Nifty Short , Medium & Long Term View-18-Dec-23 to 22-Dec-23
Nifty Short , Medium & Long Term View-18-Dec-23 to 22-Dec-23
Nifty closed at 21496( Prev Week close 20520) and touched low & high of 20776 & 21496.
Market touched all time high of 21000 last week and then almost to 21500 without any stoppage after a massive run post election results of 3 states and US Fed rate reduction plan, followed by global stock market run.
RSI and stochastics levels are in overbought zone ( 85% & 98 % Respectively) .
Market currently on a upward movement due to global run, clear immediate resistance for reversal are not available.
Already market grown 10% from 19500 level.
Two Fibonacci extended resistances are near to 22500 as shown in chart which is 5 % from current level.
Market can any time turn to volatile and expected to continue till Q3 results, Feb budget & till elections in 2024 (Apr-May).
Feb Temporary budget most likely to favour income tax payers inorder to keep in mind of elections and to concentrate on infra ( Railways & Road).
Banks gave good results except HDFC bank due to merger. Nifty IT had a good run in last few days with expectation of growing world economic condition especially US. Capital Goods and other companies posted average results. But in expectation of Q3 results especially bluechip companies 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
Resistances are at 21750, 22000 ( however no trend line, fibonacci resistance are available)
Market is in overbought zone. Profit booking upto 30% was suggested in the last two weeks, Almost i have booked 20% profit has been booked in Equities & Mutual Funds. 75% of ulip shifted from equities to debt funds as we get free switches in ulip.
Support at 20500, 20225 ( prev high)
Nifty Medium Term & long Term -
Market decisively closed above 21000 last week and near to 21500
Can achieve 22500 target if close above 22000 decisively.
Support at 20225/ 20000/ 19850
Long Term
market range bound between 22500 to 18800 till elections are completed.
Nifty closed at 21496( Prev Week close 20520) and touched low & high of 20776 & 21496.
Market touched all time high of 21000 last week and then almost to 21500 without any stoppage after a massive run post election results of 3 states and US Fed rate reduction plan, followed by global stock market run.
RSI and stochastics levels are in overbought zone ( 85% & 98 % Respectively) .
Market currently on a upward movement due to global run, clear immediate resistance for reversal are not available.
Already market grown 10% from 19500 level.
Two Fibonacci extended resistances are near to 22500 as shown in chart which is 5 % from current level.
Market can any time turn to volatile and expected to continue till Q3 results, Feb budget & till elections in 2024 (Apr-May).
Feb Temporary budget most likely to favour income tax payers inorder to keep in mind of elections and to concentrate on infra ( Railways & Road).
Banks gave good results except HDFC bank due to merger. Nifty IT had a good run in last few days with expectation of growing world economic condition especially US. Capital Goods and other companies posted average results. But in expectation of Q3 results especially bluechip companies 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
Resistances are at 21750, 22000 ( however no trend line, fibonacci resistance are available)
Market is in overbought zone. Profit booking upto 30% was suggested in the last two weeks, Almost i have booked 20% profit has been booked in Equities & Mutual Funds. 75% of ulip shifted from equities to debt funds as we get free switches in ulip.
Support at 20500, 20225 ( prev high)
Nifty Medium Term & long Term -
Market decisively closed above 21000 last week and near to 21500
Can achieve 22500 target if close above 22000 decisively.
Support at 20225/ 20000/ 19850
Long Term
market range bound between 22500 to 18800 till elections are completed.
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