The year 2022 has been a good start for the stock market. Although SGX Nifty has seen some sluggishness in the meantime. The reins of the market are currently in the hands of the bulls. On the first trading day of 2022 i.e. January 3, the market saw a rise of more than 1.5 percent. After that in the subsequent 2 trading sessions, the market gained further momentum and reached very close to 18,000.
However, we saw some profit-booking around this level and there was a slight lull in the latter half of last week. Despite ticking around 18,000, the market’s undertone remains bullish, due to which Nifty closed last week with a gain of around 2.5 per cent. The last few weeks have been good for the market and have seen a recovery of around 1500 points in just 12 trading sessions. Now the sentiment seems to have changed completely. However, a resistance is visible at 18000 for the next round of rise in Nifty.
It is clear from the action of the last 2 trading sessions that after the Nifty breaks 18000 and shows strength, Nifty will see further gains. On the other hand, as long as Nifty remains in the range of 17,600–17,500, we don’t have to worry too much and would recommend buying every fall till this level. If there is no sudden big negative news in the global market, then we can see a pre-budget rally above 18000 in the market very soon. For the current week, resistance is seen for Nifty at the level of 17900-18000. If Nifty breaks this level then the market will go up.
Nifty may touch the level of 18,000 -18,050 this week, bet on these stocks, today there can be strong earnings
Many stocks performed well in the week ended January 7. As long as Nifty remains in the above range of 400-500 points, we should stick to the strategy of buying in select quality stocks in a downtrend. Now all eyes are on the banking stocks in the market because now the signs of bullishness are becoming clear in it. Banking stocks will have to act as the front runners if Nifty has to cross the 18000 level.
Here we are giving you 2 buy calls in which this week can earn up to 5.5 percent
NALCO: Buy , LTP: Rs 110.70 | Buying advice in this stock with a stop loss of Rs 104.90 with a target of Rs 116. In this week, this stock can give a return of 4.78.
ACC: Buy | LTP: Rs 2,284.60 | Buying advice is given in this stock with a stop loss of Rs 2,230 and target of Rs 2,410. This stock can give a return of 5.5 in this week.
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