Nifty Short , Medium & Long Term View-23-Jan-24 to 25-Jan-24
Nifty Short , Medium & Long Term View-23-Jan-24 to 25-Jan-24
Nifty closed at 21571 21894(Prev Cloase 21710 ) and touched low & high of 21293 & 22126.
RSI and stochastics levels ( 53% & 35 % Respectively). Stochastics is moving towards oversold zone.
Market saw huge volatility last week of around 850 Points, especially fluctuated after results of HDFC bank.
Earlier last 2-3 months , purchasing/holding Nifty IT at lower levels proved effective as the Nifty IT index as it moved up. last week IT was little down along with the Nifty Index.
Simillarly despite nifty bank results for Q3 were good as expected, Nifty Bank index was down by 5-7%.Nifty Bank Index was suggested to buy last week. Nifty Bank Stocks / Bank Index can be purchased whenever it falls down. HDFC bank is now in buyable range, can be further bought if it further dips for Medium to Long Term.
Nifty IT had a good run in last month with expectation of growing world economic condition especially US. Nifty IT posted flat or negative results in Q3. But to a surprise Nifty IT moved up 4-5% up. Expectation of Q3 results especially bluechip companies, certain bank stocks market may go upwards to 22500 due to the current scenario.
Profit booking upto 30% was suggested in the last 1.5 months, Cash will be useful to pick the right stocks.
Stocks other than Banks have posted mixed results. Market can any time expected to turn volatile till 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- Short Term ( Neutral-Moderately Bearish)
Resistances are at 21650 ( MA 21 days) ,21762 (MA 7 days), 22000, 22117, 22155
Support at 21422 (fib Resistance), 21300 ( trend line Support),
Nifty Medium Term & long Term ( neutral)-
22308, Can achieve 22521 target
Support at 21422 ( Fib Support), 20225 (prev high), 20000 ( Fib Resistance)
20800-21000 have strong Fib Support and trend line support as shown in the chart.
Fibonacci extended resistance is near to 22500 as shown in chart. nifty will move to next target 22308 (Fib Resistance)/22521.
Long Term
market expected range bound between 22500 to 18800 expected till mid of 2024.
however if Q3 results are good, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance).
Nifty closed at 21571 21894(Prev Cloase 21710 ) and touched low & high of 21293 & 22126.
RSI and stochastics levels ( 53% & 35 % Respectively). Stochastics is moving towards oversold zone.
Market saw huge volatility last week of around 850 Points, especially fluctuated after results of HDFC bank.
Earlier last 2-3 months , purchasing/holding Nifty IT at lower levels proved effective as the Nifty IT index as it moved up. last week IT was little down along with the Nifty Index.
Simillarly despite nifty bank results for Q3 were good as expected, Nifty Bank index was down by 5-7%.Nifty Bank Index was suggested to buy last week. Nifty Bank Stocks / Bank Index can be purchased whenever it falls down. HDFC bank is now in buyable range, can be further bought if it further dips for Medium to Long Term.
Nifty IT had a good run in last month with expectation of growing world economic condition especially US. Nifty IT posted flat or negative results in Q3. But to a surprise Nifty IT moved up 4-5% up. Expectation of Q3 results especially bluechip companies, certain bank stocks market may go upwards to 22500 due to the current scenario.
Profit booking upto 30% was suggested in the last 1.5 months, Cash will be useful to pick the right stocks.
Stocks other than Banks have posted mixed results. Market can any time expected to turn volatile till 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- Short Term ( Neutral-Moderately Bearish)
Resistances are at 21650 ( MA 21 days) ,21762 (MA 7 days), 22000, 22117, 22155
Support at 21422 (fib Resistance), 21300 ( trend line Support),
Nifty Medium Term & long Term ( neutral)-
22308, Can achieve 22521 target
Support at 21422 ( Fib Support), 20225 (prev high), 20000 ( Fib Resistance)
20800-21000 have strong Fib Support and trend line support as shown in the chart.
Fibonacci extended resistance is near to 22500 as shown in chart. nifty will move to next target 22308 (Fib Resistance)/22521.
Long Term
market expected range bound between 22500 to 18800 expected till mid of 2024.
however if Q3 results are good, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance).
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