No matter what your opinion is, we need the market to confirm it.

Global Markets

YTD Performance

US100 continues to lead the pack while Nifty catches up and is now above STOXX and DAX.

HK/China seem to have bottomed out on 22.1.24 – continue to remain the laggards in the global arena.

Market Caps

YTD Performance

Large-caps now seems to be joining the rally which has been going on in the Micro and Small caps for a long time. Hope they are not too late to the party.

Solar stocks which have been powering the Micro-caps rally surely look extended and a pullback / rebasing would be quite healthy.

Nifty

Daily chart

Nifty formed a new ATH on 2.2.24 and saw a massive drop in the last hour.

• Profit booking ?
• Panic sell ? or
• someone wanted to buy cheap ?

Nifty saw strong resistance near 22025 which was a bull-trap and supply currently seems to be coming around the 22000 levels. The uptrend remains intact until nifty breaks 21750 which is the immediate support area.

Shorting options would begin if there is an “island reversal” tomorrow at open. A gap down would probably trigger another round of sell-off to 21550. The opening tomorrow is important !

Point to remember : we are above the 50dma which is catching up slowly. Shorts would not last for long so better to avoid.

Banknifty

Daily chart

The best index to short if you are looking for one.

Banknifty is still below the 50dma and hit resistance there at 46800. It dropped almost 900points from its day high of 47145 which shook out many bulls and seems like bears are getting ready once again.

The next support is at 150dma which is around 45350, another 880 points from friday’s close.

The market looks like Indices short and Stocks long.

Nifty Indices

YTD Performance

As we all got the ultimate tip directly from Loksabha => Public Sector rules (at least till the elections…).

Look no further beyond PSUBanks, PSE, Energy which are the Top 3. Amongst the other sectors IT and Metals are showing improvement and we these need to move so we can go back to new ATHs and euphoria!

Leading stocks

Leaders of every sector

Keeping a watch on where the leadership is in the sector helps to get the True Market Leader / Model Book Stock.

Stocks to watch

Stocks with strong Weekly close

• Gallant
• MMTC
• HUDCO
• Suzlon
• BEML
• SWANENERGY

Your Job is to find the next Apple and handle it well.

– William O Neil