Market Summary and Trade Recommendations for June 20, 2024 | SEBI Registered Research Analyst

Market Summary and Trade Recommendations: June 19, 2024

Market Summary

1. Nifty Performance:

• Underperformed the Banking Index.
• Closed negative with a marginal loss of 0.15%.
• Ended the day above 23,500. Get daily live market researched trades here – https://t.me/SMTStockMarketToday

1. Sector Performance:

• Positive Sectors: Banking, IT, Financial Services.
• Negative Sectors: All other sectors.

1. Volatility:

• India VIX surged nearly 6%, closing above 13.70. Get daily live market researched trades here – https://t.me/SMTStockMarketToday

1. Key Movers:

• HDFC Bank: Gained 3.27% intraday.
• Reliance: Declined nearly 1.5% intraday.

Market Analysis

• Valuation Concerns: High valuations indicated by Nifty’s high trading levels on monthly (77) and weekly (68) time frames.
• Strategy: “Sell on rise” until price reaches key support levels at 23,000 and 20,800.

Nifty Technicals

• RSI:
• Weekly: 69
• Daily: 63
• Pattern: Dragon Fly Doji on daily time frame
• Support Levels: 23,520 / 23,450 / 23,250
• Resistance Levels: 23,750 / 23,820

Bank Nifty Technicals

• RSI:
• Weekly: 69
• Daily: 50
• Pattern: Bullish Belt Hold on daily time frame
• Support Levels: 51,000 / 50,800 / 50,620
• Resistance Levels: 51,650 / 52,150 Get daily live market researched trades here – https://t.me/SMTStockMarketToday

Trade Recommendations

1. Swing Trade on Park Hotels:

• Type: Buy
• Entry Price Range: 185 – 190
• Targets: 200 / 210 / 220 / 230
• Time Period: 8 to 15 days
• Stop Loss: 175

1. Swing Trade on Jubilant Ingrevia (JUBLINGREA):

• Type: Buy
• Entry Price Range: 540 – 545
• Targets: 570 / 590
• Time Period: 5 to 15 days
• Stop Loss: 510

1. Swing Trade on Jubilant Ingrevia (JUBLINGREA) [Alternative Entry]:

• Type: Buy
• Entry Price Range: 500 – 550
• Targets: 590 / 700
• Time Period: 25 to 60 days
• Stop Loss: 430

1. Sell on Maruti (Sell on Rise):

• Type: Sell
• Entry Price Range: 12,650 – 12,670
• Targets: 12,500 / 12,400 / 12,320 / 12,250
• Stop Loss: 12,820
• Entry Valid Till: June 21
  
  
  
  
  
  
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