Buy/Sell: 4 Trade Alerts By VLA Ambala On Thursday, 15th Feb

The price history indicates that a 200-day Exponential Moving Average (EMA) works as a key support level and buying range for long and mid-term investors. As a result, the market observed a resurgence of the bulls during the day.

Despite the deep gap between the opening of the benchmark indices and the banking index, the stock market ended the day near its daily high. This development helped the market recoup the losses it incurred in the past three days.

The Nifty formed a bullish candlestick pattern during the day, closing above its 4-day trading range and 20-day Exponential Moving Average (EMA). Notably, the range of 21530 to 21470 presents strong support levels, while 21730 to 21650 is the nearest support on the weekly time frame.

Quick Review of the Market

The banking stocks rallied the most in response to the RBI Governor's positive statement and outlook on the Banking and FinTech sectors. The statement further clarified that the issue of Paytm Bank is specific to Paytm Bank only and does not necessarily reflect the standing of the entire Banking and FinTech sectors. Moreover, the stock market is at ease with the delayed Repo rate cuts. However, on the whole, high inflation continues to be a burning issue amid the pressure for upcoming assembly elections. As a result, the markets are waiting for Repo rate cuts and relaxation in food prices and inflation levels.

MSMEs are the backbone of the Indian economy. However, as per a recent report, over 35,000 MSMEs were shut down post-pandemic, most of which were situated in Maharashtra, Gujarat, and Tamil Nadu. In addition, the high inflation level and higher interest rates have not been ideal for MSMEs. To ease the situation immediate attention from regulators is required at the earliest.

On a positive note, the FPIs' investment value surged by 13% to $738 billion in the December quarter, up from the $651 billion in the September quarter of the current fiscal year. However, a thorough analysis of the growth on a quarter-on-quarter basis would provide a more accurate assessment. Notably, except IT and Pharma, nearly all sectors closed the day near their intraday highs, with media, energy, metal, and PSU banks emerging as the top-gaining sectors of the day.

Technical Overview of the Stock Market

The India VIX closed the day at 15.44, indicating a sentiment of volatility in the market. The Nifty formed a strong bullish candlestick and closed above its previous 'Hammer' candlestick pattern. With this formation, the market confirmed that the bulls are not willing to lose control for the time being when the price is trading within the 21530 to 21470 range, which is crucial for the market according to the technical chart.

Key Levels to Watch on February 15th, 2024

The Nifty could find support within the 21850 and 21770 range, whereas the index's major resistance point for intraday trading could be within the 21950 and 22140 range. For the Bank Nifty, the intraday support levels could be within the 45860 and 45630 range, with resistance around the 46320 and 46850 levels.

Stocks To Buy Today

Stocks to Buy or Sell Today: VLA Ambala (SEBI Regd. Research Analyst) recommends checking out these four stocks on - February 15, 2024. As per her analysis, GREENPLY, JYOTHYLAB, TATAELXSI, and TATASTEEL could offer ample growth opportunities to traders and investors.

GREENPLY

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 238 - Rs. 230
• TARGET 1: Rs. 250
• TARGET 2: Rs. 260
• TIME PERIOD: 12-15 Days
• STOP LOSS: Rs. 228

JYOTHYLAB

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 464 - Rs. 466
• TARGET 1: Rs. 490
• TARGET 2: Rs. 530
• TIME PERIOD: 8-10 Days
• STOP LOSS: Rs. 428

TATAELXSI

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 7480 - Rs. 7490
• TARGET 1: Rs. 7550
• TARGET 2: Rs. 7630
• TARGET 3: Rs. 7700
• TARGET 4: Rs. 7970
• TIME PERIOD: 8-40 Days
• STOP LOSS: Rs. 7230

TATASTEEL

• TRADE TYPE: BUY
• ENTRY PRICE RANGE: Rs. 136 - Rs. 141
• TARGET 1: Rs. 148
• TARGET 2: Rs. 152
• TARGET 3: Rs. 155
• TARGET 4: Rs. 160
• TIME PERIOD: 8-70 Days
• STOP LOSS: Rs. 132

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.