- Summary:
- Nvidia (NASDAQ: NVDA) is currently facing a minor correction. Today, Nvidia’s stock price is $106.21, down by 1.66%.
- Suzlon (BSE: SUZLON) is trading at ₹76.41, up by an impressive 3.01% from yesterday's session. Having tested the support at ₹73.42, Suzlon has managed to bounce back
- Reliance Industries (NSE: RELIANCE) has shown resilience despite facing global market uncertainties. Trading at ₹3,007.65, the stock is down 0.71% today,
Nvidia
Nvidia (NASDAQ: NVDA) is currently facing a minor correction. Today, Nvidia’s stock price is $106.21, down by 1.66%. The stock has pulled back after reaching around $139.85 earlier this summer, nearing its critical support level at $96.16. Nvidia’s recent performance indicates broader concerns around the semiconductor supply chain and heightened competition.
Despite the decline, the company’s dominance in AI hardware and semiconductor chips remains unquestioned. Nvidia’s fundamentals are solid, yet the stock is retracing from its recent highs, raising questions about whether this is a simple correction or the beginning of a deeper pullback.
Technically, Nvidia is now teetering between crucial resistance at $139.85 and support at $96.16, with the latter being a potential cushion for investors eyeing long-term gains. If it holds above this support zone, the current drop could represent a buying opportunity. Still, investors should keep an eye on further downward momentum, as a breach below $96.16 could open doors to lower levels around $66.90.
Suzlon Energy
Suzlon (BSE: SUZLON) is trading at ₹76.41, up by an impressive 3.01% from yesterday’s session. Having tested the support at ₹73.42, Suzlon has managed to bounce back, pushing toward its next resistance near ₹84.00. The stock’s chart showcases a steady rise since breaking out of its consolidation range in early June, supported by strong volume. As long as Suzlon stays above the ₹73.42 mark, the bullish sentiment will likely continue, driving the stock toward its next major target. However, caution is advised if the stock drops below ₹73.42, with the ₹50.01 zone acting as a solid fallback.
Reliance Industries
Reliance Industries (NSE: RELIANCE) has shown resilience despite facing global market uncertainties. Trading at ₹3,007.65, the stock is down 0.71% today, but it remains well-supported at ₹3,025.20. The stock’s next support level sits comfortably lower at ₹2,787.45, which could be a magnet for traders looking for dips to buy into.
With its diversified business across telecom, retail, and energy, Reliance is a stock that continuously attracts long-term institutional investors. However, its current inability to break out past the ₹3,051.55 zone signals hesitation among traders. Investors may look for clearer breakouts above this level for more bullish conviction, while any drop toward ₹2,787.45 could spark renewed buying interest.
Conclusion
September kicks off with mixed signals for investors. Nvidia’s retracement offers a potential entry for patient investors, Suzlon’s rally could entice those with a taste for momentum, and Reliance’s strategic positioning appeals to long-term holders. Today’s market moves hint at cautious optimism as investors await more precise signals amid economic uncertainty. However, Nvidia’s AI dominance, Suzlon’s renewable energy momentum, and Reliance’s diversified business model are strong fundamentals that provide optimism for upward trends.
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