Nifty Short, Medium & Long Term view 1Jul-24 to Jul-24
Nifty Short, Medium & Long Term view 1Jul-24 to Jul-24
Nifty closed at 23010 (23501) and touched low & high of 23351-24170
Post Election and govt formation market sustained above k5ey resistance at for two weeks after a dip to 21286.
RSI and stochastics levels was marginally down last week (68.5 % & 90% Respectively). Stochastic still in overbought levels.
Retain the statement for almost a month, Market need to cross 24150 as two trend line resistance ( Shown in the Chart), one with low risk can book partial profit and can wait for market to correct to reinvest. Market depends on the new budget and Q1 results expected in Jul 24. Market have high potential to touch Psychological 25000 Mark.
Nifty 24010- Short term (Neutral )
Nifty have resistance at 24280/ support around 22600. Nifty at PE 22.9 crossed 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 24280 ( Trendline and % of difference between Mar 23 low and Sep 23 high low from Sep23 high shown as vertical line)
medium term Support - 22000
Long Term
Nifty have strong resistance at 25000 ( Trend Line). If market close above 24150 decisively.
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).
All Companies so far posted average results other than Bank & Finance stocks which posted Good results thats why it is evident Nifty Bank have grown better than Nifty, Nifty IT and Nifty Auto in last 2 months.
Nifty bank 52342 (51661)- 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 till 19500 as there is strong multiple fib support in this range.
Nifty IT 36157 (35086), 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.
Nifty closed at 23010 (23501) and touched low & high of 23351-24170
Post Election and govt formation market sustained above k5ey resistance at for two weeks after a dip to 21286.
RSI and stochastics levels was marginally down last week (68.5 % & 90% Respectively). Stochastic still in overbought levels.
Retain the statement for almost a month, Market need to cross 24150 as two trend line resistance ( Shown in the Chart), one with low risk can book partial profit and can wait for market to correct to reinvest. Market depends on the new budget and Q1 results expected in Jul 24. Market have high potential to touch Psychological 25000 Mark.
Nifty 24010- Short term (Neutral )
Nifty have resistance at 24280/ support around 22600. Nifty at PE 22.9 crossed 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 24280 ( Trendline and % of difference between Mar 23 low and Sep 23 high low from Sep23 high shown as vertical line)
medium term Support - 22000
Long Term
Nifty have strong resistance at 25000 ( Trend Line). If market close above 24150 decisively.
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).
All Companies so far posted average results other than Bank & Finance stocks which posted Good results thats why it is evident Nifty Bank have grown better than Nifty, Nifty IT and Nifty Auto in last 2 months.
Nifty bank 52342 (51661)- 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 till 19500 as there is strong multiple fib support in this range.
Nifty IT 36157 (35086), 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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