Top 10 Bets For 3-4 Weeks As Bulls Look Tired At The Peak, Bears Take Over Reins.
According To Experts, The Nifty50’s Future Critical Support Level Is Projected To Be Between 19,600 And 19,500. If It Manages To Hold Above This Level, A Slow Climb Towards 20,000 May Be Feasible.
The Market Went Into A Tailspin And Closed Down 2.6 Percent To Below 19,700 Points In The Week Ended September 22 And After Trading In The Green For Three Weeks In A Row.
If Bears Continue To Hold Their Sway Over The Market, Then 19,600-19,500 Could Be A Crucial Support For The Nifty50 In The Coming Sessions, And If The Index Stays Above This Level, Then The Gradual Up-Move Towards 20,000 Points Looks Likely, While The Breaking Of This Level May Drag The Index Near Its August Lows Of Around 19,200, Experts Said.
The Nifty50 Settled At 19,674 And Formed A Long Bearish Candlestick Pattern On The Weekly Charts With Momentum Indicator RSI (Relative Strength Index) Showing A Bearish Crossover
“The Recent Price Action Certainly Portrays The Ferocity Of The Bears, Which Not Only Decisively Dragged The Index Below The Psychological Mark But Yielded A Dent In The Ongoing Undertone,” Osho Krishan, Senior Analyst For Technical And Derivative Research At Angel One, Said, Adding That The 19,600-19,500 Zone Is Likely To Cushion The Blips.
On The Higher End, 19,780-19,800 Is Likely To Be Considered As An Intermediate Resistance, Followed By A Sequence Of Resilience From 19,850-19,900 And Finally The 20,000 Barrier In The Near Term, He Says.
Rohit Srivastava Of Indiacharts Predicts That The Nifty50 Will Find Support At 19,615, Which Represents 61.8 Percent Of The Rebound Since The August Low. He Believes That The Low In August Is Unlikely To Be Broken Because The Rally That Began In March 2023 Is Currently In Its Third Wave.
For The Time Being, Krishan Advocated Being Extremely Selective With Stock Selection And Refraining From Being Overly Aggressive In The Markets.
Let’s Look At The Top 10 Trading Suggestions Made By Professionals For The Upcoming Three To Four Weeks. Returns Are Based On The Closing Prices Of September 22.
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Source: Money Control