Indian Stock Market Update – 30th July 2024
Analysis by VLA Ambala, SEBI Registered Research Analyst
Today marked a significant event in the Indian stock market as the Nifty 50 index reached a fresh all-time high of 24,999.75 during intraday trading and the July month series. However, the index faced strong price rejection at the 25,000 level, causing it to plunge nearly 220 points intraday, closing around 24,800.
Market Analysis
Current Concerns:
- High Valuation: The primary concern in the current market scenario is the high valuation, suggesting a cautious approach.
Sectors in Focus for next 4 to 8 days
- Media
- Pharma
- Banks
- Auto
- Metals
Nifty Technical Levels
- Support: 24,780 and 24,700
- Resistance: 24,950 and 25,080
Bank Nifty Technical Levels
- Support: 51,050 / 50,810 / 50,600
- Resistance: 51,830 / 52,250 / 52,500
Stocks to Watch
IEX (Indian Energy Exchange)
- Buy Zone: 180-187
- Target: 205 to 350
- Stop Loss (SL): 150
- Holding Period: 1 to 5 months
REC Ltd
Strategy
- Buy Zone: 630 to 640
- Target: 670 to 750
- Stop Loss (SL): 592
- Holding Period: 3 to 10 weeks
Given the current market conditions and the high valuation, it is advisable to adopt a cautious approach while investing. However, the identified sectors and stocks are trading at attractive prices and valuations, making them worth watching in the upcoming days.
For any updates or further recommendations, stay tuned and continue monitoring the market trends.
Disclaimer: V.L.A. Ambala emphasizes that these recommendations are based on price movement, past behavior, and technical analysis. Stay cautious and keep an eye on key levels and upcoming budget announcements to adjust your strategies accordingly.
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More about the author: Vijay Laxmi, aka VLA Ambala, is a SEBI registered Research Analyst, and her research and views are published on various media platforms. Check here – https://smtstockmarkettoday.com/pr-and-media/
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This analysis and recommendations are provided by SEBI registered research analyst VLA Ambala.
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