Nifty 16 Jan 23 to 20 Jan 23 Short ,Medium and Long Term
Nifty closed at 17956 ( Prev Close 17859)
Nifty formed double bottom chart pattern in last week. As highlighted in prev week there was an immediate strong upward movement to regain 18100+ level and dropped to 17761, finally ended up with positive compared to previous week by near to 100 Points.
This shows there is a clear sideways movement. Market is slowly started reacting to the Q3 result and the Budget announcement in 2 weeks.
Currently market is in make or break situation.
Oversold zone to recovery as per RSI (44.86) , Stochastics (38.71) improved compared to last week.
& MACD is in red zone (-105.91), yet to cross the signal -86 and Reversal might happen in this week.
Nifty short term
Index will be range bound from 17750-18450 till budget.
Need to cross firmly above sustain above 18260 to reach initial target of 18330/18440 and 18550 in the coming weeks.
If it falls below the current level, the next support is at 17782/17566/ 17472 fib 0.618 retracement and 17251.
Medium term target
18900
Long term target 19500.
Partial profit booking ( 20-30%) stocks can be initiated in portfolio stocks wherever it is positive there is no further movement is expected.
Nifty Bank Index is under oversold zone, Stocks like Axis Bank, Kotak Bank, Ujjvan Small Fin bank and BOB looks promising. If nifty moves towards 19500, Nifty Bank might move to 48500 level from current 42350.
Nifty closed at 17956 ( Prev Close 17859)
Nifty formed double bottom chart pattern in last week. As highlighted in prev week there was an immediate strong upward movement to regain 18100+ level and dropped to 17761, finally ended up with positive compared to previous week by near to 100 Points.
This shows there is a clear sideways movement. Market is slowly started reacting to the Q3 result and the Budget announcement in 2 weeks.
Currently market is in make or break situation.
Oversold zone to recovery as per RSI (44.86) , Stochastics (38.71) improved compared to last week.
& MACD is in red zone (-105.91), yet to cross the signal -86 and Reversal might happen in this week.
Nifty short term
Index will be range bound from 17750-18450 till budget.
Need to cross firmly above sustain above 18260 to reach initial target of 18330/18440 and 18550 in the coming weeks.
If it falls below the current level, the next support is at 17782/17566/ 17472 fib 0.618 retracement and 17251.
Medium term target
18900
Long term target 19500.
Partial profit booking ( 20-30%) stocks can be initiated in portfolio stocks wherever it is positive there is no further movement is expected.
Nifty Bank Index is under oversold zone, Stocks like Axis Bank, Kotak Bank, Ujjvan Small Fin bank and BOB looks promising. If nifty moves towards 19500, Nifty Bank might move to 48500 level from current 42350.
