Nifty Short, Medium & Long Term : 25-Nov-24 to 29-Nov-24Nifty Short, Medium & Long Term : 25-Nov-24 to 29-Nov-24
Nifty closed at 23907 (two weeks before 24141) and touched high & low of 24233-23265
RSI ,Macd and stochastics levels are still down at the bottom.
Market bounced back from Trendline Support around 23250 and bounced back. But FII might continue to sell, hence please apply caution and let market move above the Ist & IInd short term target to buy in bulk. However, small SIP type buy in stocks/ MFs always better at this critica time.
FIIs was continuously selling in Indian market due to valuation issues of Indian Stocks, rather FIIs invested in Bitcoin which lead to Extraordinary increase in Bitcoin vallue and nearing 100,000 $ post US Election. Maharashtra election results gave confidence to current govt and will ease the pressure with current govt and can take free decisions in upcoming budget.
US indictment of Adani in bribe crime is a very bad issue and definitely it affects Adani Stocks and allied stocks. Example ITD Cementation is a great valued stock, but fell down drastically, as Adani was about to buy this company as per the news. Hence, avoid adani related stocks at present, as SEBI also might take action ( show cause notice/ Audit) on adani stocks.
Slowly started adding the stocks and Mutual Funds during this downfall, will continue to buy if there is further fall. Use the opportunity and grab the good value stocks.
Kindly read the Bitcoin Blog which i have written in Sep & Oct 24 with clear Indications to Buy with target of atleast 77000.
Caution was emphasized on Nifty for last 4 months as nifty PE ( Currently 22) was in high level with high valuation especially in Mid cap & Small Cap. PE touched 21.5 and bounced back.
Mutual Funds SIP shall be invested as the goal is for more than 5-10 years at this critical period , further market correction can happen upto nifty index to 22800 from current level, Individual value stock picking is a key at this critical time.
Fundamentally good stocks to be invested at these times. My Stock analysis of diwali recommendation from major financial agencies/ analyst and also some of the stock which is good as per my analysis will be provided upon request. DM : karthik_ss ( Twitter) . Individual need to analyse on their own. Further additional fundamental good value stocks ( which i analysed ) are added now after this downfall. Please note these are all not stock recommendation, rather an analysis. Individual Can analyse and add to your portfolio based on your risk profile.
Nifty 23907 Short term ( Short Term : Neutral)
Nifty short term resistance Market to firmly cross 24500, 24767(0.5 Fib resistance) and 25122 ( 0.618 Fib resistance) to move ahead to 26000.
Support at 23266 ( Last week Low), 23000 & 22800.
Medium Term next target is 25335( Shoulder Pattern), if move up decisively above next target 26268 ( all time high), 26968
Medium term Support 22248.
Long Term : Nifty have a target of 27740, 28000 & 28190 ( Fibonacci Resistance).
Support at 21240
