Nifty Short , Medium & Long Term View-26-Dec-23 to 29-Dec-23
Nifty closed at 21349( Prev Week close 21496) and touched low & high of 20970 & 21590.
RSI and stochastics levels reduced from overbought zone ( 72% & 69 % Respectively) .
Market currently on a upward movement due to global run and had slight consolidation last week.
Two Fibonacci extended resistances are near to 22500 as shown in chart which is 5 % from current level.
Since there is a upward movement in global market, nifty expected to move up temporarily to 21750 / 22000 though Market is still in overbought zone.
Profit booking upto 30% was suggested in the last three weeks, Almost i have booked 20% profit in Equities & Mutual Funds. 100% of ulip shifted from equities to balanced funds & money market as we get free switches in ulip.
Market can any time expected to turn volatile and it will continue till Q3 results, 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.
Feb Temporary budget most likely to favour income tax payers inorder to keep in mind of elections and to concentrate on infra (Railways & Road).
Nifty IT had a good run in last few days with expectation of growing world economic condition especially US. But in expectation of Q3 results especially bluechip companies, certain bank stocks 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)
Support at 20800 ( MA 21 ) ,20500 ( Fib Support) , 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 21349( Prev Week close 21496) and touched low & high of 20970 & 21590.
RSI and stochastics levels reduced from overbought zone ( 72% & 69 % Respectively) .
Market currently on a upward movement due to global run and had slight consolidation last week.
Two Fibonacci extended resistances are near to 22500 as shown in chart which is 5 % from current level.
Since there is a upward movement in global market, nifty expected to move up temporarily to 21750 / 22000 though Market is still in overbought zone.
Profit booking upto 30% was suggested in the last three weeks, Almost i have booked 20% profit in Equities & Mutual Funds. 100% of ulip shifted from equities to balanced funds & money market as we get free switches in ulip.
Market can any time expected to turn volatile and it will continue till Q3 results, 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.
Feb Temporary budget most likely to favour income tax payers inorder to keep in mind of elections and to concentrate on infra (Railways & Road).
Nifty IT had a good run in last few days with expectation of growing world economic condition especially US. But in expectation of Q3 results especially bluechip companies, certain bank stocks 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)
Support at 20800 ( MA 21 ) ,20500 ( Fib Support) , 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.
