Day trading guide for Monday: The market is going through ups and downs. The short-term range for Nifty is seen at 17070-17500. Below 17070 Nifty may slide to the level of 16810. Levels above 17500 can push Nifty towards the resistance of 17790. The relative setup of Bank Nifty is stronger than Nifty. Support is being seen for BankNifty at 36,650, while its resistance is being seen at 38,500.
From NSE 500, the number of stocks above 200 DMA has reached below 50%, which is the first time since June 2020. During the last week, we saw the Nifty Smallcap Index crossing its 200 days EMA for the first time in the last 1.5 years. It shows the weak trend of the market. Smallcap index is looking weak and it is advisable to stay away from this space. In the case of market recovery, one should only bet on large caps with an expectation of returns.
RRG's analysis says that PSU banks, metals, and auto sectors are expected to outperform while realty, media and IT will underperform. Gold has registered a fresh breakout on the chart and is likely to perform well. Until Nifty crosses the resistance of 17500, the short-term trend will remain bearish. Support is seen at 17070, 16800, and 16400.
ICICI Prudential Gold ETF
According to Vinay Rajni, Research Analyst, HDFC Securities, this week will be a good investment in ICICI Prudential Gold ETF. For this, he has given a target of Rs 45.5 and a stop-loss of Rs 42.45. According to him, gold has broken into the international market. Indian Gold has also shown a breakout on the short to medium-term chart on the MCX exchange. Gold is expected to outperform the equity markets, at least for the time being.
Deepak Nitrites
According to Rajani Deepak Nitrites needs to be sold this week. He has given a target of Rs 1950. Stoploss is Rs 2143. According to him, the stock has broken down with the increase in volume. During the pullback, the stock found resistance at its 50-day EMA and later resumed its downtrend. The momentum indicators have given fresh sell signals on the daily charts, which opens up the possibility of further downside losses to counter the current levels.
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