Current Market Outlook and Swing Trade Opportunities
From our previous discussions, it’s evident that while the market’s current valuations are high, other fundamental indicators remain strong, suggesting a continuation of the bullish trend. The recent profit booking seen when prices enter overbought zones is expected, and corrections within the 5-12% range are viewed as buying opportunities.
Market Highlights:
- Nifty reached a new all-time high at 241740, closing at 24010.60.
- Nifty 50:
- Support: 23810 and 23750
- Resistance: 24030 and 24100
- Pattern: Shooting Star on the daily time frame
- Intraday Range: 23985.8 to 24174
- Bank Nifty:
- Support: 52100 and 51800
- Resistance: 52450 and 52700
- Pattern: Evening Star on the daily time frame
- Intraday Range: 52242.3 to 53030.3
ETF Investment Strategy:
- Nifty ETFs and Large Cap ETFs: Consider averaging down on dips as buying opportunities.
- Trend: Bullish with sectors like Nifty Media, Energy, Metals, FMCG, and Nifty IT trading at discounted prices relative to the benchmark index.
- Midcap Stocks: Midcap stocks in these sectors may offer swing trading opportunities.
Sector and Stock Insights:
- Government Plans: Potential sale of small stakes in PSU stocks such as IRFC, NFL, and RCF to raise funds for budget capex requirements.
- Telecom: Airtel and Jio expected to show higher revenue this quarter due to tariff increases.
- Budget-oriented Sectors: Focus on textiles, energy, warehousing, infrastructure, and electric vehicles.
Swing Trade Recommendations:
- Apollo Tyre:
- Trade Type: Buy
- Entry Price Range: 480 – 484
- Target 1: 495
- Target 2: 505
- Time Period: 35 days
- Stop Loss: 470
- MCX:
- Trade Type: Buy
- Entry Price Range: 3900 – 3960
- Target 1: 4060
- Target 2: 4200
- Time Period: 1 to 5 days
- Stop Loss: 3800
For more detailed analysis and updates, you can follow Vijay Laxmi aka VLA Ambala, a SEBI-registered Research Analyst, on her various media platforms and Telegram channels: