Market Overview for 18 July 2024, Thursday
Inputs by V.L.A. Ambala, Research Analyst (SEBI Registered), Co-founder – Stock Market Today (SMT)
In Tuesday’s session, the market displayed mixed cues. However, by the end of the day, the Nifty benchmark index managed to close neutral to its previous day’s level, forming a Doji Star candlestick pattern on the daily time frame, while Bank Nifty formed a Doji pattern. This movement reflects indecisiveness in the broader market even though the fundamental trend remains bullish. The high index valuation and composition call for caution, particularly for short-term investors exploring index ETFs. In this situation, the defense sector is expected to remain in focus. The positive corporate earnings and the upcoming budget are expected to add momentum to the market. However, inflation remains a concern and could hamper GDP growth if it persists for long.
Analyzing the broader market sentiments, the Media, Energy, IT, PSU Banks, Auto, and Realty sectors are performing well compared to other overbought sectors. Similarly, gold and silver are trading near all-time highs. On the other hand, the rupee is at its lowest level in the currency market. In this situation, I advise adopting a cautious approach to cushion risks.
Market View for 18 July 2024, Thursday
For the Nifty index, the key support levels for the next trading session will be between 24,550 and 24,470, whereas resistance will likely be between 24,680 and 24,740. On the other hand, the Bank Nifty Index could find key support between 52,200 and 51,830 and witness 52,630 and 52,940 acting as their major resistance points.
Stocks to Checkout on 18 July 2024, Thursday
- Prestige
TECHNICAL CHART VIEW –
- Buy: Rs. 1700 – 1780
- Target: Rs. 1880 – 2180
- Stop Loss: Rs. 1600
- Holding Period: 5-20 Weeks
2. RAILTEL
TECHNICAL CHART VIEW –
- Buy: Rs. 480 – 520
- Target: Rs. 570/600/630/680
- Stop Loss: Rs
- Holding Period: 4-10 Weeks
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 Author – 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