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Market Analysis for 11th July 2024
The market is currently trading at higher valuations, which is a concern. While the medium-term trend for the next 6 to 9 months remains bullish, a cautious approach is recommended for the short term. The Nifty 50 concluded the day close to its previous day closing level with a minor intraday gap, ending at 24,300 with a 0.71% gain over June closing. The index is trading approximately 350 points away from its 28 and 20 days exponential moving averages (EMA).
RSI Analysis
- Daily Time Frame: Above 69
- Weekly Time Frame: 74
- Monthly Time Frame: 79
These RSI values indicate that the market is in the overbought zone. Follow VLA Ambala SEBI RA here on telegrams here – https://t.me/SMTStockMarketToday
Strategy
For the next 2 to 3 days, a sell on rise strategy is advisable due to the overbought conditions.
Upcoming Events
The market is anticipating one of the biggest events of the year, Budget Day. Sectors to watch include:
- Automobile
- Semiconductor
- Infrastructure
- Green Energy (Midcap and Large Cap stocks)
Nifty 50 Technical Levels
- Support: 24,310 and 24,120
Resistance: 24,480 and 24,530
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Bank Nifty Technical Levels
- Support: 52,200 and 51,700
- Resistance: 52,450 and 52,700
Pattern: Long Legged Doji
Stocks to Watch for 12th July Trading Session
APOLLOHOSP
- Buy Zone: 6,300 to 6,350
- Current Market Price (CMP): 6,390
- Target: 6,450 to 6,500
- Stop Loss (SL): 6,230
SUNTV
- Buy Zone: 790 to 800
- CMP: 810
Target: 835 to 870
SL: 765
Option Open Interest (OI) Data
According to option OI data, the key support for Nifty 50 is at 24,300 and resistance at 24,500.
Conclusion
For the trading session on 12th July, keep an eye on the key support and resistance levels for both Nifty and Bank Nifty. The overbought RSI levels indicate potential for a short-term pullback, making the “sell on rise” strategy suitable. Stay informed about sector movements, especially in the lead-up to Budget Day, with a focus on automobile, semiconductor, infrastructure, and green energy sectors.
Vijay Laxmi aka VLA Ambala is SEBI registered Research Analyst and her research and view are being published in various media platforms as well- Check here – https://smtstockmarkettoday.com/pr-and-media/
Follow VLA Ambala SEBI RA here on telegrams here – https://t.me/SMTStockMarketToday
Tags: stock market, nifty
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