Rudramurthy identified the key support and resistance levels for both the indices: “For Nifty, first and foremost, see that 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 around 26,000 and all-time highs around 26,000. 26,300, so this market is now range bound, on the downside is 25,500 on Nifty and on the upside 26,000 itself holds resistance.”
For Bank Nifty, he added, “Again, 59,000 was a strong support zone and on the upside you will find resistance around 60,500, 61,000, which is the all-time high. So both Nifty and Bank Nifty are band-locked at the moment and you have to be very sector-specific and stock-specific in this market.”
Focus on capital protection
Rudramurthy emphasized the importance of being cautious in the current market phase: “It is good to be safer, protect your capital in these times as a trader and yes, if you get a one-sided trend market, then you have to increase your leverage and take positional bets. These are times when you should not try to make money, but these are times when as a trader you have to protect your capital and survive these phases so that in the next bull run you are ready to shoot.”
Sector and stock picks
He identified metals, PSU banks and select capital market stocks as attractive areas: “Yes, to me, metals look very, very strong. Any dip you see in metals as a sector will be a great buying opportunity, especially if you look at aluminum, look at copper. For example, stocks like Hindalco, Nalco and Vedanta all look very, very good, and despite the short-term rally you have seen here, any dip in these areas is a very good buy.” Even if you look at steel, copper, stocks like Hindustan Zinc, Hindustan Copper, or even Tata Steel, even for that matter JSW Steel, Jindal Steel, SAIL, so the entire metal package looks very strong, every dip is a buying opportunity.
He also highlighted the opportunities in the PSU banks and the capital market: “PSU banks look very strong. Look at stocks like SBI, Canara Bank, Bank of Baroda, they all look very strong to me. And select capital market stocks, Angel One after a very good result, Groww after a very good result or even BSE, they all look very strong to me. So these are themes where you have to be there and stay relatively in largecap, don’t go to mid and smallcaps, and this are areas where you should stay now. Protect your capital and wait for the next big trend market to make money.”
Rudramurthy’s guidance suggests that while indices may remain band-bound, selective sectors such as metals, PSU banks and leading capital market stocks could offer strategic opportunities for disciplined traders.
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