Nifty 06 Feb 23 to 10 FEB 23 Short ,Medium and Long Term
Nifty closed at 17854 ( Prev close 17604)
Short Call was given temporarily ast week.
Nifty touched a low of 17355 broken the 17435 support and sustained above MA 200- 17290 Level.
Accumulate on dips was provided with Support mentioned above and it worked as well.
It was a buying opportunity at that level.
Market was highly volatile last week due to budget announcement and Adani stocks crash.
As expected and mentioned in previous week, the Capital Expenditure was focussed in the budget with consecutive 3rd year with 30% increase in Capital expenditure.
By announcing new Tax Regime, more freehand was provided to tax payers in chossing their investment.
Overall its a growth oriented budget before the next year election.
Insurance Sector investment to face severe pressure in the coming days and will consolidate as Section 80C importance is slowly getting vanished. Rather common man likely to invest more in equities ( through SIPs).
Short Term Strategy is Neutral
Nifty short term
Index crossed crucial 17800 level and trading at 17854.
Investore can accumulate the good stocks and buy nifty / next 50 /Nifty Bank Index / Stocks slowly on dips with support provided below.
Nifty support at 17819(0.5 fib old) /17785(feb22 high) /17716/17566/17435(dark red color horizontal line) /17355(new low) /17300 MA200.
Nifty Resistance will be at 17900/18000(Aug high) /18109(sep high) / 18122(0.5 fib new) /18268 (Dec22 end Jan23 high) /18355(Jan22 High)
Nifty will be range bound from 17300 to 18265. Like last week, this support levels are shown in Green & Red thick Horizontal lines.
Nifty need to break decisively above 18268 to reach 18800-18900 in short term.
Medium term target
Medium term target is 18900
In case if it falls below 17300, then next support is at 16800, which will act as major support.
Long term
Target 19500/20500 still in intact.
Nifty closed at 17854 ( Prev close 17604)
Short Call was given temporarily ast week.
Nifty touched a low of 17355 broken the 17435 support and sustained above MA 200- 17290 Level.
Accumulate on dips was provided with Support mentioned above and it worked as well.
It was a buying opportunity at that level.
Market was highly volatile last week due to budget announcement and Adani stocks crash.
As expected and mentioned in previous week, the Capital Expenditure was focussed in the budget with consecutive 3rd year with 30% increase in Capital expenditure.
By announcing new Tax Regime, more freehand was provided to tax payers in chossing their investment.
Overall its a growth oriented budget before the next year election.
Insurance Sector investment to face severe pressure in the coming days and will consolidate as Section 80C importance is slowly getting vanished. Rather common man likely to invest more in equities ( through SIPs).
Short Term Strategy is Neutral
Nifty short term
Index crossed crucial 17800 level and trading at 17854.
Investore can accumulate the good stocks and buy nifty / next 50 /Nifty Bank Index / Stocks slowly on dips with support provided below.
Nifty support at 17819(0.5 fib old) /17785(feb22 high) /17716/17566/17435(dark red color horizontal line) /17355(new low) /17300 MA200.
Nifty Resistance will be at 17900/18000(Aug high) /18109(sep high) / 18122(0.5 fib new) /18268 (Dec22 end Jan23 high) /18355(Jan22 High)
Nifty will be range bound from 17300 to 18265. Like last week, this support levels are shown in Green & Red thick Horizontal lines.
Nifty need to break decisively above 18268 to reach 18800-18900 in short term.
Medium term target
Medium term target is 18900
In case if it falls below 17300, then next support is at 16800, which will act as major support.
Long term
Target 19500/20500 still in intact.
