Nifty 23 Jan 23 to 27 Jan 23 Short ,Medium and Long Term
Nifty closed at 18027 (Prev close 17956)
As highlighted in prev weeks nifty is in sideways movement.
Q3 Results didnt entralled the investors to the expectation, except Banking sector results. Banking sector good performance(results) was expected as mentioned in last 2 weeks analysis but the bank index didnt moved much. Expect infra push continues in budget.
Currently market is eagerly waiting for budget.
Wait for the market to dip to the support levels mentioned below. Partial profit booking (20-30%) stocks can be initiated in portfolio stocks and add value stocks.
Overall Strategy: Neutral till budget & accumulate on dips w.r.t the support level given below.
Nifty short term
Index will be range bound from 17775-18260 till budget. If it breaks below 17775 major support (Shown in dark blue line -Aug 22 & Feb 22 High), then next major support 17564 ( Fibinoccai 0.318 New)/ at 17435 (Oct22 High Shown in dark Red line).
Need to cross firmly above sustain above 18260 to reach initial target of 18350(Jan22 High shown in dark Green color) /18440 and 18550 in the coming weeks.
Medium term target
18900 as long as market above 16800/17000 levels.
Long term target 19500.
Nifty Bank Index is still under oversold zone, Stocks like Axis Bank, Kotak Bank, Ujjvan Small Fin bank and BOB looks promising. If nifty moves towards 19500, Nifty Bank will definitely might move to 46500 level from current 42506 little better % than nifty.
Nifty closed at 18027 (Prev close 17956)
As highlighted in prev weeks nifty is in sideways movement.
Q3 Results didnt entralled the investors to the expectation, except Banking sector results. Banking sector good performance(results) was expected as mentioned in last 2 weeks analysis but the bank index didnt moved much. Expect infra push continues in budget.
Currently market is eagerly waiting for budget.
Wait for the market to dip to the support levels mentioned below. Partial profit booking (20-30%) stocks can be initiated in portfolio stocks and add value stocks.
Overall Strategy: Neutral till budget & accumulate on dips w.r.t the support level given below.
Nifty short term
Index will be range bound from 17775-18260 till budget. If it breaks below 17775 major support (Shown in dark blue line -Aug 22 & Feb 22 High), then next major support 17564 ( Fibinoccai 0.318 New)/ at 17435 (Oct22 High Shown in dark Red line).
Need to cross firmly above sustain above 18260 to reach initial target of 18350(Jan22 High shown in dark Green color) /18440 and 18550 in the coming weeks.
Medium term target
18900 as long as market above 16800/17000 levels.
Long term target 19500.
Nifty Bank Index is still under oversold zone, Stocks like Axis Bank, Kotak Bank, Ujjvan Small Fin bank and BOB looks promising. If nifty moves towards 19500, Nifty Bank will definitely might move to 46500 level from current 42506 little better % than nifty.
