Nifty Short, Medium and Long Term review -25-Sep-23 to 29-Sep-23Nifty Short, Medium and Long Term review - 25-Sep-23 to 29-Sep-23
Nifty closed at 19674(20192)and touched low & high of 19674 and 20195.
Caution was provided on Overvaluation and to sell upto 30% Stocks with High valuation/ Profit and non performing Mutual Funds. Personally i could sell 15% of my stocks & Mutual Funds.
RSI and Stochastic level down from 76 to 46% & 96 to 30% respectively.
Stochastic & RSI- Still there is chance for to Move down/ Bottom out.
Nifty couldnt hold the short term Support provided at 19800 and moved down to 19674.
Nifty Bank fell more than Nifty last 2 weeks.
Nifty Bank have attractive valuation.
Buy on dip call on SBI & ICICI Bank , Axis Bank given on 13-Aug-23, Can Continue to buy for long term. Can add BOB, canara bank on dips. To watch for bottoming out of Kotak Bank, can add for long term.
Nifty- Short Term (Neutral Bearish)
If it broke below Ist Support at 19600 ( Fib Resistance), then
Strong Support at 19300-19600 ( Fib Resitance at 19320/19467)
Also there is a support at 19224 ( Previous Low)
Resistance at 19840/19990
Nifty Medium Term & long Term -
As market in overbought zone there will be a correction.
Resistance at 20500
Further to review the Q2 results. To review once Nifty reaches target.
Strong Resistance at 18800
