Nifty Short , Medium & Long Term View-08-Jan-24 to 12-Jan-24
Nifty Short , Medium & Long Term View-08-Jan-24 to 12-Jan-24
Nifty closed at 21710 (Prev Close 21726) and touched low & high of 21839 & 21490.
RSI and stochastics levels ( 69% & 85 % Respectively). Stochastics above 80 and still in overbought zone.
Market was almost flat last week. Could not take decisive close above 21800-21850.
Fibonacci extended resistance is near to 22500 as shown in chart which is 5 % from current level. nifty need to decisively close above 21800-21900 Zone in order to move to next target 22000/22500.
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.
Nifty IT had a good run in last month with expectation of growing world economic condition especially US. Nifty IT expected to post flat results in Q3. But in expectation of Q3 results especially bluechip companies, certain bank stocks market may go upwards to 22500 due to the current scenario.
Q3 Results & Policy changes are need to be looked into for next year growth of Nifty.
Nifty- Short Term ( Neutral)
Resistances are at 21800-21850 , 22000 ( however no trend line, fibonacci resistance are available).
Support at 21260 ( MA 21 ) ,21000, 20900
Nifty Medium Term & long Term -
Market decisively closed above 21000 last week and near to 21500
Can achieve 22500 target if close above 21900 decisively.
Support at 20500 ( Fib Support) , 20225 ( prev high), 20000 ( Fib Resistance)
Long Term
market range bound between 22500 to 18800 expected till mid of 2024.
Nifty closed at 21710 (Prev Close 21726) and touched low & high of 21839 & 21490.
RSI and stochastics levels ( 69% & 85 % Respectively). Stochastics above 80 and still in overbought zone.
Market was almost flat last week. Could not take decisive close above 21800-21850.
Fibonacci extended resistance is near to 22500 as shown in chart which is 5 % from current level. nifty need to decisively close above 21800-21900 Zone in order to move to next target 22000/22500.
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.
Nifty IT had a good run in last month with expectation of growing world economic condition especially US. Nifty IT expected to post flat results in Q3. But in expectation of Q3 results especially bluechip companies, certain bank stocks market may go upwards to 22500 due to the current scenario.
Q3 Results & Policy changes are need to be looked into for next year growth of Nifty.
Nifty- Short Term ( Neutral)
Resistances are at 21800-21850 , 22000 ( however no trend line, fibonacci resistance are available).
Support at 21260 ( MA 21 ) ,21000, 20900
Nifty Medium Term & long Term -
Market decisively closed above 21000 last week and near to 21500
Can achieve 22500 target if close above 21900 decisively.
Support at 20500 ( Fib Support) , 20225 ( prev high), 20000 ( Fib Resistance)
Long Term
market range bound between 22500 to 18800 expected till mid of 2024.
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.