The trading session on Wednesday showed a positive bias towards the ruling party following its win in the speaker position of the general assembly. Key sectors drawing attention include energy, metal, logistics & infrastructure, defence, pharmaceutical, and banking.
Market Overview
- Nifty and Sensex: Both indices hit fresh all-time highs during intraday trading.
- Sector Performance:
- Gainers: Media, Infra, Energy.
- Decliners: Metals, Realty.
- Indices:
- Nifty 50 closed with a marginal gain.
- Midcap Nifty index closed with a marginal loss.
- India VIX: Closed above 14.
Key Points for Tomorrow
- Nifty 50 Monthly Series Expiry: Positions rollover will be observed in derivative stocks.
Nifty Valuation Analysis
- RSI Levels:
- Daily: 66+
- Weekly: 71+
- Monthly: 78+ follow us on telegram https://t.me/SMTStockMarketToday
- Historical Price Movement: When RSI goes beyond 75, a correction of 5% to 7% is often observed.
Trading Advice
- Options Traders: Stay neutral, keep positions hedged, and welcome dips for swing trading.
- Futures Traders: Maintain long positions with cover in stocks available at discounted prices. follow us on telegram https://t.me/SMTStockMarketToday
Support and Resistance Levels
- Nifty:
- Support: 23750, 23660
- Resistance: 23950, 24070
- Bank Nifty:
- Support: 52500, 52350
- Resistance: 53150, 53400
Key Support Levels
- Nifty: 23000
- Sensex: 75400
- Bank Nifty: 49500
Swing Trading Recommendations
- JK Cement (JKCEMENT)
- Buy: 4350-4410
- Target: 4600/4750/4800/4900/5000
- Stop Loss: 4200
- Holding Period: 1 to 10 weeks
- Sun Pharma (SUNPHARMA)
- Buy: 1500-1510
- Target: 1560/1600/1630/1670
- Stop Loss: 1450
- Holding Period: 2 to 7 weeks
- IREDA
- Buy: 191-196
- Target: 205/214/220/230/245/250
- Stop Loss: 180
- Holding Period: 2 to 7 weeks
This analysis and stock recommendations are provided by SEBI registered Research Analyst, VLA Ambala.
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