Nifty Short , Medium & Long Term View-11-Dec-23 to 15-Dec-23
Nifty closed at 20520 (Prev Week close 20227) and touched low & high of 21006 & 20520.
Market touched all time high of 21000 last week after a massive run post election results of 3 states.
RSI and stochastics levels nearing the overbought zone ( 83% & 97 % Respectively) .
Nifty- Short Term
Resistance at 21082 ( Fib Resistance 1.618) and 21170 ( Calculated diff in % from dec 22 high 18906 to Mar 23 Low 16833).
These above two resistances are critical as market in overbought zone.
Market is in overbought zone. Profit booking upto 30% was suggested in the last week, Almost i have booked 10-15% profit has been booked in Equities & Mutual Funds. 50% 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 need to decisively close above 21170 to achieve 21500/22000/22500 target.
Support at 19345, 19230, 19164, 19000
Long Term
market range bound between 21170 to 18800 till elections are completed.
Comment :
Market Volatality expected to continue till Q3 results, Feb budget & till elections in 2024 (Apr-May).
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 and projected growth of the stock is necessary.
Q3 Results & Policy change need to be looked into for next year growth of Nifty.
Nifty closed at 20520 (Prev Week close 20227) and touched low & high of 21006 & 20520.
Market touched all time high of 21000 last week after a massive run post election results of 3 states.
RSI and stochastics levels nearing the overbought zone ( 83% & 97 % Respectively) .
Nifty- Short Term
Resistance at 21082 ( Fib Resistance 1.618) and 21170 ( Calculated diff in % from dec 22 high 18906 to Mar 23 Low 16833).
These above two resistances are critical as market in overbought zone.
Market is in overbought zone. Profit booking upto 30% was suggested in the last week, Almost i have booked 10-15% profit has been booked in Equities & Mutual Funds. 50% 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 need to decisively close above 21170 to achieve 21500/22000/22500 target.
Support at 19345, 19230, 19164, 19000
Long Term
market range bound between 21170 to 18800 till elections are completed.
Comment :
Market Volatality expected to continue till Q3 results, Feb budget & till elections in 2024 (Apr-May).
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 and projected growth of the stock is necessary.
Q3 Results & Policy change need to be looked into for next year growth of Nifty.
