Nifty and Bank Nifty Levels
Rudramurthy identified key support and resistance levels for both indices: “See for Nifty first of all 25,400 to 25,500, the recent low, will be a very strong support, and only if we break that, then yes, further move towards the lower end of this band and then towards 25,000 is possible. But however, this market also has stiff resistance at around 26,000 and the all-time high levels of around 26,300. So, this market is now range bound, on the lower side 25,500 on Nifty and on the upside yes 26,000 itself holds the resistance.”
For Bank Nifty, he added: “Again 59,000 has been a strong support zone and on the upside yes, you find resistance at around 60,500, 61,000, the all-time high level. So, both Nifty as well as Bank Nifty are range bound right now and you have to be very sector specific and stock specific in this market.”
Focus on Capital Protection
Rudramurthy emphasized the importance of caution in the current market phase: “It is good to be more safer, protect your capital during these times as a trader and yes, when you get a trending market one-sided, that is when you have to increase your leverage and you have to take positional bets. These are times you should not attempt to make money but these are times as a trader you have to protect your capital and survive these phases so that in the next bull run you are there to shoot.”
Sector and Stock Picks
He identified metals, PSU banks, and select capital market stocks as attractive areas: “Yes, for me, metals look very-very strong. Any dips you find in metals as a sector, it will be a great buying opportunity, especially look at even aluminium, look at copper. For example, stocks like Hindalco, Nalco, Vedanta, they are all looking very-very good, and in spite of the short-term rally what you have seen here, any dip in these areas are a very good buying opportunity. Even if you look at steel, copper, stocks like Hindustan Zinc, Hindustan Copper, or even for that matter Tata Steel, even for that matter JSW Steel, Jindal Steel, SAIL, so the entire metal pack looks very strong, any dip is a buying opportunity.”
He also highlighted opportunities in PSU banks and capital market plays: “PSU banks look very strong. Look at stocks like SBI, Canara Bank, Bank of Baroda, they are all looking very strong to me. And select capital market stocks, Angel One after a very good result, Groww after a very good result or even for that matter BSE, they are all looking very strong to me. So, these are themes where you have to be there and relatively stay in largecap, do not go into mid and smallcap, and these are areas where you have to stay right now. Protect your capital and wait for the next big trending market to make money.”
Rudramurthy’s guidance suggests that while indices may remain range-bound, selective sectors such as metals, PSU banks, and leading capital market stocks could provide strategic opportunities for disciplined traders.