Nifty 7-Nov-2022 to 11-Nov-2022 (Mid term Analsysis & views)
Week close : 18117
Week High: 18173
Week Low: 17940
Previous week Close: 17786
Short Term target of 18000-18100 was given last week, nifty comfortably crossed the Target on 31st Oct.
For the coming week, maintain go long strategy for Short term and Mid term.
Target / Resistance : 18173 ( new High) , 18270 ( trend Line) ,18349 ( Previous High Jan 22),18389 trend line , 18604(Previous High Oct 21) will be key resistance this week.
If it surpasses decisively 18600 , then for the mid term it can try to reach 19400/19600 Target.
Short Term Target : 18270/ 18349/ 18389/18600
Mid Term Target :19400 / 19600
On the support side,
Support: 17870 will be initial support, 17458,174289 0.5 Finonacci)and 17294( 0.618 Fibonacci)
Two Leading Technical analysis:
1. Elliot Wave Theory when compared to previous raise from Low suggest 19400 is achievable
2. Head & Shoulder Pattern shown as vertical line suggest 19600 is possible
Positive Points:
PMI in increasing trend
Melting down of war situation
Negative Point:
Still Fed Rate hike is not flattened ( Inflation not fully addressed in US) which pulls down US Market
Week close : 18117
Week High: 18173
Week Low: 17940
Previous week Close: 17786
Short Term target of 18000-18100 was given last week, nifty comfortably crossed the Target on 31st Oct.
For the coming week, maintain go long strategy for Short term and Mid term.
Target / Resistance : 18173 ( new High) , 18270 ( trend Line) ,18349 ( Previous High Jan 22),18389 trend line , 18604(Previous High Oct 21) will be key resistance this week.
If it surpasses decisively 18600 , then for the mid term it can try to reach 19400/19600 Target.
Short Term Target : 18270/ 18349/ 18389/18600
Mid Term Target :19400 / 19600
On the support side,
Support: 17870 will be initial support, 17458,174289 0.5 Finonacci)and 17294( 0.618 Fibonacci)
Two Leading Technical analysis:
1. Elliot Wave Theory when compared to previous raise from Low suggest 19400 is achievable
2. Head & Shoulder Pattern shown as vertical line suggest 19600 is possible
Positive Points:
PMI in increasing trend
Melting down of war situation
Negative Point:
Still Fed Rate hike is not flattened ( Inflation not fully addressed in US) which pulls down US Market
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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.
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.