Overall Market Sentiment and price behaviour on Friday Trading session-
- The market witnessed a fresh all-time high in IT and benchmark indices.
- Nifty reached a new peak at 24,593, surpassing the significant resistance level of 24,500.
Key Drivers:
- TCS Quarterly Results: Positive results from TCS have significantly boosted market sentiment, leading to high trading volumes.
- Top Gainers: The top gainers included TCS (up 6.93%), Wipro, LTIM, Infosys, and HCL, with these stocks rising between 3% and 6.93% intraday.
- Sector Performance: IT and media stocks surged the most, while the realty sector experienced the biggest decline.
- India VIX: The volatility index declined by over 2%, indicating a mixed cues day.
Index Performance:
- Nifty and Sensex: Both indices surged nearly 1% intraday but closed with around 0.70% gains, marking another green week.
- Candlestick Pattern: Nifty formed a “Spinning Top” candlestick pattern on the weekly timeframe, indicating indecision and potential reversal in the overbought zone according to RSI metrics.
Market Trend:
- The major market trend remains bullish, with no significant signs of weakness. However, higher valuations pose a concern for short-term traders and investors.
- Short-term investors are advised to hedge positions wisely, taking advantage of deep dips as buying opportunities.
- Positive market sentiment is further supported by recent US CPI data and upcoming budget sessions.
Key Levels for Nifty and Bank Nifty
Nifty:
- Support: 24,480 and 24,350
- Resistance: 25,630 and 24,700
Bank Nifty:
- Support: 52,220 and 51,850
- Resistance: 52,650, 52,800, and 53,050
Stock Recommendations
ZEEL (Zee Entertainment Enterprises Ltd):
- Buy: 150-155
- Target: 160 to 182
- Stop Loss (SL): 144
- Holding Period: 2 to 10 Days
PNB (Punjab National Bank)
:
- Sell: 121-119
- Target: 116 to 112
- Stop Loss (SL): 124
- Holding Period: 1 Day
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/
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This analysis and recommendations are provided by SEBI registered research analyst VLA Ambala.
Tags: stock market, nifty