Nifty Short , Medium & Long Term View- 11-Mar-24 to 15-Mar-24
Nifty Short , Medium & Long Term View- 11-Mar-24 to 15-Mar-24
Nifty closed at 22493(22378) and touched low & high of 22224 & 22522
RSI and stochastics levels are same in this week (65% & 96% Respectively). Stochastics is in overbought zone.
Market touched a new high on last short trading session on Saturday to 22522, which crossed the Fib resistance and trend line resistance near to 22350. RBI issued warning on excessive rally on Mid & Small Cap to control liquidity. Hence extreme caution need to be applied.
Nifty IT 37099 (37593 ) -To continue hold. Nifty IT touched new high of 38550 15 days before. Major support at 34918 /34000. Target can be 40000.
Nifty bank 47853 (47297) -To continue buy on dips. Nifty Bank touched 48160 high last week and dipped. initial Target 48618 ( all time high). if it cross this resistance decisively.
support is at 44598 if breaks major support at 43650 ( Fib Support). Purchase on Dips.
Refer to detailed comments in the bottom.
Nifty 22493- Short Term (Up) & medium term (Neutral)
As mentioned in for the past two week, Fibonacci extended resistance ( target) is near to 22819 which is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak. nifty next target 22819 (Fib Resistance)/23000.
Short term Support - 22116 (MA 21), 21554 (Fib Support ),20877 Fib Support as shown in the chart.
Medium term Support at 20225 (prev high), 20000 ( Fib Resistance)
Nifty Medium Term & long Term - Can buy at 20800 -21000 level in case of dip
Target Fibonacci extended resistance is near to 22819 which is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak. nifty will move to next target 22819 (Fib Resistance)/22500.
Support at 20225 (prev high), 20000 ( Fib Resistance)
Long Term
Market expected range bound between 23000 to 18800 expected in 2024.
Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance).
Comments :
Positive Lok Sabha Election result expectation, Global trend sustaining the market above 22000.
Only way Market will start grow higher by reduction of interest rate by RBI on a staggered manner till it reaches 5%. US fed rate reduction also expected from Jun 2024. Market may correct if any global news till 19500 as there is strong multiple fib support.
Earlier last 2-3 months, purchasing/holding Nifty IT at lower levels proved effective as the Nifty IT index as it moved up by 20%. Nifty IT posted flat or negative results in Q3. But to a surprise Nifty IT moved up 4-5% up as US economy is recovering. Nifty IT touched new high on 16-Feb-24 (38477). Target 40000.
Similarly despite nifty bank results for Q3 were good as expected, Nifty Bank index was down by 10% last three-Four weeks. Nifty Bank Index was suggested to buy two weeks before. Nifty Bank Stocks / Bank Index can be purchased whenever it falls down. HDFC bank is now in buyable range, can be further bought if it further dips for Medium to Long Term. Nifty Bank ( 46554) tried to move above key resistances. Continue to buy on dips.
As expected, stocks other than Banks have posted mixed results. Market can any time expected to turn volatile till elections in 2024 (Apr-May). Company Earning per share (EPS) are near to maximum level, expected policy / budgetary push to move up further in 2024. Individual stock pick will be the key in 2024.
Nifty closed at 22493(22378) and touched low & high of 22224 & 22522
RSI and stochastics levels are same in this week (65% & 96% Respectively). Stochastics is in overbought zone.
Market touched a new high on last short trading session on Saturday to 22522, which crossed the Fib resistance and trend line resistance near to 22350. RBI issued warning on excessive rally on Mid & Small Cap to control liquidity. Hence extreme caution need to be applied.
Nifty IT 37099 (37593 ) -To continue hold. Nifty IT touched new high of 38550 15 days before. Major support at 34918 /34000. Target can be 40000.
Nifty bank 47853 (47297) -To continue buy on dips. Nifty Bank touched 48160 high last week and dipped. initial Target 48618 ( all time high). if it cross this resistance decisively.
support is at 44598 if breaks major support at 43650 ( Fib Support). Purchase on Dips.
Refer to detailed comments in the bottom.
Nifty 22493- Short Term (Up) & medium term (Neutral)
As mentioned in for the past two week, Fibonacci extended resistance ( target) is near to 22819 which is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak. nifty next target 22819 (Fib Resistance)/23000.
Short term Support - 22116 (MA 21), 21554 (Fib Support ),20877 Fib Support as shown in the chart.
Medium term Support at 20225 (prev high), 20000 ( Fib Resistance)
Nifty Medium Term & long Term - Can buy at 20800 -21000 level in case of dip
Target Fibonacci extended resistance is near to 22819 which is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak. nifty will move to next target 22819 (Fib Resistance)/22500.
Support at 20225 (prev high), 20000 ( Fib Resistance)
Long Term
Market expected range bound between 23000 to 18800 expected in 2024.
Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance).
Comments :
Positive Lok Sabha Election result expectation, Global trend sustaining the market above 22000.
Only way Market will start grow higher by reduction of interest rate by RBI on a staggered manner till it reaches 5%. US fed rate reduction also expected from Jun 2024. Market may correct if any global news till 19500 as there is strong multiple fib support.
Earlier last 2-3 months, purchasing/holding Nifty IT at lower levels proved effective as the Nifty IT index as it moved up by 20%. Nifty IT posted flat or negative results in Q3. But to a surprise Nifty IT moved up 4-5% up as US economy is recovering. Nifty IT touched new high on 16-Feb-24 (38477). Target 40000.
Similarly despite nifty bank results for Q3 were good as expected, Nifty Bank index was down by 10% last three-Four weeks. Nifty Bank Index was suggested to buy two weeks before. Nifty Bank Stocks / Bank Index can be purchased whenever it falls down. HDFC bank is now in buyable range, can be further bought if it further dips for Medium to Long Term. Nifty Bank ( 46554) tried to move above key resistances. Continue to buy on dips.
As expected, stocks other than Banks have posted mixed results. Market can any time expected to turn volatile till elections in 2024 (Apr-May). Company Earning per share (EPS) are near to maximum level, expected policy / budgetary push to move up further in 2024. Individual stock pick will be the key in 2024.
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