Nifty Short, Medium & Long Term : 02-Sep-24 to 06-Sep-24
Nifty Short, Medium & Long Term : 02-Sep-24 to 06-Sep-24
Nifty closed at 25235 ( Last week 24823 ) and touched low & high of 24899-25263 ( all time high)
As suggested for past two weeks, market bounced back and moved up and achieved the first Medium term target 25224.
Caution to be emphasized on Nifty as nifty PE is in high level with high valuation especially in Mid cap & Small Cap.
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. This is the best period to start SIP MF when the valuation is high.
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.
RSI and stochastics levels moved up last week (69% and 97% respectively). MACD level crossed cross the signal two weeks before and sustaining. Expecting market to move up further in short term.
Nifty 25235 Short term (Short term up)
Nifty short term resistance 25540 as shown in chart.
Support around 25000(last month high) & 24676 ( trend line support and recent low).
Medium Term 25235, next target is 25800 ( Fib Resistance). 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 scheduled in Nov 24. Until then Market may correct if any global news upto19500 as there is strong multiple fib support in this range.
Nifty bank 51368 (Last week 50933 ) - Index have target of 54000 in medium term and support at 49900
Stock Picking is needed at current scenario in Bank, auto, Pharma stocks.
Newly added stocks to buy are PI Ind, PNC Infra and Ashoka Buildcon. 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 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 Manappuram Finance, suryoday small fin, Motilal Fin, Chola Finance, Other stocks like Dr Reddys, Natco Pharma, Cipla, JK Cements, Biocon, Tanla & 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.
Nifty IT 42760 (Last week 41089 ) 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 25235 ( Last week 24823 ) and touched low & high of 24899-25263 ( all time high)
As suggested for past two weeks, market bounced back and moved up and achieved the first Medium term target 25224.
Caution to be emphasized on Nifty as nifty PE is in high level with high valuation especially in Mid cap & Small Cap.
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. This is the best period to start SIP MF when the valuation is high.
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.
RSI and stochastics levels moved up last week (69% and 97% respectively). MACD level crossed cross the signal two weeks before and sustaining. Expecting market to move up further in short term.
Nifty 25235 Short term (Short term up)
Nifty short term resistance 25540 as shown in chart.
Support around 25000(last month high) & 24676 ( trend line support and recent low).
Medium Term 25235, next target is 25800 ( Fib Resistance). 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 scheduled in Nov 24. Until then Market may correct if any global news upto19500 as there is strong multiple fib support in this range.
Nifty bank 51368 (Last week 50933 ) - Index have target of 54000 in medium term and support at 49900
Stock Picking is needed at current scenario in Bank, auto, Pharma stocks.
Newly added stocks to buy are PI Ind, PNC Infra and Ashoka Buildcon. 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 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 Manappuram Finance, suryoday small fin, Motilal Fin, Chola Finance, Other stocks like Dr Reddys, Natco Pharma, Cipla, JK Cements, Biocon, Tanla & 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.
Nifty IT 42760 (Last week 41089 ) 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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