Time to be Cautious in Nifty50 ?
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Nifty Ends Above 22,000 today, For First Time.
Time to be cautious?
The setup for 2023 was very powerful as its previous calendar year witnessed only 10 new 52-week highs, while for 2024, its previous calendar year saw a staggering 29 new 52-week highs. Today markets opened at new lifetime highs marking the second new lifetime high in just 15 days of calendar year 2024. Reliance alone is the biggest contributor in last 1000 point Nifty gain.
Furthermore, IT sector has led the Nifty rally and has spiked significantly in the last three trading sessions because of results backed by cheaper valuations.
The markets are clearly in bull's favor but the recent upswing warrants a certain degree of caution as, many times, such sharp rallies do not sustain. There is high probability that there will be profit booking in areas of ebullience, specially in small-cap & mid-cap space.
Though the larger texture of the market is still on the positive side & current leg of rally may extend up to 22,400 levels but due to temporary overbought conditions, upcoming interim budget & elections, markets may remain volatile & in profit booking mode.
We can see a selling market only after sustaining below 21750-21700 levels but right now THE TIME IS NOT TO SHORT BUT TO BE CAUTIOUS DEFINITELY.
Time to be cautious?
The setup for 2023 was very powerful as its previous calendar year witnessed only 10 new 52-week highs, while for 2024, its previous calendar year saw a staggering 29 new 52-week highs. Today markets opened at new lifetime highs marking the second new lifetime high in just 15 days of calendar year 2024. Reliance alone is the biggest contributor in last 1000 point Nifty gain.
Furthermore, IT sector has led the Nifty rally and has spiked significantly in the last three trading sessions because of results backed by cheaper valuations.
The markets are clearly in bull's favor but the recent upswing warrants a certain degree of caution as, many times, such sharp rallies do not sustain. There is high probability that there will be profit booking in areas of ebullience, specially in small-cap & mid-cap space.
Though the larger texture of the market is still on the positive side & current leg of rally may extend up to 22,400 levels but due to temporary overbought conditions, upcoming interim budget & elections, markets may remain volatile & in profit booking mode.
We can see a selling market only after sustaining below 21750-21700 levels but right now THE TIME IS NOT TO SHORT BUT TO BE CAUTIOUS DEFINITELY.
Trade attivo
warned longs at 22,070 levels.Nifty CMP 21,732
:)
Trade attivo
Nifty CMP 21,620 down 400 pointsBank Nifty CMP 46260 down 1860 points
What A Fall !!
Trade attivo
Nifty CMP 21,372Almost 750 point fall from my mentioned level in three days!
Trade attivo
Nifty CMP 21,288A good time to look for investment opportunities for long term investors as 21,250-21,280 is good short term support. Next levels to watch out for Nifty are 21,100 and 20,800 if Nifty breaks 21,250.
Trade chiuso: obiettivo raggiunto
From my last update around 21300,Nifty has moved almost 900 points and select small, mid caps have moved 20-40%
Nothing can be said about Nifty at current levels as both Nifty & NiftyBank are moving in opposite direction.
Nifty has to sustain & close above 22,200 level for further strength & upmove otherwise it is bound to come down again.
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