Nifty, Sensex correcting for last four weeks as global cues, profit-booking weigh; broader markets resilient
时间:2024-06-29 00:11:56 阅读(143)
By Ajit Mishra
We have been witnessing a gradual decline for the last four weeks, in continuation of the prevailing corrective phase. The recent fall in the global indices, especially the US markets, has also started weighing on the sentiment. In line with the benchmark, the continuous underperformance of the banking index combined with profit taking in heavyweights across sectors added to the pressure. However, rotational buying in select index majors in between is capping the pace of decline. And, the broader indices are still showing resilience, offering some comfort to investors.
Since we are seeing a mixed trend across sectors, participation should focus on stock-specific approach and maintain positions on both sides. Also, keep trailing stop losses on the rise in the profitable positions, especially in the midcap and smallcap space.Traders should be watchful for Nifty and Bank Nifty highlighted below and align positions accordingly.
Nifty (CMP: 19,393.60)Nifty has been witnessing profit taking for the last two weeks and hovering around the support of short term moving average i.e. 20 EMA. The recent price action indicates a loss of momentum and we expect the index to consolidate in a broader range. In case of a further dip, the 19,100-19,300 zone would offer support while a rebound towards the 19,650-19,850 zone would attract profit taking again.
Bank Nifty (CMP: 44,002.00)The banking index, Bank Nifty, has been continuing its underperformance and currently hovering around the crucial support zone of medium term moving average i.e. 100 EMA. We are expecting the 42800-43300 zone to offer a cushion in case the profit taking extends further. On the higher side, the 44500-45000 zone would be tough to cross citing the mixed performance of the private banking majors.
Stocks to WatchBullish – Axis Bank, Federal Bank, Hindalco, LIC Housing Finance, Maruti Suzuki, NMDC, Tata Consumer Products
Bearish – Delta Corp, Indraprastha Gas, Hero MotoCorp, UPL
(Ajit Mishra, SVP- Technical Research, Religare Broking. Views expressed are author’s own. Please consult your financial advisor before investing.)
上一篇:Data & digital- Building blocks of India’s NBFC ecosystem
下一篇:ZEEL, Adani Total Gas among 163 NSE stocks to touch 52-week lows, 17 stocks hit 52-week highs
猜你喜欢
- Nykaa rating- Buy - Sustained growth is the standout feature
- DreamFolks IPO sails through on day one as retail investors oversubscribe, NIIs follow, QIB demand muted
- NSE Bulk deals, December 15- MAXIND, REPCOHOME, VAISHALI and other major deals that took place on Thursday
- TeamLease EdTech, IIT Patna and NSDC collaborate to boost national graduate employability
- Dharmendra Pradhan urges to mainstream sports in academic pursuits
- Top dividend-yield PSU shares- Coal India, Oil India, PTC India, and more
- TVS Motor Co, Rolex Rings among 54 stocks to hit 52-week high on BSE, LIC and 45 other scrips at new lows
- Does the global recession impact India’s stock market-
- Nykaa, Vedanta, ONGC, Blue Dart, Ultratech Cement, Fortis Healthcare, Bharat Electronics stocks in focus