In this article I have provided market analysis and trading recommendation for Indian indices and specific stocks for 24 June Monday. Let’s break down the key points:
- Market Overview:
- Most indices declined on Friday except Media, Metal, and IT sectors.
- India VIX closed at 13.18 with a decline of 1.27% intraday, suggesting reduced volatility expectations.
- Markets are at higher valuations in the midterm to long term, indicating caution and suggesting a “sell on rise” strategy for short-term and intraday traders.
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- Upcoming Political Event:
- Mention of the 18th assembly in India and the election of a new Lok Sabha speaker, which could cause short-term market volatility.
- Market Caution:
- Advice to avoid the market if unable to handle high volatility next week, or to cover positions for safety, particularly for today’s or swing trading.
- Gold and Market Scenario:
- Noting that both the market and gold are at all-time highs simultaneously, which is rare and warrants caution but not fear.
- Investment Advice:
- Emphasizing diversification across asset classes and avoiding overexposure to specific stocks or assets.
- Technical Analysis (Nifty and Bank Nifty):
- Support and resistance levels for Nifty and Bank Nifty.
- RSI levels across different time frames indicating market sentiment (monthly, weekly, daily).
- Stock-Specific Recommendations:
- Astral: Buy on dips at specified price range with targets and stop-loss.
- Coforge: Sell on rise at specified price range with targets and stop-loss.
- SRF: Buy on dips at specified price range with targets and stop-loss, suitable for both intraday and short-term holding.
Detailed view-
- Astral Ltd.: “Strategic Buying Opportunity in Astral Ltd.”
- Buy Range: 2210 to 2180
- Current Market Price (CMP): 2273
- Target Prices: 2300, 2450, 2600, 2700
- Stop Loss (SL): 2100
- Holding Period: 5 to 20 days
- Coforge Ltd.: “Sell on Rise Strategy for Coforge Ltd.”
- Sell Range: 5600 to 5700
- Target Prices: 5450, 5300, 5200
- Stop Loss (SL): 5770
- Intraday Strategy
- SRF Ltd.: “Opportunistic Buying Plan for SRF Ltd.”
- Buy Range: 2360 to 2400
- Target Prices: 2510, 2600, 2680, 2750, 2800
- Stop Loss (SL): 2250
- Holding Period: 4 to 15 days
Overall, this article provides a comprehensive analysis of the current market conditions, technical indicators, upcoming events, and specific trading recommendations for stocks. It emphasizes cautious optimism due to high market valuations and potential short-term volatility from political events. The advice revolves around strategic trading, risk management, and diversification.
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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