Stock market weekly wrap(04-08 September)
We saw a pullback Rally in NIFTY in the previous week that is a good sign. The overall trend if NIFTY is positive. Neither on hourly chart nor on daily chart NIFTY is not looking week but valuation is still a little high so a correction from here would be a healthy correction for Market. On a daily chart, Ichimoku indicator is giving a positive signal. Along with RSI is around 57 which is also a positive sign.
On Hourly chart Ichimoku is positive but RSI is heading downward so little cautious from here. If you are long in NIFTY hold it with a tight stoploss. Levels for coming week are:-
NIFTY- R2- 10041, R1- 9939 & S1- 9743, S2 9650
BANKNIFTY – R2- 24737, R1- 24505 & S1 – 23947, S2- 23620
Some of my positional views for short to medium term
ICICIPRULI is looking good on the Daily chart. Making Bullish CRAB pattern. you may see 500 & 575 levels in 6 months.
JUSTDIAL is looking good for positional. you may see 530 & 650 in coming months.
OIL is looking good for positional medium to long term. you may see 380 & 450 levels in it. so hold it for your long term portfolio.
IRB is looking good for medium to long term. Valuation is attractive, Fundaments are good. you may see 300 levels in it very soon. so hold it for a long term prospective.
DISCLAIMER: – we are not a SEBI research analyst. Views posted here only for educational purposes. There is no liability whatsoever for any loss arising from the use of this product or its contents. This product is not a recommendation to buy or sell, but rather a guideline to interpreting specified analysis methods. This information should only be used by investors and traders who are aware of the risk inherent in securities trading.