Nifty50 weekly Analysis + best stocks to invest in 2021
Correction is coming in NiFTy50 or not ?
Almost every one of you asking this question since Nifty50 was at 11k but the question got more intense since Nifty50 broke an all-time high. Guys, we don’t have emotions when we are analyzing market, we will only follow what the chart is showing us right now.
Currently, I am expecting a correction, why? See the picture below.
This is the weekly chart of Nifty50 and see the Dragon fly candle in NiFTy50 formed at the TOP. Indicating Bears are trying to Pull it down. We already studied this Candle and it tells us some correction is on the way.
PCR ratio of 31st Dec expiry for Nifty50 is 1.49 indicating Nifty50 is bullish but about to enter OVERBOUGHT zone.
Most Likely correction , not a big fall in NiFTy50 , why ?
Before we discuss on this please check our Ichimoku article and then see following two charts.
In below chart please have a look at right side portion before vertical line. That means before March 2020 fall in NiFTy50
See , here In circle 1 lagging span is clearly below the candles , RSI level going below 60 and also check Circle 2,3 of MACD which indicates Bearish Crossover. No one can measure fall in advance but this chart clearly indicated us that Nifty50 was strongly Bearish.
Now see the current chart till 24th Dec 2020.
Can you spot the Difference , lagging span line in circle 1 is clearly above candles. Check RSI which is still above 60 and MACD is on the way for Bullish crossover. Even if 14000 is strong resistance , we have multiple supports lined up on downside. That’s why big fall of 1400 point on Monday fully covered in Next 3 days. Now unless Nifty50 close below 12800 there is no big fall coming please note.
Please be honest and tell me. Instead of seeing chart you have been telling or should I say almost convinced yourself since Nifty50 on 10-11k that market is going to crash, why ? You missed Investment in Quality stocks which are way high now to invest, you missed your profit , you booked your stocks early which was best buying price and nownyou are feeling Fear of missing out. So I would suggest never stop yourself from investing in quality stocks. But do keep some cash reserved if dip comes.
Best stocks to invest in 2021
Technical data and all details are courtesy of Zerodha kite , tickertape and NSE website.
Also one disclaimer , that these stocks me and my clients are holding at lower price than current ongoing price. You may consult your financial advisor before investing. Let’s begin..
So far you have seen big rally in NiFTy50 but sectors which had shown big rally so far are Pharma , chemical , banks also IT. But don’t you thing that due to this pandemic and lockdown we haven’t seen huge rally in sectors like Footwear , Theatre , Travel / tourism.
Especially when NiFTy50 is making new lifetime high every now and then ,other stocks are giving multi year BREAKOUT. But stocks in this sector finding it hard to break it’s 52 week high. Nothing wrong in fundamental of these stocks but as investors are being cautious I feel we have opportunity. Before I share stocks I must tell you it’s a patience game as we are not investing for tomorrow or next one month but for next year 2021. Let’s begin now.
Stock no 1️⃣
best stocks to invest in 2021
✍When we talk about Footwear sector we can’t miss this stock
✍this stock I also gave before and my clients are holding it since 580
✍ Past one year inspite of lockdown this stock has given 30% returns and last 5 year this stock was real Multibagger giving 225+% returns.
✍Name of the stock is RELAXO and current price is 807. Right now I feel it’s overvalued and will come down best price to add this stock is near 700 and Dream price to add this stock is near 600 or below.
✍ Don’t just sit back and wait for Dream price to come. As currently I am seeing Cup and handle with BREAKOUT in daily chart. MACD , RSI , Ichimoku all are showing Bullish ness.
I won’t be surprised if this stock touch 4 digit soon.
The next two stocks VIP industry and PVR for their best buying price will be shared in our Training group t.me/agentXT1
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Chart courtesy Zerodha KITE.