10/06/2024: #NIFTY is poised for upmove with buy on dips strategy. But, for now, it is going to consolidate between 23000 and 23450 for few days. We have been maintaining in other blogs that after Modi government is formed, target eventually would be 24700 to 25000 in around 3-4 months. And NIFTY will keep giving you opportunities to invest in great stocks. For now, immediate hurdle remains around 23450, and any stay above that level for few trading sessions will open a upmove to 23950 in short term. Beyond that it will take 1-2 months and a push from budget and other macro factors like interest rate cuts. Till then it will be hoping that no negative news comes up on geo political front so that it stays with limited downside of 1-2 % profit booking. Hard downside for NIFTY is around 22700, which it is not expected to touch in absence of any negative surprises. If you are an option buyer, then opportunities are going to be limited and short lived in next 3 months. So be careful about breakout levels. Buy calls on support levels and buy puts on key resistance levels to be profitable. For option sellers, they can create spreads considering 23600 as immediate resistance for now.
31/05 / 2024 – Markets are done with the correction in last 4 days. Now NIFTY and in particular, Bank Nifty are looking up for the reasons that have been explained in this blog. So, don’t do day trade, but invest for post elections scenario. Key levels after elections. I must reiterate that the key resistance level remains as 22850 zone which should be passed easily if Modi wins. Next is 23500, and once that passes comfortably for 3-4 days, then we are going to see levels of around 25000 coming in the next 2-3 months.
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