Market Update
Harsh Patel
Founder
While traders are betting for a move to 24000 or 24700, market may end up trading choppy between 24300-24500.
NIFTY DAILY CHART
SUPPORT: 23500-23000 RESISTANCE: 24300-24500
On Monday market remained buoyant above 24300, after recovering initial dip to 24241, nifty made high of 24480, suggesting a continuous pattern on daily chart to move towards 61% retracement level of 24752.
The Geo-political scenario is getting complex as Refineries across the world are catching fires which is hard to be a coincidence- 2 in US, Canada, Mexico, Ecuador, Australia, Romania, one in Mumbai and now yesterday Rajasthan-India just before a day of inauguration by PM Modi. Iran has denied to take part in any talks, but Trump and Media rumors are again floating of continuing talks without any credible source.
Technically above 24500 up move may continue while below 24300 we may selling to intensify to 24000 level, but majorly expiry may remain choppy with sudden moves, short-term indicators suggest market is over stretched.
Tradzo maintains cautious view and Nifty target of 19000-17000 for 2026 as per Global Macro-economic headwinds led Recessionary-Tail Risk and advice to reduce weak long positions in overvalued stocks based on trailing valuations and ignoring over-estimated forward ratios.
Read full of Analysis of Nifty50 here for broader view.
*** *** ***
Tradzo Research
Disclaimer: www.tradzo.in/disclaimer
