 51,250 and 51,450, acting as their major resistance points," VLA Ambala predicted.

Stocks to Checkout on 26 August 2024, Monday

V.L.A. Ambala has recommended 2 stocks to buy for short-term today for healthy potential in 4 to 10 weeks.

MANGALAM

Buy: Rs. 128-131
Target: Rs. 140/145/152/160/165/180/200
Stop Loss: Rs. 114
Holding Period: 4-10 Weeks

GSFC

Buy: Rs. 225-235
Target: Rs. 250/265/280/295/300/310/330/350
Stop Loss: Rs. 210
Holding Period: 4-10 weeks

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.