Nifty touched all-time high for the Nifty at 25,078, which was registered on 1st August and from that level we witnessed a correction and that correction went up to 23,900 odd level with US recession news followed by Yen carry trade and Middle East disruptions.
Nifty closing above its crucial resistance, which was there around 24,700 – it looks headed higher and headed for the target of 24,900 to 25,000 zone.
Globally, minutes of the Fed’s July Meeting point to a likely rate cut coming in September which could see some action in the coming months. Long term and intermediate trend highlights positive trend aided by global markets.
Strong support seen at 24500-24600 levels and if there is a drop below – it should look for buying opportunities especially in Banking and FMCG sectors. Buying in largecap stocks is highly recommended for coming months.
Bajaj Finance, Kotak Bank , ICICI Bank followed by FMCG leaders such as ITC , Titan and HUL can be bought at this levels.
We have been witnessing a slow and gradual upmove in the index since last couple of sessions but the overall market breadth remains quite healthy.
There looks to be strong stock specific buying interest in the market and hence, we expect the uptrend to continue in the near term.
Robins Joseph , SEBI Registered Investment Adviser , Certified Financial Planner. Founder of MyGuide2Wealth (www.myguide2wealth.com) based in Noida specializing in wealth, investment, retirement services with clear aim of Spreading financial literacy and advocating on India’s strong equity story
