The Stock market’s internal strength for 2024 is positive but volatile, which does not pose significant risks. Despite any developments on June 4th or 5th, indices are expected to recover, reflecting the market’s tendency to offer exit opportunities for trapped positions.
Review of Previous Predictions
Last week, while technical indicators were positive, the column leaned towards a cautious SELL recommendation and profit booking. The market responded with a historical 2.5 percent dip. The Adani group saw increased focus, driving its value higher. PSU stocks remained stable as traders refrained from exiting the natural resource sector. Negative market closure aligned with expectations as traders liquidated their F&O positions, with plans to roll them over post-results. Thursday’s predicted market decline also materialized.
Technical Analysis
After hitting new highs, indices corrected nicely. The critical level to watch is 22,226; indices should not trade below this for more than two days. An exit stop is set at 21,800—any dip below this level signals weakness. Volatility will peak with the election results on June 4th. The upside target remains 23,460, with the next at 23,960, ideally before October 10, 2024. As long as the market stays above 21,700, there’s no need for concern. A break below this level could trigger a rapid crash.
TimeMap Insights
For the upcoming week, planetary data suggests a balanced week slightly favoring the bulls. Broad indices show a positive trend, with recovery expected within 13 days regardless of initial fluctuations on June 4th or 5th. Speculators should maintain sufficient margins for MTM (mark to market). The week is forecasted to close positively, with a maximum downside of -2 percent and an upside of +5 percent.
2024 Market Forecast
The market is predicted to remain strong but volatile, necessitating proficient trade and money management skills. Between September 10 and October 10, 2024, global markets might face extreme conditions due to currency market crises or escalations in geopolitical conflicts, potentially impacting Indian markets. The October solar eclipse could negatively affect global stock exchanges.
Weekly Day Forecast
June 03, 2024: Monday – Auspicious Day
Advice: Initiate well-researched ideas focusing on fundamental factors over technical indicators. Favorable sectors include technology and healthcare. BTST (Buy Today, Sell Tomorrow) recommended, especially in midcap and small-cap companies in the chemical and power sectors.
June 04, 2024: Tuesday – Trading Day
Advice: Expect intraday panics. Favor fast trades with quick buy and sell orders. Sectors likely to decline include Auto Index, new tech companies, and most PSUs. Positive outlook for PSU banks. STBT (Sell Today, Buy Tomorrow) recommended.
June 05, 2024: Wednesday – Volatile Trading Day
Advice: Good for initiating position trades with divergence indicators. Active participation is crucial for profits. Strong inflows expected in IT sector leaders and small-cap companies. Market-neutral basket trades advised.
June 06, 2024: Thursday – Bullish Day
Advice: Expect a higher opening. Delayed participation recommended, focusing on hourly signals post-13:20. Positive closing anticipated. Favor high BETA private banks and refineries. BTST recommended.
June 07, 2024: Friday – Momentum Day
Advice: Wide price movements expected due to Sun’s entry in Mrugga Nakshatra. Use consolidation breakout indicators and trend-following systems for best results. Hold profitable trades unless reversals occur. If markets close high, STBT is recommended.
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