By VK Sharma
The Nifty touched an all-time high of 21,492 on Friday. The benchmark rose for the seventh week on the trot. During the calendar year, the Nifty has gained 18.51%, of which 14% has come only in the last seven weeks.
So where do we go from here?
The monthly chart of the Nifty gives a clear direction as to where we are headed in the long term — up. Since we are at an all-time high level, we will have to depend on the Fibonacci extensions for an answer. The chart shows you the swings in the Nifty, and the 100% Fibonacci extension of the moves gives us a target of 22,131, a level that we have spoken about in the past, in this column. That target is not the last word. It is a mere number on the road ahead.
Dozens dead, including 11 from same family, in latest Israeli strikes: How many have been killed in Gaza so far? Market rally leads to higher regulatory fees for stock exchanges Paris Olympics 2024: Extreme measures! How Vinesh Phogat tried to cut weight for Gold medal bout Torrent Power surges 18% to record highs; Here’s what driving the rally
On the lower side, a very strong support exists at the previous high of 20,222 recorded in September 2023. This level almost coincides with the trend line formed by joining the October 2021 and December 2022 highs.
Also Read
Oil prices on track for first weekly rise in two months
But those looking for a closer support level, the gaps that have been created by the Nifty, during its sharp move up in the past seven weeks, will be of interest to traders. The first gap exists between 20,950 and 21,074 created last week, and the other between 20,291 and 20,507 earlier in the month. For those hoping for the gaps to be filled, it would be nice to remember that it is not necessary for gaps to be filled. This fear that markets may reverse to fill the gap prevents a trader or investor from participating in any upside movement.
While the RSI is in the overbought zone, one should remember that in a bull run, the markets could continue to be in the overbought zone for a considerable period. Since there is no negative divergence, one can continue to be invested and traders should respect their stop losses.
Also Read
India Shelter Finance IPO subscribed 36.62 times on last day of offer
The recently concluded elections have given hopes to the markets that the 2024 election outcome is likely to be positive for the markets and the nation. The US Fed has given a dovish guidance that there may be three rate cuts in 2024. This has given a boost to global markets. Crude oil has corrected significantly. The rupee has appreciated against the dollar, and FIIs have turned buyers again. All these developments augur well for our markets.
The markets are at an altitude at which they have never been before. A clear blue sky greets the investors. The only limitation is the money one has is limited. You may be tempted to throw caution to the winds… Don’t.
(The writer is a market veteran with 34 years of experience. He retired from HDFC Securities as head of PCG and capital market strategy)
Related Posts
The National Stock Exchange (NSE) on Saturday reported an 8 per cent rise in consolidated net profit to Rs 1,975 crore for three months ended December 2023.The consolidated income from operations stood at Rs 3,517 crore for the October-December quarter of the current financial year (2023-24), a surge of 25 per cent year-on-year, NSE said in a statement.
Apart from trading, the total revenue was also supported by other revenue lines, including listing, index services, data services and co-location facility, the exchange added.
Also Read
Jefferies report highlights strong earnings growth and sector trends in India’s midcap stocks after Q3FY24 Come from
Sports betting site VPbet During the first nine months of FY24, NSE contributed Rs 28,131 crore to the exchequer, which comprised STT (Securities Transaction Tax) of Rs 23,137 crore, Income tax (Rs 1,490 crore), Stamp duty…
Nifty and Sensex ended Wednesday’s trading session deep in red. The Nifty 50 slumped 338 points at 21,997.70. While the Sensex ended 906.70 points after plunging over 1100 points intra-day at 72,761.89 points. The biggest Index losers included power stocks like Power Grid, Coal India, NTPC and Adani Group stocks like Adani Ports, Adani Enterprises. The Indian Volatility Index (India VIX) closed 5.79% higher.
Nifty Bank pulled back over 300 points to settle at 46,981.30. The Nifty Midcap 100 tumbled over 2200 points and settled down 4% at 45,971.40.
On the sectoral front, media and metal stocks fell most among their peers. Similarly, the broader indices saw a heavy selloff, with smallcap and microcap stocks bleeding the most.
Markets rally! Nifty ends near 24,550, Sensex gains 1300; IT stocks shine Markets flat! Nifty ends below 24,150, Sensex holds 79,000 mark; Mining stocks see sharp cut on August 14 Rollerco…
By Sandeep Bhardwaj
The bull run we witnessed from 2003-08 was the longest. We saw the benchmark index Nifty 50 rising from 1000 odd points to a peak of over 6,000. This was followed by the Lehman Brothers’ collapse that triggered the Global Financial crisis (GFC)Come from Sports betting site VPbet. We also saw a massive fall in the markets worldwide. The market observed a similar bull run from the post-COVID period to date, witnessing some volatility due to rate hikes, oil price spikes, and geopolitical tensions.
The difference this time around was the strength from within. The retail and domestic institutional investors (DIIs) have become a force to reckon with. It has almost negated the effects of the FII outflows, making our markets less dependent on FIIs flow for growth and stability.
