Nifty Short , Medium & Long Term View-15-Jan-24 to 19-Jan-24
Updated
Nifty Short , Medium & Long Term View-15-Jan-24 to 19-Jan-24
Nifty closed at 21894(Prev Cloase 21710 ) and touched low & high of 21931 & 21449.
RSI and stochastics levels ( 70% & 95 % Respectively). Stochastics is in overbought zone.
Market decisively closed above 21800-21850.
Purchasing Nifty IT at lower levels proved effective as the Nifty IT index underperformed than other index, hence it moved up.
Simillar run expected in Nifty Bank index, despite bank results were good in Q2 and expected to post good results in Q3 it didnt moved up considerably.
Hence next move likely will be in Nifty Bank index.
Fibonacci extended resistance is near to 22500 as shown in chart. nifty will move to next target 22308 ( Fib Resistance)/22521.
Nifty IT had a good run in last month with expectation of growing world economic condition especially US. Nifty IT posted flat or negative results in Q3. But to a surprise Nifty IT moved up 4-5% up. Expectation of Q3 results especially bluechip companies, certain bank stocks market may go upwards to 22500 due to the current scenario.
Profit booking upto 30% was suggested in the last month, Almost i have booked 20% profit in Equities & Mutual Funds. 100% of ulip shifted from equities to balanced funds & money market as we get free switches in ulip.
Market can any time expected to turn volatile and it will continue till Q3 results, Feb budget & 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.
In Feb, Temporary budget most likely to favour income tax payers inorder to keep in mind of elections and to concentrate on infra (Railways & Road). Infra Stocks, undervalued bluechip stocks can be considered.
Q3 Results & Policy changes are need to be looked into for next year growth of Nifty.
Nifty- Short Term ( Positive)
Resistances are at 22000, 22155, 21308, 22521
Support at 21459 (fib Resistance), 21260 ( trend line Resistance),21000, 20800
Nifty Medium Term & long Term ( neutral)-
Can achieve 22500 target
Support at 20500 ( Fib Support) , 20225 ( prev high), 20000 ( Fib Resistance)
Long Term
market expected range bound between 22500 to 18800 expected till mid of 2024.
however if Q3 results are good, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance).
Nifty closed at 21894(Prev Cloase 21710 ) and touched low & high of 21931 & 21449.
RSI and stochastics levels ( 70% & 95 % Respectively). Stochastics is in overbought zone.
Market decisively closed above 21800-21850.
Purchasing Nifty IT at lower levels proved effective as the Nifty IT index underperformed than other index, hence it moved up.
Simillar run expected in Nifty Bank index, despite bank results were good in Q2 and expected to post good results in Q3 it didnt moved up considerably.
Hence next move likely will be in Nifty Bank index.
Fibonacci extended resistance is near to 22500 as shown in chart. nifty will move to next target 22308 ( Fib Resistance)/22521.
Nifty IT had a good run in last month with expectation of growing world economic condition especially US. Nifty IT posted flat or negative results in Q3. But to a surprise Nifty IT moved up 4-5% up. Expectation of Q3 results especially bluechip companies, certain bank stocks market may go upwards to 22500 due to the current scenario.
Profit booking upto 30% was suggested in the last month, Almost i have booked 20% profit in Equities & Mutual Funds. 100% of ulip shifted from equities to balanced funds & money market as we get free switches in ulip.
Market can any time expected to turn volatile and it will continue till Q3 results, Feb budget & 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.
In Feb, Temporary budget most likely to favour income tax payers inorder to keep in mind of elections and to concentrate on infra (Railways & Road). Infra Stocks, undervalued bluechip stocks can be considered.
Q3 Results & Policy changes are need to be looked into for next year growth of Nifty.
Nifty- Short Term ( Positive)
Resistances are at 22000, 22155, 21308, 22521
Support at 21459 (fib Resistance), 21260 ( trend line Resistance),21000, 20800
Nifty Medium Term & long Term ( neutral)-
Can achieve 22500 target
Support at 20500 ( Fib Support) , 20225 ( prev high), 20000 ( Fib Resistance)
Long Term
market expected range bound between 22500 to 18800 expected till mid of 2024.
however if Q3 results are good, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance).
Comment
HDFC, ICICI, Axis, SBI Bank stocks may post a good result and as it is undervalued already, this will make nifty bank index along with Nifty 50 index.Nifty 22000 to 22500 resistance can be achieved. However other capital goods, manufacturing, service stocks results will be mixed bag.
Hence, stiff resistance at 22500.
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