Market Overview for 4 July 2024, Thursday
Key Points from 3 July 2024
- Nifty Index: Closed at a new record high of 24,307.25, forming a Hanging Man candlestick pattern, indicating potential reversal or caution.
- RSI Levels: Overbought on daily (71), weekly (74), and monthly (79) timeframes.
- Sector Performance: Private banks and financial services led the market.
- Investment Strategy: Focus on consolidating stocks preparing for a breakout rather than overbought stocks.
Recommended Stocks for 4 July 2024
- ZIMLAB
- Buy Price: Rs. 114/115
- Targets: Rs. 120/125/130/135/140
- Stop Loss: Rs. 106
- HAVELLS
- Buy Price: Rs. 1860/65
- Targets: Rs. 1880/1895/1910/1920
- Stop Loss: Rs. 1855
- HINDZINC
- Buy Price: Rs. 665-568
- Targets: Rs. 680/695/710/725/750
- Stop Loss: Rs. 655
- SIRCA
- Buy Price: Rs. 340-345
- Targets: Rs. 348/351/355/360/365/370
- Stop Loss: Rs. 335
Bank Nifty Overview
- Record High: 53,256.70 with a Doji candlestick indicating uncertainty.
- Valuation: High, suggesting potential for a breakout but with caution.
- PSU Banking Index: Key support at 7,160 to avoid sell-off.
Key Levels for 4 July 2024
- Nifty Index
- Support: 24,230 – 24,120
- Resistance: 24,370 – 24,480
- Bank Nifty Index
- Support: 52,850 – 52,650
- Resistance: 53,200 – 53,550
Strategy for Traders
- Hedging Positions: Recommended for short-term traders to minimize potential losses due to expected volatility.
- Market Sentiment: Overbought but dips are being bought, indicating sustained interest from investors.
Disclaimer
V.L.A. Ambala emphasizes that these recommendations are based on price movement, past behavior, and technical analysis. Always consider personal financial situations and risk tolerance before investing.
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