📷 Image Credits: Moneycontrol
In the Indian stock market, investors and traders are closely monitoring the Nifty 50 index as it continues to show signs of indecision. Since the notable green candle on June 7, 2024, the Nifty 50 has been slowly climbing but closing in the red for nine consecutive sessions. This pattern has raised concerns among market participants about the potential future direction of the markets. To address this issue, experts are advising traders to maintain a strict stop-loss at 23,300 for their long positions in the Nifty.
Jigar S Patel, Senior Manager – Equity Research at Anand Rathi, highlighted the recent market activity in the broader markets. While the Nifty 50 index reached a new high above 23,600, it ended the week flat. Patel emphasized the importance of technical analysis in managing index peaks and the need for a close below 23,300 to avoid potential breakout failures. He also recommended three stock ideas for short-term trading, including PVR INOX, Clean Science and Technology, and Balaji Amines.
Anil Singhvi, Managing Editor at Zee Business, provided insights into support levels for the Nifty50 index, identifying key zones for buying and setting stop-loss levels to manage risk effectively. Singhvi’s analysis took into account various global and domestic factors influencing market sentiment. He also shared strategies for existing long and short positions, as well as new trading opportunities in the current market environment.
Additionally, Apurva Sheth from Samco Securities and other technical analysts offered their perspectives on the Nifty 50 and Bank Nifty indices. They discussed key resistance and support levels, stop-loss strategies, and target prices for traders to consider. The experts emphasized the importance of adapting to changing market conditions, such as volatility, and using dynamic stop-loss approaches to optimize trading performance.
Overall, with the Indian stock market exhibiting signs of uncertainty, traders are advised to stay informed about market trends, consult with experts, and implement effective risk management strategies to navigate the current market environment successfully.
