Nifty 06 Mar 23 to 10 Mar 23 Short ,Medium and Long Term
Nifty 06 Mar 23 to 10 Mar 23 Short ,Medium and Long Term
Nifty 17300 /17200 support provided last week acted very well.
Nifty closed at 17594 ( Prev close 17465 )
Nifty touched a high of 17638 and low of 17273.
RSI, stochastic and MACD are in recovery zone.
Nifty short term - Will be upwards but need to cross the crucial resistance as mentioned below.
Nifty Resistance at 17650/17712 (Inclined Trend line - Shown in green color)
If it crosses 17712 in the week the other resistances to break 17819(0.5 fib old)/17900/18000(Aug high)
Nifty Support at 17435(dark red color horizontal line) /17368 MA200 /17355(new low) /17200
Nifty Medium Term
Nifty will be range bound in medium term from 17200 to 18268. Like previous week, this support levels are shown in Green & Red thick Horizontal lines.
Nifty need to break decisively above 18268 to reach 18800-18900 in Medium term and Support at 17000
Nifty Resistance 18109(sep high) / 18122(0.5 fib new) /18268 (Dec22 end Jan23 high)
Long term
Target 19500/20500 possible if it breaks above 18268
In case if it falls below 17000, then next support is at 16793, which will act as major long term support.
As mentioned in last week market corrected and reversed back from oversold zone, after a few dip. Nifty IT and NIFTY 50 Equal weight Mutual funds can be accumulated for long term.
Nifty Bank call was given for last two weeks to buy after touching low 39638 and it rose more than 4% (to 41251) last week and surpassed nifty. Still bank nifty will increase once it crosses 41300 and then to 41950/42850 in medium term.
Nifty IT 29857 also sustaining above 50 MA. Have potential to move upto 31850 in coming weeks if nifty is sustaining & crossing crucial resistances.
Nifty 17300 /17200 support provided last week acted very well.
Nifty closed at 17594 ( Prev close 17465 )
Nifty touched a high of 17638 and low of 17273.
RSI, stochastic and MACD are in recovery zone.
Nifty short term - Will be upwards but need to cross the crucial resistance as mentioned below.
Nifty Resistance at 17650/17712 (Inclined Trend line - Shown in green color)
If it crosses 17712 in the week the other resistances to break 17819(0.5 fib old)/17900/18000(Aug high)
Nifty Support at 17435(dark red color horizontal line) /17368 MA200 /17355(new low) /17200
Nifty Medium Term
Nifty will be range bound in medium term from 17200 to 18268. Like previous week, this support levels are shown in Green & Red thick Horizontal lines.
Nifty need to break decisively above 18268 to reach 18800-18900 in Medium term and Support at 17000
Nifty Resistance 18109(sep high) / 18122(0.5 fib new) /18268 (Dec22 end Jan23 high)
Long term
Target 19500/20500 possible if it breaks above 18268
In case if it falls below 17000, then next support is at 16793, which will act as major long term support.
As mentioned in last week market corrected and reversed back from oversold zone, after a few dip. Nifty IT and NIFTY 50 Equal weight Mutual funds can be accumulated for long term.
Nifty Bank call was given for last two weeks to buy after touching low 39638 and it rose more than 4% (to 41251) last week and surpassed nifty. Still bank nifty will increase once it crosses 41300 and then to 41950/42850 in medium term.
Nifty IT 29857 also sustaining above 50 MA. Have potential to move upto 31850 in coming weeks if nifty is sustaining & crossing crucial resistances.
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