Nifty Short, Medium, Long Term 18-Jun-24 to 21-Jun-24
Nifty closed at 23465 (23293) and touched low & high of 23221 & 23484
Post Election and govt formation market sustained above key resistance at 23250-23300 for another week after the last week dip to 21286.
RSI and stochastics levels was up from last week (61.5 % & 98.88% Respectively). Stochastic in overbought levels.
Market need to cross 23900-24100 as two trend line resistance ( Shown in the Chart between 23900 and 24100), if not can book partial profit and can wait for market to correct as there is a strong resistance in that zone.
Nifty 23290- Short term (Up )
Nifty might move up and It may touch 23900. Nifty still have resistance / support around 22600. Nifty at PE 22.32 near to 3 year historical average 22.5 hence to be cautious.
Short term support 22600( trendline), 22200 ( Trend Line) and 21700 Trend line Support as shown in the chart.
Medium term resistance 24000
medium term Support - 21300
Long Term
Market expected range bound between 24000 ( Trend Line Resistance till Jun 2024) &
Support at 20800 ( Fib Support) 20225 / 20000 ( Fib Resistance),19500 expected in 2024.
Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance).
Nifty also have resistance at 25000 ( Trend Line). If market close above 24000 decisively.
All Companies so far posted results are average other than Bank & Finance stocks which posted Good results, IT posted muted growth, Maruti posted good results, Reliance, Ultratech posted good growth. Other manufacturing, capital goods companies results are awaited in coming weeks.
Nifty bank 50000 (49803)- As proposed from 47250 level nifty bank jumped more than 7%. Investment decision in Nifty bank, bank stocks helped in portfolio. Still can continue to invest whenever dip in bank and other nbfc 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 , Indusind bank ,ICICI Bank definitely can be added as portfolio stock. Kotak Bank ( after the fall due to RBI regulation can be added slowly whenever there is a dip), Bank of Maharasthra ( Buy on Dips) ,Canara bank( Buy on Dips) can be accumulated slowly as well.
Following Finance Stocks can be added as it posted good results are Bajaj Finance, Bajaj Fin Serv, Manappuram Finance, suryoday small fin,Motilal Fin, Chola Finance, ICICI Securities. Other stocks like Dr Reddys, Natco Pharma, Cipla, JK Cements, Apollo tyres, Biocon, Coforge & persistent Sys can add these stocks to portfolio. 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)
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 till 19500 as there is strong multiple fib support in this range.
Nifty IT 34598 (35218), indices broke the Major support at 33350 and went down upto 32420. Tech stocks revived in last two trading session. Nifty IT Stocks like TCS, Infosys, Wipro gave muted results in Q4 2024. Can be added for short rally as it fell sharply, however strictly for long term and also in portions slowly on each fall ( say 5-10% of total investment in IT stocks). Whenever there is such dips and new lows ( in the last 1 year) We can add slowly considering 2-3 years. It need to break above 35786 ( Fib) to reach 38000 needed to further move up. Future of technology stocks are in high pressure due to AI as it is reflecting in US and Indian technology stocks.
Post Election and govt formation market sustained above key resistance at 23250-23300 for another week after the last week dip to 21286.
RSI and stochastics levels was up from last week (61.5 % & 98.88% Respectively). Stochastic in overbought levels.
Market need to cross 23900-24100 as two trend line resistance ( Shown in the Chart between 23900 and 24100), if not can book partial profit and can wait for market to correct as there is a strong resistance in that zone.
Nifty 23290- Short term (Up )
Nifty might move up and It may touch 23900. Nifty still have resistance / support around 22600. Nifty at PE 22.32 near to 3 year historical average 22.5 hence to be cautious.
Short term support 22600( trendline), 22200 ( Trend Line) and 21700 Trend line Support as shown in the chart.
Medium term resistance 24000
medium term Support - 21300
Long Term
Market expected range bound between 24000 ( Trend Line Resistance till Jun 2024) &
Support at 20800 ( Fib Support) 20225 / 20000 ( Fib Resistance),19500 expected in 2024.
Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance).
Nifty also have resistance at 25000 ( Trend Line). If market close above 24000 decisively.
All Companies so far posted results are average other than Bank & Finance stocks which posted Good results, IT posted muted growth, Maruti posted good results, Reliance, Ultratech posted good growth. Other manufacturing, capital goods companies results are awaited in coming weeks.
Nifty bank 50000 (49803)- As proposed from 47250 level nifty bank jumped more than 7%. Investment decision in Nifty bank, bank stocks helped in portfolio. Still can continue to invest whenever dip in bank and other nbfc 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 , Indusind bank ,ICICI Bank definitely can be added as portfolio stock. Kotak Bank ( after the fall due to RBI regulation can be added slowly whenever there is a dip), Bank of Maharasthra ( Buy on Dips) ,Canara bank( Buy on Dips) can be accumulated slowly as well.
Following Finance Stocks can be added as it posted good results are Bajaj Finance, Bajaj Fin Serv, Manappuram Finance, suryoday small fin,Motilal Fin, Chola Finance, ICICI Securities. Other stocks like Dr Reddys, Natco Pharma, Cipla, JK Cements, Apollo tyres, Biocon, Coforge & persistent Sys can add these stocks to portfolio. 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)
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 till 19500 as there is strong multiple fib support in this range.
Nifty IT 34598 (35218), indices broke the Major support at 33350 and went down upto 32420. Tech stocks revived in last two trading session. Nifty IT Stocks like TCS, Infosys, Wipro gave muted results in Q4 2024. Can be added for short rally as it fell sharply, however strictly for long term and also in portions slowly on each fall ( say 5-10% of total investment in IT stocks). Whenever there is such dips and new lows ( in the last 1 year) We can add slowly considering 2-3 years. It need to break above 35786 ( Fib) to reach 38000 needed to further move up. Future of technology stocks are in high pressure due to AI as it is reflecting in US and Indian technology stocks.
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