Stocks To Buy: 4 Technical Trade Calls By VLA Ambala On Wednesday, 3rd Jan

Selling pressure was seen in the first half of that and after that, It was a slow sideways movement in the major indices. Buying was seen in defensive sectors. Any pullback should be treated as a "Dip Buying Opportunity" as a major trend is still Bullish.

If required, hedge your portfolio but avoid overdoing it. Profit booking is part of the price journey and as Nifty rose more than 1,000 points in just a month, stock-specific action is there hence select your stocks wisely. Do invest in parts if you are planning to invest freshly now. A pullback is expected, hence prepare yourself for that too.

A broad trading range is anticipated on January 3, 2024. Noteworthy support levels for Nifty are highlighted at 21620 and 21430, with major resistance points identified at 21780 and 21850, as advised by VLA Ambala in their insights on key levels for Wednesday's trading sessions.

To make the most of this movement, it is suggested to remain invested in robust stocks, employing trailing techniques to secure maximum gains in highly surging stocks. According to V.L.A. Ambala, a SEBI Registered Research Analyst and Co-Founder of Stock Market Today (SMT), Nifty's key range is expected to be between 21,500 and 21,430, serving as significant support in the upcoming quarter of the financial year.

The banking sector has performed lower compared to the benchmark index, indicating a potential pullback move for further upward momentum. In today's trading, significant support levels for Nifty Bank are predicted at 47650 and 47450, with notable resistance points 48000 and 48250. V.L.A. Ambala, a SEBI Registered Research Analyst and Co-Founder of Stock Market Today (SMT), emphasized the ongoing potential for banking stocks to experience upward movement after pullback, such as SBI, Bandhan Bank, Kotak Bank and Yes Bank.

Stocks To Buy Today

On Wednesday, January 3, VLA Ambala, a SEBI Registered Research Analyst, issued recommendations for intraday and swing trading for four stocks.

Mahindra Holidays and Resorts India

Buy above the 390 range and the target could be expected in the range of 430 to 550, setting a stop loss at 330.

Sacheta Metals

Buy above the 22.50 range and the target could be expected in the range of 28/30/32/35/37/40/45/50, setting a stop loss at 15.30.

Laxmi Organic Industries

Trading nearly at 270/290 and looking suitable for buying now and holding for a mid-term target ranging from 305/315/320/330/345/360/370/400, with a stop loss at 260.

Happiest Minds Technologies

Buy above 900/905 range and the target could be expected in the range of 920 to 1000, setting a stop loss at 870.

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.