Nifty Short, Medium & Long Term : 07-Oct-24 to 11-Oct-24
Nifty Short, Medium & Long Term : 07-Oct-24 to 11-Oct-24
Nifty closed at 25014 ( Last Week 26179 ) and touched low & high of 25839-26285 ( all time high)
Market saw a drop of 4.5% last week due to concern on Middle East War Situation. Market touched new high 2 weeks before , and touched all time high of Mid Term Resistance 26260
Nifty Bank 51462 ( 53834), touched the target of 54000 as proposed 2 months before (54400 all time high) and support at 49900. Buy on dips.
Fed Rate Cut by 0.5% made the global market up and triggered increase in Indian Market in sep.
FPI invested 4 Billion $ in Sep and pulled out 3.5 Billion $ in 3 trading session in Oct.
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. RBI in India expected to reduce rate from end of this year.
RSI ,macd and stochastics levels are down. Caution to be emphasized as Stochastics at overbought level. Q2 results awaited which will pave way for more clearer path in market.
Nifty 25014 Short term ( Short Term : Down)
Nifty short term resistance 25675 & 26000 trend line resistance as shown in chart.
Support at 24814 ( 0.618 Fib Retracement)
Medium Term next target is 26266 & if move up decisively above next target is 27000
Medium term Support 24650 (Trend line support and Fib Resistance), 24480 (Fib Support) and 24000.
Long Term : Nifty have a target of 28190 ( Fibonacci Resistance). Support at 22800
US started reducting fed rate as expected in Sep 2024, expected it shall continue in reduction of interest rate in next year.
Caution was emphasized on Nifty for last 3 months 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.
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, ICICI Bank, HDFC Bank Indian Bank & Punjab National Bank.
Stock Picking is needed at current scenario in Bank, auto, Pharma stocks.
Based on the Q1 results, following stocks can be added 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.
Nifty IT 41912 (42312) indices dipped slightly, NIfty IT is less than SMA 21 level, need clear direction and Q2 results will pave way for the clear direction.
Nifty closed at 25014 ( Last Week 26179 ) and touched low & high of 25839-26285 ( all time high)
Market saw a drop of 4.5% last week due to concern on Middle East War Situation. Market touched new high 2 weeks before , and touched all time high of Mid Term Resistance 26260
Nifty Bank 51462 ( 53834), touched the target of 54000 as proposed 2 months before (54400 all time high) and support at 49900. Buy on dips.
Fed Rate Cut by 0.5% made the global market up and triggered increase in Indian Market in sep.
FPI invested 4 Billion $ in Sep and pulled out 3.5 Billion $ in 3 trading session in Oct.
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. RBI in India expected to reduce rate from end of this year.
RSI ,macd and stochastics levels are down. Caution to be emphasized as Stochastics at overbought level. Q2 results awaited which will pave way for more clearer path in market.
Nifty 25014 Short term ( Short Term : Down)
Nifty short term resistance 25675 & 26000 trend line resistance as shown in chart.
Support at 24814 ( 0.618 Fib Retracement)
Medium Term next target is 26266 & if move up decisively above next target is 27000
Medium term Support 24650 (Trend line support and Fib Resistance), 24480 (Fib Support) and 24000.
Long Term : Nifty have a target of 28190 ( Fibonacci Resistance). Support at 22800
US started reducting fed rate as expected in Sep 2024, expected it shall continue in reduction of interest rate in next year.
Caution was emphasized on Nifty for last 3 months 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.
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, ICICI Bank, HDFC Bank Indian Bank & Punjab National Bank.
Stock Picking is needed at current scenario in Bank, auto, Pharma stocks.
Based on the Q1 results, following stocks can be added 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.
Nifty IT 41912 (42312) indices dipped slightly, NIfty IT is less than SMA 21 level, need clear direction and Q2 results will pave way for the clear direction.
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