Indian stocks closed lower on Tuesday, with the Nifty index down 45 points at 24,579 and the Sensex down 206 points. Selling pressure in auto and banking stocks weighed on market sentiment, while analysts pointed to resistance around 24,700-24,850 points, noting a recent weakening of momentum.
From a technical perspective, the Nifty index's support levels today should focus on 24,500-24,500 points, while resistance levels should focus on 24,700-24,800 points. If there's no upside breakout in the short term, the market may remain range bound.
In terms of trading, we recommend selling stocks that have already made profits at high prices. For stocks experiencing declines and pullbacks, we recommend remaining patient and waiting for a market rebound. Furthermore, investors interested in buying stocks should continue to monitor support levels around 24,500-24,400 points. Once the market stabilizes around these levels, buy low and wait for a quick rebound. Last week, we led a team on such a trade, selling immediately at a profit. This demonstrates that opportunity outweighs effort, and identifying the best opportunities is the key to success. Therefore, be patient, closely monitor market changes, and act quickly and decisively.
Stock Tips short term:
CGPOWER
Purchase price: ?730--?740
Expected selling price: ?810--?840
Expected return: 10%--20%
Holding period: 5-10 days
RATEGAIN
Purchase price: ?540--?550
Expected selling price: ?600--?630
Expected return: 10%-20%
Holding period: 5-10 days