Market Overview of Monday Market and Planning for Tuesday –
The market reached a fresh all-time high and closed neutral on Monday. Key observations include:
- Nifty’s Candlestick Pattern: A Doji Star was formed on the daily timeframe.
- RSI Levels: 74 (daily), 76 (weekly), and 80 (monthly).
- Weekly Candlestick Pattern: Nifty displayed a Three White Soldiers pattern.
Market Sentiment
Positive sentiments across all sectors including IT, consumers, and retail. Despite this, the index valuation is quite high, necessitating caution. The upcoming budget next week is a significant event to watch.
FII and DII Activity (Until this month)
- FII: Bought ₹10,718.65 crore, net sellers in stock options (-₹2,225.28 crore).
- DII: Purchased ₹5,005.38 crore in cash.
- Friday’s FII Activity:
- Bought ₹4,021.60 crore in cash.
- Bought ₹1,414.40 crore in Index Futures.
- Sold ₹5,451.07 crore in Index Options.
Key Levels for Nifty (16th July)
- Support: 24,460 and 24,530
- Resistance: 24,720 and 24,850
Bank Nifty
- Pattern: Doji
- Support: 52,250 and 51,930
- Resistance: 52,650 and 52,940
Stock Recommendations by VLA Ambala (SEBI Registered Research Analyst)
Apollo Hospitals (APOLLOHOSP)
- Buy: ₹6,420
- Target: ₹6,540 / ₹6,600 / ₹6,750 / ₹6,800
- Stop Loss: ₹6,300
- Holding Period: 4 to 20 Days
Max Financial Services (MFSL)
- Buy Range: ₹1,020 – ₹1,040
- Target: ₹1,070 to ₹1,220
- Stop Loss: ₹1,000
- Holding Period: 2 to 6 Days
Punjab National Bank (PNB)
- Buy Range: ₹119 – ₹121
- Target: ₹123 to ₹125
- Stop Loss: ₹117.5
- Holding Period: 2 to 5 Days
Stay cautious and keep an eye on key levels and upcoming budget announcements to adjust your strategies accordingly.
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This analysis and recommendations are provided by SEBI registered research analyst VLA Ambala.
Tags: stock market, nifty