NIFTY TECHNICAL ANALYSIS
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While the Nifty's overall trend appears positive across different time frames, it is currently facing resistance around the 24,400 level, which coincides with a 1.618% Fibonacci Extension. This suggests the possibility of a temporary consolidation or minor dip in the upcoming trading sessions before the index potentially resumes its upward movement.
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The overall trend of Nifty remains positive as per smaller to larger time frame chart. Having placed at the hurdle of around 24400 levels (1.618% Fibonacci Extension), there is a possibility of this consolidation/minor dip extending for the coming sessions. Immediate support is at 10 day-EMA at 23,990, said Nagaraj Shetti of HDFC Securities.
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Zomato shares surged 21% since June 4, outperforming the Sensex's 11% rise. Analysts predict up to 20% additional gains. The stock hit a 52-week high of Rs 213.80, closing at Rs 208.15. Momentum indicators show shares trading above 50 and 200-day SMAs with a 1-year beta at 0.6. Axis Securities noted sustained buying activity and net profit.
Ahead of Market: 10 things that will decide D-Street action on Thursday
Benchmark BSE Sensex breached the historic 80,000 level intraday for the first time while Nifty raced more than 162 points to close at a fresh lifetime high on Wednesday following heavy buying in banking and FMCG shares amid firm global market trends. Bulls have regained control from bears. This shift in sentiment has once again favored long trades in the market.
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Nifty ended Wednesday’s session with a gain of 163 points to form a small negative candle but broke out of a sideways consolidation movement on the daily chart ahead of Thursday’s expiry.
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The Nifty's upward trajectory persists, with any potential dips or consolidation presenting buying opportunities, according to the prevailing bullish pattern.
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Nifty ended Tuesday’s session with a small loss of 18 points to form a small red candle on the daily chart which indicated that bulls are getting tired at peaks.
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Nifty continues its upward trajectory, displaying positive chart patterns with higher tops and bottoms. According to Nagaraj Shetti of HDFC Securities, the market's bullish momentum could propel it towards the 24,400 mark in the near term, with immediate support at 23,980 levels.
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Having moved up sharply Nifty is currently facing hurdles at the resistance of 24,000-24,100 levels. Any dip from here is likely to be a buying opportunity. Immediate support is at 23,800 levels, said Nagaraj Shetti of HDFC Securities.
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Nifty ended Friday’s session with a loss of 34 points and broke the four-day winning streak by forming a small-bodied red candle.
Ahead of Market: 10 things that will decide D-Street action on Friday
The underlying trend of Nifty continues to be positive. A sustainable move above 24000-24100 levels could pull Nifty towards another Fibonacci extension resistance of around 24380-24400 levels in the near term.
Ahead of Market: 10 things that will decide D-Street action on Thursday
According to experts, financial and consumption stocks are currently gaining momentum due to enhanced balance sheets, robust GDP growth projections, and easing inflation. He noted that global market trends are reflecting similar patterns, with a general agreement on the likelihood of upcoming rate cuts.
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The Nifty index has broken through the 23,600 resistance level after consolidating for two weeks, setting a new record high. Analysts remain optimistic, with the next target set at 24,000.
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Rupak De, Senior Technical Analyst at LKP Securities, noted that the Nifty had slipped lower in early trades, but bulls were able to defend around the 55 EMA on the hourly chart. He indicated that the trend would remain positive for the short term as long as it remained above 23,300, where a buy-on-dips strategy might favor traders.
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Indian benchmark equity indices ended lower on Friday, once again succumbing to profit booking after hitting all-time highs, although they locked in a third straight week of gains powered by a rally in financials and the return of foreign investors.
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D-Street showed marginal gains in a shortened trading week. However, signs of fatigue and potential correction are emerging. Key resistance levels are identified, and experts recommend caution and profit booking at higher levels.
Ahead of Market: 10 things that will decide D-Street action on Friday
Tejas Shah of JM Financial & BlinkX indicated that support for the Nifty was expected at 23,500 and the 23,300-350 range. On the upside, the immediate resistance zone was projected to be between 23,600-625 levels, with the next resistance zone anticipated at 23,750-800 levels.
Ahead of Market: 10 things that will decide D-Street action on Wednesday
Domestic headline indices Nifty 50 and Sensex finished at record closing highs yet again boosted by strong domestic inflows as well as a climb in global equities. For the last few days, Nifty has been moving sideways on an intraday basis, but eventually it has moved up above 23,500. MACD showed bullish trade on the counters of ABB India, Hindustan Aeronautics, Cochin Shipyards, BEML, Godfrey Phillips India, and Cummins India.
Ahead of Market: 10 things that will decide D-Street action on Friday
Nifty range-bound flat closing for the last four days indicates a pause before a sharp move. The direction of this move is not yet known, at least not before any directional breakout. Solar Industries, Titagarh Rail Systems, Carborundum Universal, Paras Defence and Space Technologies showed bullish bias.
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