Nifty Short, Medium & Long Term : 16-Sep-24 to 20-Sep-24
Nifty Short, Medium & Long Term : 16-Sep-24 to 20-Sep-24
Nifty closed at 25356 ( Last week 24855 ) and touched low & high of 24471-25429 ( all time high)
Market touched new high last week , and nearing the Short term Resistance at 25545.
RSI and stochastics levels moved up last week (63% and 87% respectively). MACD level and signal are at same level.
Nifty 25356 Short term (Short term neutral, need to cross key resistance 25545)
Nifty short term resistance 25545 as shown in chart.
Support at 24480 (Fib Support) & 24650 (Trend line support and recent low).
Medium Term next target is 25800 ( Fib Resistance)- If it crosses 25800, Medium Term is UP. if it moves above decisively next target is 26250.
Medium term Support - 24000
Long Term : Nifty have a target of 27000 ( Fibonacci Resistance). If market close above 25540 decisively. Support at 22800
Post Indian Elections, reduction of interest rate by RBI is expected on a staggered manner till it reaches 5% ( in span of 2-3 years ) in line with US fed rate reduction expected in Sep 2024. US President Election result scheduled in Nov 24. Until then Market may correct if any global news upto19500 as there is strong multiple fib support in this range.
Caution to be emphasized on Nifty as nifty PE is in high level with high valuation especially in Mid cap & Small Cap. Mutual Funds SIP shall be invested as the goal is for more than 5-10 years at this critical period as the valuation is high.
Those with lesser risk can sell partial portfolio ( 20-30%) stocks which have less valuation and can wait for opportunity to buy when nifty dips upto 22800.
Deploy stop loss of upto 7%-8% which is crucial. More Risky players can have stop loss of trend line resistance of 23750 as shown in the chart.
Nifty bank 51938 (Last week 50582) - Index have target of 54000 in medium term and support at 49900
Stock Picking is needed at current scenario in Bank, auto, Pharma stocks.
Based on the Q1 results, following stocks can be added to portfolio: ICICI Bank, HDFC Bank, Indian Bank & Punjab National Bank.
Fundamentally good stocks can be added as it posted good results on every dip in finance stocks such as CAMS, UTI AMC , HDFC AMC, Manappuram Finance, suryoday small fin, Motilal Fin, Chola Finance, Dr Reddys, Natco Pharma, Cipla, JK Cements, Biocon, Persistent Sys, PI Ind, PNC Infra and Ashoka Buildcon. 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.
Nifty IT 43394 (Last week 42234) indices dipped to 37848 in Jun month, bounced back and all time high last week. Recovery of US stock market and awaiting FED rate cute decision pushed the US stocks up and followed by Nifty IT Index.
Nifty closed at 25356 ( Last week 24855 ) and touched low & high of 24471-25429 ( all time high)
Market touched new high last week , and nearing the Short term Resistance at 25545.
RSI and stochastics levels moved up last week (63% and 87% respectively). MACD level and signal are at same level.
Nifty 25356 Short term (Short term neutral, need to cross key resistance 25545)
Nifty short term resistance 25545 as shown in chart.
Support at 24480 (Fib Support) & 24650 (Trend line support and recent low).
Medium Term next target is 25800 ( Fib Resistance)- If it crosses 25800, Medium Term is UP. if it moves above decisively next target is 26250.
Medium term Support - 24000
Long Term : Nifty have a target of 27000 ( Fibonacci Resistance). If market close above 25540 decisively. Support at 22800
Post Indian Elections, reduction of interest rate by RBI is expected on a staggered manner till it reaches 5% ( in span of 2-3 years ) in line with US fed rate reduction expected in Sep 2024. US President Election result scheduled in Nov 24. Until then Market may correct if any global news upto19500 as there is strong multiple fib support in this range.
Caution to be emphasized on Nifty as nifty PE is in high level with high valuation especially in Mid cap & Small Cap. Mutual Funds SIP shall be invested as the goal is for more than 5-10 years at this critical period as the valuation is high.
Those with lesser risk can sell partial portfolio ( 20-30%) stocks which have less valuation and can wait for opportunity to buy when nifty dips upto 22800.
Deploy stop loss of upto 7%-8% which is crucial. More Risky players can have stop loss of trend line resistance of 23750 as shown in the chart.
Nifty bank 51938 (Last week 50582) - Index have target of 54000 in medium term and support at 49900
Stock Picking is needed at current scenario in Bank, auto, Pharma stocks.
Based on the Q1 results, following stocks can be added to portfolio: ICICI Bank, HDFC Bank, Indian Bank & Punjab National Bank.
Fundamentally good stocks can be added as it posted good results on every dip in finance stocks such as CAMS, UTI AMC , HDFC AMC, Manappuram Finance, suryoday small fin, Motilal Fin, Chola Finance, Dr Reddys, Natco Pharma, Cipla, JK Cements, Biocon, Persistent Sys, PI Ind, PNC Infra and Ashoka Buildcon. 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.
Nifty IT 43394 (Last week 42234) indices dipped to 37848 in Jun month, bounced back and all time high last week. Recovery of US stock market and awaiting FED rate cute decision pushed the US stocks up and followed by Nifty IT Index.
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