SEBI Registered Stock Market Today
  • October 10, 2024
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The passing of Sir Ratan Tata is indeed a profound moment for the Indian business landscape, and it seems to have triggered a significant market response, with TATA group stocks experiencing volatility. As you mentioned, this emotional response in the market may cause price spikes that aren’t necessarily sustainable, especially with broader market sentiments still being weak.

From a trading perspective, your suggestion of a neutral stance is well-grounded. It’s important to avoid trading in emotional markets, as you pointed out. With inflation concerns and slow GDP growth still looming, combined with the government’s reluctance to increase liquidity via interest rate cuts, caution remains a priority.

Technically, Nifty’s sideways movement and the Doji candlestick pattern indicate indecision in the market. The fact that Nifty has closed below its 20- and 50-day EMAs suggests that bearish pressure may persist. The RSI levels, while indicating some cooling off on the daily timeframe (42), are still quite high on the monthly (75), signaling potential exhaustion in the upward trend.

Your strategy of “sell on rise” aligns well with the current technical setup. Until we see a more solid reversal or confirmation of strength, maintaining this cautious approach is prudent.

Key levels to watch on 11th Oct 2024

– Support: 24,930, 24,800, 24,650
– Resistance: 25,080, 25,240

Bank Nifty Key levels to watch on 11th Oct, 2024
– Support: 51350 and 50800
– Resistance: 51830 and 52040

Hope this structured analysis can help you as trader to avoid rash decisions and stay grounded amid market turbulence.

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.This image has an empty alt attribute; its file name is GET-TRADING-CALLS-from-SEBI-Registered-R-A-1024x1024.png

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