Nifty Short, Medium and Long Term review-06-Nov-23 to 10-Nov-23
Updated
Nifty Short, Medium and Long Term review-06-Nov-23 to 10-Nov-23
Nifty closed at 19230 (19047 )and touched low & high of 18294 and 19274
RSI and stochastics levels recovering from oversold zone .
Market saw a steep correction 2 weeks before and after hitting the Medium Term Support ( 18800 level) it bounced back a little to 19230.
Banks gave good results except HDFC bank due to merger. Capital Goods and other companies posted average to average results. most of the stock screening shows to buy banks and NBFCs. only few stocks from capital goods and other stocks are showing promising results.
As mentioned before ( past 1 month) continue to book 30% profit in the high valued stocks and be ready with cash.
Nifty was holding the inclined trend support provided at 18800 levels last week.
Nifty- Short Term (Neutral- Sideways movement with below mentioned support & resistance zone), retaining same as last three weeks.
Support between 18427 ( Fib 0.5 Resistance) & 18800
Also there is a long term inclined support running from covid low which is around 18400- 18600 shown in the chart. MA 200 is at 18649. Hence buying slowly at these levels for long term can be initiated.
Resistance at 19529 ( Fib Resistance) and also inclined resistance show with arrow mark 19550-19450 range.
Nifty Medium Term & long Term -
Nifty need to cross 19500 and need to break the resistance shown above to move to 19800/2000.
below 18427 support, the next supports are at 18274/18000
Resistance 20000/ 20200 ( Prev. HIgh)/ 20500
Oct 23 & NOv-23
Comment :
There will be up/down in india atleast till Mar Apr. 19800- 20500 it will be g it will raise up due to elections. Global Situations( War) still ongoing. crude pricehave recovered from steep and lowered to 80$.
Same thing happened in 2014, crude price trend, economy related issues till Pre poll survey-Election/ May 2014 and the crude fell after that drastically and economy of all countries started recovering, hence expect more volatality in markets till pre poll survey.
As far as results are concerned little average except banks. Companies are affected by interest rates and to move a notch above the sequential previous Quarter ( i.e results are flattening).
Q2 & Q3 Results Pre Budget in Feb and followed by q4 results also will give a path.
This also will lead to high volatality in coming weeks.
Nifty closed at 19230 (19047 )and touched low & high of 18294 and 19274
RSI and stochastics levels recovering from oversold zone .
Market saw a steep correction 2 weeks before and after hitting the Medium Term Support ( 18800 level) it bounced back a little to 19230.
Banks gave good results except HDFC bank due to merger. Capital Goods and other companies posted average to average results. most of the stock screening shows to buy banks and NBFCs. only few stocks from capital goods and other stocks are showing promising results.
As mentioned before ( past 1 month) continue to book 30% profit in the high valued stocks and be ready with cash.
Nifty was holding the inclined trend support provided at 18800 levels last week.
Nifty- Short Term (Neutral- Sideways movement with below mentioned support & resistance zone), retaining same as last three weeks.
Support between 18427 ( Fib 0.5 Resistance) & 18800
Also there is a long term inclined support running from covid low which is around 18400- 18600 shown in the chart. MA 200 is at 18649. Hence buying slowly at these levels for long term can be initiated.
Resistance at 19529 ( Fib Resistance) and also inclined resistance show with arrow mark 19550-19450 range.
Nifty Medium Term & long Term -
Nifty need to cross 19500 and need to break the resistance shown above to move to 19800/2000.
below 18427 support, the next supports are at 18274/18000
Resistance 20000/ 20200 ( Prev. HIgh)/ 20500
Oct 23 & NOv-23
Comment :
There will be up/down in india atleast till Mar Apr. 19800- 20500 it will be g it will raise up due to elections. Global Situations( War) still ongoing. crude pricehave recovered from steep and lowered to 80$.
Same thing happened in 2014, crude price trend, economy related issues till Pre poll survey-Election/ May 2014 and the crude fell after that drastically and economy of all countries started recovering, hence expect more volatality in markets till pre poll survey.
As far as results are concerned little average except banks. Companies are affected by interest rates and to move a notch above the sequential previous Quarter ( i.e results are flattening).
Q2 & Q3 Results Pre Budget in Feb and followed by q4 results also will give a path.
This also will lead to high volatality in coming weeks.
Comment
As per given levels above "Resistance at 19529 ( Fib Resistance) and also inclined resistance show with arrow mark 19550-19450 range" Market Moving towards 19550 range. That level is critical, if it cross decisively then it will attempt to go to 19800-20000
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.