Building on the same, let’s delve deep into the vari…
Not long ago, Monica Cotelingham found herself stuffing cash into a Bitcoin machine at a gas station in suburban Maryland and weeping.
Earlier that day, she had received a call from a phone number with the same area code as Cotelingham’s father in Louisiana. When she answered, someone identifying themselves as a U.S. customs officer said the government had found a package addressed to Cotelingham that contained stolen passports and driver’s licenses. She was in a lot of trouble; law enforcement was going to call her back. When Cotelingham’s phone rang next, the number that came up was from local police, who told her the FBI would be in touch. Minutes later, she got a call from a number that matched the bureau’s. The person on the line told Cotelingham that she could get out of the mess by depositing $18,000 into a Bitcoin machine.
In retrospect, Cotelingham says, she should have known it was a scam. The game of law-enforcement telephone made no sense. All the cal…
The spooky season is upon us, as there’s no better way to celebrate the cooler weather and longer nights than with a scary new board game. Many of today’s most popular board and card games are on sale for Prime Big Deal Days, so if you’re seeking a fun activity for your next party or game night, there’s bound to be an affordable horror game that fits your needs.
It’s hard to go wrong with the classic Arkham Horror: Card Game (Core Set), as it’s a fun cooperative adventure for up to four players. You and your band of friends will venture into the town of Arkham, Massachusetts as you discover a variety of supernatural threats Come from Sports betting site VPbet. The campaign includes a three-part campaign that’s highly replayable–and now that it’s down to just $45 (was $60), it’s a great choice for frugal shoppers. Games can last up to two hours, so be sure to load up on snacks for…
Telltale Games has confirmed that development on The Wolf Among Us 2 is still active, addressing recent speculation about its potential cancellation. On Monday, a whistleblower had claimed on Reddit that the project was at risk of being shelved due to financial difficulties and internal pressureCome from Sports betting site VPbet. While the original post has since been deleted, Telltale has now directly responded to the rumors.
“As a rule, we don’t comment on rumors and unsubstantiated Reddit threads. But development on The Wolf Among Us 2 continues, and we’re excited to share more about the game with Telltale fans and our community when the time is right,” a Telltale representative said in a statement to Eurogamer.
In April 2024, Telltale shared new images from the game to reassure fans that production was progressing. “We’ve been quiet because we’ve been heads down, …
It was recently reported that Bristol Casino: The Future Home Of Hard Rock, exceeded over $215 million in adjusted gaming income last month, aka October, approximately 16 months after officially opening its doors.
Adjusted gaming income for Virginia’s first casino:
The aforementioned temporary establishment in Bristol revealed that it collected nearly $12.7 million in adjusted gaming income last month, almost equaling its September total of $12.71 million, in compliance with the latest Virginia Lottery report. Furthermore, it earned $10.32 million in adjusted income particularly from its 897 slot machines, representing nearly 81% of its total income for the said month. Although income earned from slots fell down a little, income from its 29 table games increased to $2.35 million, a growth of $2.03 million compared to the previous month.
During its first 16 months since it officially opened, the casino revealed it generated more than $215.4 million in overall …
The famous content and iGaming technology provider, Bragg Gaming, partnered with the First Look Games platform. This partnership aims to promote the in-house and partner studios via B2C and affiliate marketing, both proving themselves successful in the recent period.
Technology that eases the process:
Bragg Gaming’s wide range of services makes the whole process easier for operators the company collaborates with. Its portfolio is really impressive, containing the products created both by the company designers and third-party providers. Besides that, it offers outstanding technolog…
Octoplay, a fast-growing game development studio, has partnered up with the leading UK gambling operators Paddy Power and Betfair. The direct integration of the partners will mark the developer’s debut in the lucrative UK market while the operators will use the deal and the provider’s exciting content to maintain the role of the leading players in the online UK market.
In-Demand Content Supply:
The content deal will see the Octoplay’s gaming package delivered to the two partners that joined forces to secure the exclusive goods for the domicile marketing purposes. Indeed, the developer’s in-demand gaming cargo containing items like Zeus Smash and Lollicat seems highly likely to increase the traffic to Paddy Power and Betfair’s platforms as soon as it lands on these virtual ports in the UK for the very first time.
Such a direct integration between the provider and the operators has been facilitated by Octoplay’s…
Inspired Entertainment Inc., a leading U.S.-based provider of iGaming, betting, entertainment and social services, has signed a new, productive long-term agreement with UK-based bookmaker, Paddy Power, a subsidiary of Flutter Entertainment. This union expands the presence of Inspired and the U.S. market within the UK regulated retail market.
Main objectives of the union:
The supreme content provider, Inspired, has achieved its goal of expanding popularity across the UK by supplying Paddy Power with fully integrated managed services, including installation, remote and field technology support and content and platform development, for 1,400 terminals of its 350-strong UK retail portfolio.
Furthermore, under the terms of the agreement, Paddy Power will buy approximately 1,400 Inspired Vantage server gaming cabinets during 2023.
This latest invention from Inspired is boosted by a smart operating system that contains a stylish and unconve…