Indices View Nifty
The lower high we saw last month could even continue further for the 2nd month in a row with the fall towards 24375, 23983 or even 23336. Such a fall could give a good opportunity for investors to buy on dip before Nifty reaches 30000 level. The +ve bias again taking the Nifty towards new lifetime high level in the near term before Nifty triggers 23336 if & only if Nifty is able to move beyond 25609 else biases could be flat to -ve. Hence the level to track this month closely should be 25609 for the decisive move ahead. Anyway, stick to the rules: Buy during falls and avoid buying during rally.
As discussed Nifty fell further towards 24338 making the lower high lower low and the lower close for the 2nd month in a row. After making the recovery high of 25669 in June, NIfty entered into the correction mode during July as well as August, as this was the 2nd month with the lower high, lower low and the lower close. Real correction in the Nifty started from October last year and we can say Nifty is in the correction mode for the last 11 months. During this 11 months we saw a total damage of 4533 points which is 17.3% damage. Recovery of 3925 points was seen during the last half of this correction which is 87% recovery of the fall. Again from 25669 the recovery high Nifty has entered into the correction mode and the damage of 1332 points which is 5.2% damage. As assumed the profit booking was seen near 78.6% retracement level. Anyway, buying has been recommended during the past fall near 21716 and even partial profit booking of some 5% profits was assumed near the previous lifetime high level of 26277. Buying should be done during any fall and avoid buying during the rally market.
Considering the lower high and the lower for the 2 months in a row the most important level to track this month should be the previous month high 25154. Nifty’s strength to move beyond 25154 can help Nifty recover towards 24941, 25455 or even 25757 which would be the new recovery high. Such a recovery could even help Nifty break the previous lifetime high level. Nifty’s failure to move beyond 25154 could drag Nifty lower towards 23336 temporarily where again good buying opportunities could be seen. Hence the level to track this month closely should be 25154 for the decisive move ahead. Anyway, stick to the rules: Buy during falls and avoid buying during rally.
Nifty Solid September Pivot Points: 24640
Resistance: 24941 | 25455 | 25757
Support: 24125 | 23824 | 23309
+ve broader indices for the Coming Months: Auto, Consumption, Metal, MNC,
-ve broader indices for the Coming Months: Nifty_50, Next_50, Nifty_100_200_500, Midcap, Smallcap, Nifty_Bank, Commodities, CPSE, Div_Opportunity, Energy, Fin_Services, Infra, Pharma, PSE, PSUBank, Private_Bank, Services
USD INR: CMP: 88.12
Taking the support of 87.7 to 87 we may see the new rally towards 89.2 in September.
BitCoin: CMP: 108227 (No Value, only Trading)
New Buying can be done during the whole range of 75621 to 42838 all with the target of 141187 in the next 12-15 months.
SALES_ PROFIT_ Margin & VALUATIONS:
Nifty Dividend Points:
Nifty Intrinsic Value as per current earnings:
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