Nifty Short, Medium & Long Term view 15-Jul-24 to 19-Jul-24
Nifty Short, Medium & Long Term view 15-Jul-24 to 19-Jul-24
Nifty closed at 24509 and touched low & high of 24230-24591
Market sustained above 24280 and closed at 24509 last week. RSI and stochastics levels was marginally down last week (72 % & 92% Respectively). Stochastic level for past 1 month is flat and sustained above 90. last such time happened in Nov 23-jan-24. Caution to be emphasized as nifty PE in record high level. Awaiting Budget by month end and Q1 results in the following days. Deploy stop loss of upto 7%-8% ( Nifty 22800 level) which is crucial.
Market have high potential to touch Psychological 25000 Mark/ 25200 ( Fib Resistance)/ 25500 ( Fib Resistance).
Nifty 24509- Short term (Neutral to Up)
Nifty short term target 25000.
Support around 23600.
Nifty at PE 23.3 crossed 5 year historical average 23.1 hence to be cautious.
Medium Term ( up) Resistance 25224( Fib Resistance), 25542 ( Fib Resistance) which is % of difference between Mar 23 low and Sep 23 high low from Sep23 high shown as vertical line
Medium term Support - 22800 /22300
Long Term (1-3 years) Nifty have strong resistance at 27000 ( Fibonacci Resistance). If market close above 25580 decisively. Support at 20800 ( Fib Support) 20225 / 20000 ( Fib Resistance),19500 expected in 2024.
Nifty bank 52296 - Index went upto 53400 ( Resistance) and came down as proposed from 47250 level nifty bank jumped more than 10%. Caution to be emphasised as nifty bank reached critical resistance. It need to cross and move up decisively this current zone. Slowly Can consider to book partial profits in Nifty Bank on every rise. Investment decision in Nifty bank, bank stocks helped in portfolio. Stock Picking is needed at this crucial nifty, Nifty Bank, Nifty auto, Nifty Pharma stocks. As insisted for last 3 months Banks & Finanace Stocks are really good and will give good results, as expected Q4 results are good especially for Axis Bank ,ICICI Bank, HDFC Bank, SBI ( Buy on dip) and Indus Ind Bank ( Buy on dip).
Following Finance Stocks can be added as it posted good results are Manappuram Finance, suryoday small fin,Motilal Fin, Chola Finance, ICICI Securities. Other stocks like Dr Reddys, Natco Pharma, Cipla, JK Cements, Biocon, Coforge & persistent Sys can add these stocks to portfolio. There is a possibility of dip to 21000-22000, hence please buy in parcels and every dip of Index and every dip of individual stocks (2-5% of portfolio on each purchase for long term) The above stocks mentioned are based on analysis of top line & Bottom line performance, hence based on the risk and portfolio mix one can add after analysis.
Comments : Post Elections, if Market need to grow higher by reduction of interest rate by RBI on a staggered manner till it reaches 5% ( in span of 2-3 years ). US fed rate reduction also expected from Aug/ Sep 2024. Market may correct if any global news upto19500 as there is strong multiple fib support in this range.
Nifty IT 39251, indices broke the Major support at 33350 and went down upto 32420.
Currently Nifty up anc crossed resistance 38569 decisively. Tech stocks revived in last one month session. Nifty IT Stocks like TCS, Infosys, Wipro gave muted results in Q4 2024. Awaited results in the following week.
Nifty closed at 24509 and touched low & high of 24230-24591
Market sustained above 24280 and closed at 24509 last week. RSI and stochastics levels was marginally down last week (72 % & 92% Respectively). Stochastic level for past 1 month is flat and sustained above 90. last such time happened in Nov 23-jan-24. Caution to be emphasized as nifty PE in record high level. Awaiting Budget by month end and Q1 results in the following days. Deploy stop loss of upto 7%-8% ( Nifty 22800 level) which is crucial.
Market have high potential to touch Psychological 25000 Mark/ 25200 ( Fib Resistance)/ 25500 ( Fib Resistance).
Nifty 24509- Short term (Neutral to Up)
Nifty short term target 25000.
Support around 23600.
Nifty at PE 23.3 crossed 5 year historical average 23.1 hence to be cautious.
Medium Term ( up) Resistance 25224( Fib Resistance), 25542 ( Fib Resistance) which is % of difference between Mar 23 low and Sep 23 high low from Sep23 high shown as vertical line
Medium term Support - 22800 /22300
Long Term (1-3 years) Nifty have strong resistance at 27000 ( Fibonacci Resistance). If market close above 25580 decisively. Support at 20800 ( Fib Support) 20225 / 20000 ( Fib Resistance),19500 expected in 2024.
Nifty bank 52296 - Index went upto 53400 ( Resistance) and came down as proposed from 47250 level nifty bank jumped more than 10%. Caution to be emphasised as nifty bank reached critical resistance. It need to cross and move up decisively this current zone. Slowly Can consider to book partial profits in Nifty Bank on every rise. Investment decision in Nifty bank, bank stocks helped in portfolio. Stock Picking is needed at this crucial nifty, Nifty Bank, Nifty auto, Nifty Pharma stocks. As insisted for last 3 months Banks & Finanace Stocks are really good and will give good results, as expected Q4 results are good especially for Axis Bank ,ICICI Bank, HDFC Bank, SBI ( Buy on dip) and Indus Ind Bank ( Buy on dip).
Following Finance Stocks can be added as it posted good results are Manappuram Finance, suryoday small fin,Motilal Fin, Chola Finance, ICICI Securities. Other stocks like Dr Reddys, Natco Pharma, Cipla, JK Cements, Biocon, Coforge & persistent Sys can add these stocks to portfolio. There is a possibility of dip to 21000-22000, hence please buy in parcels and every dip of Index and every dip of individual stocks (2-5% of portfolio on each purchase for long term) The above stocks mentioned are based on analysis of top line & Bottom line performance, hence based on the risk and portfolio mix one can add after analysis.
Comments : Post Elections, if Market need to grow higher by reduction of interest rate by RBI on a staggered manner till it reaches 5% ( in span of 2-3 years ). US fed rate reduction also expected from Aug/ Sep 2024. Market may correct if any global news upto19500 as there is strong multiple fib support in this range.
Nifty IT 39251, indices broke the Major support at 33350 and went down upto 32420.
Currently Nifty up anc crossed resistance 38569 decisively. Tech stocks revived in last one month session. Nifty IT Stocks like TCS, Infosys, Wipro gave muted results in Q4 2024. Awaited results in the following week.
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