Market Overview and Analysis
With only three days left until the final election results, market volatility continues to be a significant factor. The Nifty index has been trading within a 200-point range, while the Bank Nifty has seen even more fluctuation, trading within a 600-point range intraday. Overbought sectors are undergoing corrections due to profit booking amidst the election uncertainty and overvaluation concerns. Get daily live market researched trades here – https://t.me/SMTStockMarketToday
Market Behavior and Strategy
- Correction Phase: The market has corrected around 3% from recent record highs primarily due to profit-booking in overbought sectors. This trend is expected to continue for a few more days, creating buying and averaging opportunities for new entrants. Get daily live market researched trades here – https://t.me/SMTStockMarketToday
- Focus on Strong Stocks: During this corrective move, it is crucial to focus on stocks that are fundamentally and financially sound. Stocks that have shown significant gains are likely to undergo substantial corrections.
Technical Analysis of Nifty
- Support and Resistance Levels:
- Support: 22480, 22300
- Resistance: 22630, 22720
- Candlestick Patterns:
- Daily Timeframe: Bearish Homing Pigeon
- Weekly Timeframe: Piercing Line
- Monthly Timeframe: High Wave
- RSI Indicators:
- Daily RSI: 58
- Weekly RSI: 59
- Monthly RSI: 74
Nifty closed near the psychological support level of 22500 but remains in the overbought zone according to key RSI indicators across different timeframes. Get daily live market researched trades here – https://t.me/SMTStockMarketToday
Technical Analysis of Bank Nifty
- Support and Resistance Levels:
- Support: 44750, 48650
- Resistance: 49250, 49500
Top Gainers and Losers of the Day
Gainers
- ADANIENT:
- Current RSI: 65
- Trend: Bullish
- Trade Setup:
- Buy Range: 3320-3330
- Target: 3490/3520/3550/3600
- Stop Loss: 3200
- Holding: Intraday
- ADANIPORTS:
- Current RSI: 62
- Trend: Sell on Rise
- Trade Setup:
- Sell Range: 1500-1520
- Target: 1450/1420/1400
- Stop Loss: 1565
- Holding: Intraday
- SHRIRAMFIN:
- Current RSI: 48
- Trend: Buy on Dip
- Trade Setup:
- Buy Range: 2350-2370
- Target: 2430/2465/2500
- Stop Loss: 2310
- Holding: Intraday
Losers
- DIVISLAB:
- Current RSI: 48
- Trend: Sell on Rise
- Trade Setup:
- Sell Range: 4490-4510 Get daily live market researched trades here – https://t.me/SMTStockMarketToday
- Target: 4250/4200/4100
- Stop Loss: 4560
- Holding: Intraday
- NESTLEIND:
- Current RSI: 59
- Trend: Buy on Dip
- Trade Setup:
- Buy Range: 2360-2370
- Target: 2380/2395/2410
- Stop Loss: 2320
- Holding: Intraday
- TCS:
- Current RSI: 32
- Trend: Buy on Dip
- Trade Setup: Get daily live market researched trades here – https://t.me/SMTStockMarketToday
- Buy Range: 3640-3630
- Target: 3690/3720/3750
- Stop Loss: 3600
- Holding: Intraday
Conclusion
Given the current market volatility and correction phase, traders should remain cautious and look for opportunities in fundamentally strong stocks. Monitoring key technical levels and indicators will be crucial in navigating the market in the days leading up to the election results.
Get daily live market researched trades here – https://t.me/SMTStockMarketToday
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