Stockology: Auto, tech and capital goods sector shares will continue to rally next week – stockology auto tech and capital goods sector shares will continue to rally next week
Stockology is our weekly column written by futurologist Mahesh Govande. He is the founder and director of Ayan Analytics. Ayan Analytics has developed the research software ‘ZodiacAnalyst’.
We did not expect the Nifty to hit new highs, but were surprised by the aggression in the technology segment. Most PSU stocks saw profit booking by big investors. Specialty chemicals stocks are in focus as the Chinese economy shows signs of improvement. There was a lot of activity in the small and midcap segments. However, banking and defense are showing signs of sluggishness.
With the indices hitting new highs, the weekly or medium term stop was moved to 23,890, while the short term stop was moved to 24,100 and the long term stop to 21,100. As a strategy, we had suggested you to improve the quality of the portfolio and keep more cash.
Auto, technology and capital goods stocks are expected to continue their upward trend. Technical analysis suggests that the uptrend may continue. Strengthen your cash position in the next 10 days so that you have resources to invest in bad times.
2 September 2024: Amavasya, Magha: Better day
Market sentiment will remain positive. Aggressive trading will be seen in the small and midcap segment. Keep an eye on cement and auto stocks for day-to-day trading.
3 September 2024: Purva, bad day
A bad day in the stock market is a very difficult day to make money. The moon is in a bad position – it will be very difficult for those who take multiple positions and traders may lose money.
4 September 2024: Uttara, auspicious day
The possibility of the day opening on a negative note cannot be ruled out and the market opening on a positive note should be used for selling. Short selling is recommended during day trading.
5 September 2024: Hasta, auspicious day
Hasta Nakshatra rewards only patient traders and investors, so slow and delayed action can be beneficial. Investors can keep an eye on FMCG and banks.
6 September 2024: Chitra, uncertainty
This date creates confusion. Also, it favors bearish traders. Many investors may lose their profits of the last two months.
Disclaimer: The investment advice given on Moneycontrol.com is the personal opinion of the experts and the website or its management is not responsible for it. Moneycontrol.com advises investors to seek advice from certified experts before taking any investment decision.