Nifty Short, Medium, Long Term 03-Jun-24 to 07-Jun-24
Nifty Short, Medium, Long Term 03-Jun-24 to 07-Jun-24
Nifty closed at 22530 (22932) and touched low & high of 23091 & 22420
Exit poll results are positive.
current govt if win above 350/360 seats market may raise further on 03-Jun-24. market will be highly volatile. It may move past 24000 or can go even upto 20000. depends on budget, 100 days plan govt going to propose.
RSI and stochastics levels was up from last week (50 % & 49% Respectively). Both RSI and Stochastic are down last week due to volatile situation.
As expected and i mentioned for the past 2 Months, exit poll results announced and current govt expected to continue with good majority. As mentioned in the past 2 months, Post govt budget, current govt proposed 100 days plan will lead the market in coming days. Investment decision is mixed as market will be highly volatile due to the above factors. Hence those people cant take have high risk can sell partial stocks and book profit and re enter if dipped.
As far as my opinion, if market near to 24000 can book partial profit and can wait for market to correct as there is a strong resistance in that zone.
Nifty 22530- Short term (Up )
Nifty Expected to move up past the resistance 23200 provided last week ( Trend Line ). It may touch 24000. nifty still have resistance / support around 22819 (Fibonacci extended resistance target) again and crossed resistance decisively. Nifty at PE 21.5 below the Historical Average of 22.5
Short term support 22160 ( Trend Line) and 20830 Fib Support as shown in the chart.
Medium term resistance 24000
medium term Support - 20877
Long Term
Market expected range bound between 24000 ( Trend Line Resistance till Jun 2024) &
Support at 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 48666(49456)- 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, only way Market will start grow higher by reduction of interest rate by RBI on a staggered manner till it reaches 5%. US fed rate reduction also expected from Jun/ Sep 2024. Market may correct if any global news till 19500 as there is strong multiple fib support in this range.
Nifty IT broke the Major support at 33350 and went down upto 32919. 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 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. Especially Indian IT stocks is in a non decisive path and downtrend.ifty Short, Medium & Long Term View- 13-May-24 to 17-May-24
every dip of individual stocks (2-5% of portfolio on each purchase for long term)As mentioned in the past 1.5 month, nifty reached the near term target 22819 (Fibonacci extended resistance target) again and crossed the resistance decisively and touched 23000. Nifty at PE 21.8 below the 3 year Historical Average of 22.5..
Nifty closed at 22530 (22932) and touched low & high of 23091 & 22420
Exit poll results are positive.
current govt if win above 350/360 seats market may raise further on 03-Jun-24. market will be highly volatile. It may move past 24000 or can go even upto 20000. depends on budget, 100 days plan govt going to propose.
RSI and stochastics levels was up from last week (50 % & 49% Respectively). Both RSI and Stochastic are down last week due to volatile situation.
As expected and i mentioned for the past 2 Months, exit poll results announced and current govt expected to continue with good majority. As mentioned in the past 2 months, Post govt budget, current govt proposed 100 days plan will lead the market in coming days. Investment decision is mixed as market will be highly volatile due to the above factors. Hence those people cant take have high risk can sell partial stocks and book profit and re enter if dipped.
As far as my opinion, if market near to 24000 can book partial profit and can wait for market to correct as there is a strong resistance in that zone.
Nifty 22530- Short term (Up )
Nifty Expected to move up past the resistance 23200 provided last week ( Trend Line ). It may touch 24000. nifty still have resistance / support around 22819 (Fibonacci extended resistance target) again and crossed resistance decisively. Nifty at PE 21.5 below the Historical Average of 22.5
Short term support 22160 ( Trend Line) and 20830 Fib Support as shown in the chart.
Medium term resistance 24000
medium term Support - 20877
Long Term
Market expected range bound between 24000 ( Trend Line Resistance till Jun 2024) &
Support at 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 48666(49456)- 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, only way Market will start grow higher by reduction of interest rate by RBI on a staggered manner till it reaches 5%. US fed rate reduction also expected from Jun/ Sep 2024. Market may correct if any global news till 19500 as there is strong multiple fib support in this range.
Nifty IT broke the Major support at 33350 and went down upto 32919. 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 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. Especially Indian IT stocks is in a non decisive path and downtrend.ifty Short, Medium & Long Term View- 13-May-24 to 17-May-24
every dip of individual stocks (2-5% of portfolio on each purchase for long term)As mentioned in the past 1.5 month, nifty reached the near term target 22819 (Fibonacci extended resistance target) again and crossed the resistance decisively and touched 23000. Nifty at PE 21.8 below the 3 year Historical Average of 22.5..
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