3 stocks on traders’ radar amid stock market volatility
Image credit X.com @NSEIndia
Stock Market weakness to persist amid weak global cues
By S Jha,
New Delhi, September 8: The stock market is likely to stay under stress on Monday. The US bourses closed lower on Friday.
Dow Jones cracked by one per cent. Nasdaq slumped by over two per cent. S&P500 and NYSE were in deep stress.
The US economy is showing signs of compression. The US Federal Reserve is not likely to announce a rate cut before its September 18 meeting.
The macro picture for the equity market remains gloomy. The tech stocks are cracking in the US. Nvidia has been wobbling.
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Nifty has already tested the deep support at 24850. The market participants fear that Nifty may slump to much lower levels in the absence of leadership by index heavy scrips.
HDFC Bank and ICICI Bank have been rescuing the Bank Nifty during crashes. The market participants claim that both the stocks have strengths on the charts.
Yet, there are a few stocks who are showing resilience. They have withstood crack in the structure of the major indices.
Hero Moto Corop among the blue chips is showing signs of resilience. The market participants claim that there is a healthy competition between Bajaj Auto and Hero Moto Corp.
Bajaj Auto ducked deep teeth of bears to race above ₹11,000 level. The auto major created buzz around CNG-powered motorcycles.
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Hero Moto Coro after gaining over 90 per cent in a year is racing towards ₹6000 mark. It is seen in a catch up mode with Bajaj Auto. Hero Moto Corp is buzzing around the electric bike theme.
Amid signs of economic distress in the US, crude oil price is also crashing. Crude oil has gone down below $70 per barrel.
Crude oil was trading with a cut of more than once per cent at about $68 per barrel. The market participants argue that crude oil has also broken technical structure.
Market participants note that Asian Paints reacts favourably to the crashing crude oil prices. The Asian Paints has risen by almost five per cent in the recent days amid weak crude oil prices.
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Nifty support levels are placed at 24820, 24772, and 24743. Bank Nifty support levels are placed at 50491, 50356, and 50253.
Bank Nifty resistance levels are placed at 50728, 50832, and 50966. Nifty resistance levels are placed at 24896, 24925, and 24973.
Disclaimer: This article recommends no trade in derivates or buy and sell of shares of any company.
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