Uptrend is dominant

► Some stocks to watch on September 23

VN-Index may move positively with the target of reaching the resistance level of 1,320 - 1,330 points.

The psychological effect from the US market increasing strongly on the night of September 19 helped VN-Index open up 6.46 points right at the opening in the morning session of the weekend of September 20. Demand then increased strongly, helping VN-Index surpass the 1,280 point mark at times. However, in the afternoon session, selling pressure gradually increased and became stronger, especially in the ATC session - the portfolio restructuring session of some ETF funds, causing VN-Index to close only slightly green with liquidity soaring above the 20-session average (+49.7%).

Regarding industry groups, last week it is worth noting that the two groups of Banking (34%) and Securities (15%) with high trading proportions in the whole market have suddenly increased in trading volume compared to last week, with increases of 36% and 34% respectively. Along with fluctuations in liquidity, these are also the two industry groups that have increased quite well, leading the market last week. The increase of Banking (+2.36%) and Securities (+3.32%) shows that these groups may continue to make strong breakthroughs this week, September 23-27.

VN-Index closed the trading week at 1,272.04 points

According to experts from Kien Thiet Securities Company (CSI), closing at the lowest level of the session, VN-Index almost erased all efforts to increase points in the last session of the week of September 20 due to the net selling pressure of foreign investors. However, the upward trend has not been broken. On the weekly chart, VN-Index closed with a bullish candle body with large volume completely covering the bearish candle body of the previous week, showing that the upward trend is more dominant.

“We continue to maintain a positive view of the market with the target of reaching the resistance level of 1,320 - 1,330 points in the coming weeks. Therefore, we need to patiently hold the portfolio and wait for the correction to pull the VN-Index to the support zone around 1,260 points to open new buying positions as well as increase the proportion in profitable portfolios,” said the CSI expert.

VN-Index improves, grows with the nearest support zone around 1,270 points

According to the analysis team of ASEAN Securities Company (ASEANSC), the market has shown some improvement as the VN-Index remains above the 1,250-point threshold, despite the fact that the index had to retest the 1,238-point zone at the beginning of the week. The recovery momentum has helped the market absorb selling pressure and maintain a positive state in the short term. Although liquidity has not exploded, there have been signs of slight improvement, reflecting the return of cash flow, especially when the index remains above the EMA20 line.

VN-Index improved and grew with the nearest support zone around 1,270 points (Illustration: KT)

“The wide-range accumulation trend continues as buying and selling forces have not yet created a strong breakthrough. This week, investors need to pay attention to maintaining the support level of 1,250 points and liquidity signals remaining stable. Investors can buy when the VN-Index reaches 1,250 points and there are positive signs of improving liquidity and reduce the proportion when there are negative market signs with large liquidity. The area to consider short-term disbursement: 1,250 - 1,220 points,” ASEANSC experts noted.

Experts from Saigon - Hanoi Securities Company (SHS) assessed that in the short term, VN-Index is expected to have tested the support zone around 1,250 points, corresponding to the highest price zone in 2023 with a good increase in trading volume. In the short term, VN-Index is improving and growing with the nearest support zone around 1,270 points, the average price of 20 sessions with the expectation of continuing to retest the price zone of 1,280 points - 1,300 points, corresponding to the trend line connecting the highest price zones in June - August 2024. Current developments show that short-term demand and cash flow have improved well, the market opens up many short-term opportunities when there are fluctuations and adjustments, especially for codes that have not recovered much, with a price zone equivalent to VN-Index at around 1,250 points.

In the medium term, VN-Index is accumulating positively in the range of 1,250 points to 1,300 points, expanding to 1,320 points. This is the upper half of the price channel of more than 1,180 points - 1,200 points to 1,300 points - 1,320 points that has lasted since the beginning of the year. With the current development, VN-Index continues to accumulate in the price range of 1,250 points to 1,300 points and is expected to surpass the price range of 1,300 points to move towards price ranges higher than 1,320 points in the fourth quarter of 2024. Of which, 1,250 points is the highest price zone in 2023, 1,300 points - 1,320 points are very strong resistance zones, peak prices in June-August 2022 and peak prices in the first months of 2024. Meanwhile, VN30 has strong resistance at 1,340 points and 1,350 points, corresponding to peak prices in June 2024 and June 2022. It should be noted that the market can only overcome these peak and strong resistance zones when there are good macro support factors and outstanding business growth results. This depends largely on large-cap stocks and banks.

“In the short term, the VN-Index is relatively reasonable at around 1,250 points. Investors should not chase the market when the VN-Index is at 1,280 - 1,300 points. With the current developments, it shows that the improved cash flow opens up many good positions. The market is showing signs of rotation, investors can still consider expanding and increasing disbursement for good quality stocks, stocks/groups that have not recovered much, with a price range similar to the previous VN-Index around 1,250. The investment target is for leading stocks, good fundamentals, good growth in Q2 business results, and positive growth prospects for Q3 business results,” SHS experts recommended.

Source: https://vov.vn/thi-truong/chung-khoan/nhan-dinh-chung-khoan-tuan-23-279-xu-huong-tang-dang-chiem-uu-the-post1122920.vov