Stocks To Buy Today For Short-Term: Day Trading Guide By VLA Ambala On Tuesday

During Monday's trading session, Asian markets reflected mixed signals, with the Nikkei down by -1.80% and the KOSPI down by -0.86%, while other markets showed positive momentum. Meanwhile, Gift Nifty remained flat throughout the trading session. Nifty 50, after the gap opening, faced a 0.50% intraday loss but managed to close slightly above the 24,500 mark, remaining flat compared to the previous day.

However, the index continues to trade above the 20-day EMA on the daily chart and is about 13% away from its 20-month EMA. Moreover, Nifty is only 2% away from its all-time and monthly highs, and I would suggest that all investors be cautious," said V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

"Among sectors, Nifty Financial Services, Nifty Auto, Nifty Pvt Bank, and Nifty Consumption ended the day with losses, while other sectors managed to close on a positive note. The Nifty index RSI stands at 55 on the daily chart, 70 on the weekly, and 77 on the monthly time frame, indicating an overbought condition. However, for intraday traders, these conditions can create buying opportunities on dips," added VLA Ambala.

Market Overview for 20 August, Tuesday

"For the Nifty index, the key support levels for today's trading session will be around 24,470 to 24,400, whereas resistance will likely be between 24,650 to 24,730. On the other hand, the Bank Nifty Index could find key support around 50,150 and 49,700 and witness 50,480 and 50,750 acting as their major resistance points," VLA Ambala predicted.

Stocks to Checkout on 20 August, Tuesday

VLA Ambala has recommended 2 stocks to buy today for short-term. Check key details below.

BEPL

• Buy: Rs. 150/ 155
• Target: Rs. 1701/ 75/ 182/ 190/ 200
• Stop Loss: Rs. 131
• Holding Period: 4-15 Weeks

SONACOMS

• Buy: Rs. 680-690
• Target 1: Rs. 710
• Target 2: Rs. 745/ 790/ 815
• Stop Loss: Rs. 640
• Holding Period: Rs. 1-25 Days

Note: 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.