Market Overview
Post-Budget Market Analysis:
- Mixed Sector Performance:
- Positive sectors: Media, Energy, Metal, IT, Pharma, Infra, Realty.
- Negative sectors: FMCG, Consumption, Private and PSU Banks, Financial Services.
- Nifty Recovery:
- Nifty showed recovery in the second half of the day.
- Monthly expiry is approaching tomorrow.
- Nifty is close to its 20-day exponential moving average with immediate support at 24,380.
- Sustaining above 24,500 tomorrow could prevent further selling pressure for the next few days.
Economic Indicators
- Rupee at All-Time Low:
- The depreciating rupee indicates declining purchasing power in the global market despite GDP growth.
- Inflation Concerns:
- Food and daily needs products are likely to see inflation due to adverse monsoon conditions across India.
Key Levels
NIFTY:
- Support Levels: 24,350 and 24,120
- Resistance Levels: 24,530 and 24,600
BANKNIFTY:
- Support Levels: 51,200 and 50,750
- Resistance Levels: 51,650 and 51,800
Trade Recommendations
Monte Carlo:
- Scrip Name: Monte Carlo
- Trade Type: Buy
- Entry Price Range: 695 – 700
- Target: 715 to 850
- Time Period: 3 to 20 Days
- Stop Loss: 685
MCX:
- Buy Range: 3950 to 4080
- Target: 3950 to 4300
- Stop Loss: 3850
- Holding Period: 2 to 6 Weeks
JPPOWER:
- Buy: 18.80
- Target: 21 to 34
- Stop Loss: 15.50
- Holding Period: 2 to 5 Months
Analysis by SEBI Registered Research Analyst Val Ambala.
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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This analysis and recommendations are provided by SEBI registered research analyst VLA Ambala.
Tags: stock market, nifty