Nifty Short-Medium-Long Term View- 13-Nov-23 to 17-Nov-23
Updated
Nifty Short/Medium/Long Term View- 13-Nov-23 to 17-Nov-23
Nifty closed at 19525(19230 )and touched low & high of 18312and 19550
"Resistance at 19529 ( Fib Resistance) and also inclined resistance show with arrow mark 19550-19450 range"
Market exactly followed the resistance provided as mentioned above last week and closed on danteras at resistance ( target) provided at 19550.
Market going to be highly volatile, please read the comments at bottom. As mentioned before ( past 1 month) continue to book 30% profit in the high valued stocks and be ready with cash.
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. pharma stocks gave outstanding returns and it is just starting. Stock Pick based on the Q2 result iand projected growth is necessary.
RSI and stochastics levels recoverered from oversold zone in last 2 weeks.
Market saw a steep correction 2 weeks before and after hitting the Medium Term Support ( 18800 level) it bounced backto 19550.
Nifty- Short Term
Nifty need to close deicisively above 19550 and move towards 19800-20000.
Resistance at 19692 ( Fib Resistance)
Else it will tend to lower down to 19327 support and 19160 ( Fib Support Levels) followed by 19000.
Strong 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.
Nifty Medium Term & long Term -
Market need to decisively close above 20000 to reach 20500 target.
Resistance 20000/ 20200 ( Prev. HIgh)/ 20500
below 18427 support, the next supports are at 18274/18000
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 19525(19230 )and touched low & high of 18312and 19550
"Resistance at 19529 ( Fib Resistance) and also inclined resistance show with arrow mark 19550-19450 range"
Market exactly followed the resistance provided as mentioned above last week and closed on danteras at resistance ( target) provided at 19550.
Market going to be highly volatile, please read the comments at bottom. As mentioned before ( past 1 month) continue to book 30% profit in the high valued stocks and be ready with cash.
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. pharma stocks gave outstanding returns and it is just starting. Stock Pick based on the Q2 result iand projected growth is necessary.
RSI and stochastics levels recoverered from oversold zone in last 2 weeks.
Market saw a steep correction 2 weeks before and after hitting the Medium Term Support ( 18800 level) it bounced backto 19550.
Nifty- Short Term
Nifty need to close deicisively above 19550 and move towards 19800-20000.
Resistance at 19692 ( Fib Resistance)
Else it will tend to lower down to 19327 support and 19160 ( Fib Support Levels) followed by 19000.
Strong 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.
Nifty Medium Term & long Term -
Market need to decisively close above 20000 to reach 20500 target.
Resistance 20000/ 20200 ( Prev. HIgh)/ 20500
below 18427 support, the next supports are at 18274/18000
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
Market crossed the inclined resistance line provided at 19550 decisively and moving towards 19800-20000.19528 Resistance and 19692 Fibonacci resistance provided worked well day before yday&yday.
Again if it crosses 20000 then 20500 is a big resistance as mentioned above.
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