In today’s market analysis, we delve into the recent performance of the Nifty 50 and Bank Nifty, spotlight leading sectors, and provide detailed stock recommendations. Read on to understand the key support and resistance levels, the impact of global events, and strategic investment opportunities.
Nifty 50 and Bank Nifty Analysis
Nifty 50 Overview
- All-Time High: 24,441.45
- Daily Candle Formation: Bullish Marubozu
- Breakout: Positive breakout from a 4-day trading range
- Forecast: Likely to open gap up
- Resistance Level: 24,520 (may act as morning resistance)
- Support Levels: 24,400 and 24,320
- Resistance Levels: 24,500 and 24,570
The Nifty 50 closed on a bullish note, forming a Bullish Marubozu on the daily timeframe, signaling strong upward momentum. With a positive breakout from its recent trading range, the index is likely to open gap up. If the opening price is near 24,520, it might face resistance in the morning.
India VIX
- Surge: 5% intraday
- Closing: Above 14.20
- Option Chain Data:
- Support Shift: From 24,200 to 24,300
- Resistance: Remained at 24,500
The India VIX surged by 5% and closed above 14.20, indicating increased volatility. According to the Option Chain data, key support has shifted upwards from 24,200 to 24,300, while resistance remains at 24,500.
Leading Sectors
- Auto
- Pharma
- PSU Banks
- Realty
These sectors led the market today, indicating strong performance and investor interest.
Impact of PM Visit to Russia
The Prime Minister’s visit to Russia could bring positive sentiment to the defense and oil industries, potentially boosting related stocks.
Nifty 10 July Forecast
- Support Levels: 24,400 and 24,320
- Resistance Levels: 24,500 and 24,570
Bank Nifty Analysis
Bank Nifty Overview
- Support Levels: 52,450 / 52,300 / 52,130
- Resistance Levels: 52,650 and 53,000
The Bank Nifty is also showing strong support and resistance levels, with the potential to move upwards if these levels are breached.
Stock Recommendations
Deep Energy Resources Ltd (DEEPENR)
- Buy Range: ₹170 to ₹176
- Current Market Price (CMP): ₹183
- Target Price: ₹190 to ₹220
- Stop Loss (SL): ₹165
- Holding Period: 1 to 10 days
Deep Energy Resources is recommended for purchase in the ₹170 to ₹176 range. With a target price between ₹190 and ₹220, it offers a short-term investment opportunity. A stop-loss at ₹165 is advised to manage risk.
Andhra Sugars Ltd (ANDHRSUGAR)
- Buy Range: ₹120 to ₹123
- Current Market Price (CMP): ₹122
- Target Price: ₹126 to ₹150
- Stop Loss (SL): ₹109
- Holding Period: 1 to 20 days
Andhra Sugars is recommended for purchase in the ₹120 to ₹123 range. With a target price between ₹126 and ₹150, it offers a potential mid-term investment opportunity. A stop-loss at ₹109 is advised to manage risk.
Research Analyst: Vijay Laxmi (VLA Ambala)
- SEBI Registered Research Analyst
- Published Research: Various media platforms
- Follow on Telegram: SMT Stock Market Today
- More Information: SMT Stock Market Today
These insights and recommendations are based on the analysis by Vijay Laxmi (VLA Ambala), a SEBI registered research analyst. Always consider personal risk tolerance and market conditions before making investment decisions.