The Indian market is still overpriced!
Investment is the long-term journey for wealth creation and not a destination to reach!
Last week was a very positive week for the Indian market, with mid-cap and small-cap stocks rising more than 2% along with the nifty.
With this kind of movement, it appears that the market has bottomed out and is ready to rise above the level of 18000, so people began buying stocks for investment as advised by TV analysts and experts.
But wait, is this the right time to invest?
With many geopolitical tensions such as the unresolved Russia-Ukraine war issue, high inflation, and increasing rates, the Nifty is still trading below its 200 DEMA.
However, Dalal Street is gaining confidence as crude oil prices cool, with major commodities falling more than 30% from their highs. As a result, investors should consider buying some quality stocks at a reasonable valuation and accumulating for a possible drop from current levels.
- Nifty rose around 140 points to closed at 15699 level which is critical levels to watch in coming session.
- If nifty open higher than previous day close of 15700 we can see further levels 15800 and 15900, trend will change only above 16200 level.
- Support level will be 15400 and 15200.
We have seen fantastic rally in banks and NBFCs in last week trading action.
Bank nifty closed at 33627 just below its resistance level 33750, further upside once cross that level till 34050 and 34350.
Support level to watch out will be 33150 and 32700