Nifty and Market Overview for next week and August 2024
Current dips in the market are being seen as buying opportunities, consistent with the ongoing trend. The Nifty index is trading within an ascending channel with a healthy degree of stability. Recently, the price found support at its 20-day exponential moving average, which will act as a key support range in the upcoming weeks. On an intraday basis, Nifty has formed a bullish Marubozu candlestick pattern, and on Monday, the price is likely to open with a gap.
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The RSI for Nifty is elevated at 70 on the daily timeframe, 77 on the weekly timeframe, and 81 on the monthly timeframe. Given these high valuation levels, it is advisable to hold positions cautiously and adjust as necessary.
India VIX has cooled off and is now trading at 12, indicating that options premiums are not too expensive currently. This makes hedging strategies particularly effective.
Sectors in Focus
Over the next 10 days, the following sectors are expected to be in focus:
- Financial Services
- Infrastructure
- Private Banking
- IT
- Metal
- Media
Key Levels for Nifty and Bank Nifty
- Nifty
- Support: 24,720 and 24,680
- Resistance: 24,970 and 25,050
- Bank Nifty https://t.me/SMTStockMarketToday
- Support: 51,150 and 50,950
- Resistance: 51,600 and 51,830
Stock Recommendations- Lloyds Metals and Energy Ltd (LLOYDSME) https://t.me/SMTStockMarketToday
- Buy: 730 to 746
- Target: 783 to 1000
- Stop Loss: 700
- Holding Period: 1 to 4 weeks
- Mahindra Holidays & Resorts India Ltd (MHRIL)
- Buy: 465 to 470
- Target: 500 to 650
- Stop Loss: 430
- Holding Period: 1 to 10 days
- Motherson Sumi Systems Ltd (MOTHERSON)
- Buy: 194 to 196
- Target: 203 to 220
- Stop Loss: 188
- Holding Period: 1 to 6 weeks
Gold Analysis
Gold is trading nearly 7% below its all-time high, with bullish momentum above 68,050 in the August futures contract.
Analysis by VLA Ambala, SEBI Registered Research Analyst
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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