Hello reader, hope you’re doing well. As we start off the June series from today, in the midst of a positive market atmosphere, the Nifty bulls are actively attempting to carry forward the wave of optimism after a strong recovery witnessed yesterday. With careful planning, the Nifty index is prepared to navigate the path of expansion, with targets set at 18473, and even venturing into the more ambitious range of 19000-19150. Similarly, the Bank Nifty index follows a similar pattern, embarking on an upward path towards targets at 44153, and reaching the significant milestone of 45000.
Important points to note:
- With the market sentiment on the rise, driven by the impressive rally of Nasdaq and S&P 500, along with an influx of buyers at Dalal Street, we are cautiously embracing a sense of optimism. Nevertheless, in the midst of this prevailing positivity, it is crucial to remain mindful of the unresolved US debt ceiling, which urges aggressive traders on the buying side to approach their actions with caution.
- As we navigate through Q4 and anticipate the performance of various companies, we find our chart of the day favoring Indian Hotels, Apollo Tyres, Coforge, and Vedanta, urging investors to seize any corrective declines with an inter-week perspective.
- Highest OI on nifty being at 18300 strike, which can act as key support for the index for the upcoming week.
- ITC being one of the strongest and silent gainers in the past few months, reaching newer ATH levels each passing month, charts shared below –
On a lighter note, global Macro investors waiting for recession to become the ‘next Michel Burry’ since 2009 –
As always, risk management is key, and a proper system in place prevents one from losing out too much, in case of outlier events. Have a good trading day, and may the force be with you!
Disclaimer: this post is for educational purposes only, we are not SEBI registered analysts. Trades mentioned here are not trade recommendations. Equity Investments are subject to 100% market risk, please consult your financial advisor before investing.