Nifty 02 May 23 to 5 May 23 Short ,Medium and Long Term
Nifty touched a high of 18090 ( 17865) and touched low of 17610
Nifty closed at 18065 (Prev Close 17627).
Nifty crossed the key 17867 Resistance last week ( as mentioned in last week analysis) and touched above 18000, which shows a positive sign.
RSI ,MACD and Stochastic are above 75% and green zone.
Q4 results are being announced and many companies posted good results.
As expected Banks and NBFCs are posting good results. Can be bought for Medium term. Nifty Bank already gave good returns ( +7%) in the last 1 month as mentioned in previous reports.
Nifty- short term is Long.
Nifty small Resistances at 18111/18204/18274 ( Prev Highs Shown in thick red , blue and green horizontal lines)
Above these resistances next target at 184372/18465 ( fibonacci resitances)
Nifty support at 17570/17530 (Inclined two trend line)
Nifty Medium Term -
Nifty need to break decisively above first target 18274 , next target of 18437 ( Fibonacci 0.786 Retracement) followed by prev high 18890.
Nifty Support at 17387- 17340/ 17180/17200/17252
Long term-
Need to decisively close above 18890 ( Previous Dec22 High) to reach targets of 19000/19500/20000
long term support at 16746 ( Sep22 Low)
Long term Investors can accumulate following Mutual Funds
NIFTY 50 Equal weight
Bank Nifty
Nifty IT ( Buy on dip)
Nifty touched a high of 18090 ( 17865) and touched low of 17610
Nifty closed at 18065 (Prev Close 17627).
Nifty crossed the key 17867 Resistance last week ( as mentioned in last week analysis) and touched above 18000, which shows a positive sign.
RSI ,MACD and Stochastic are above 75% and green zone.
Q4 results are being announced and many companies posted good results.
As expected Banks and NBFCs are posting good results. Can be bought for Medium term. Nifty Bank already gave good returns ( +7%) in the last 1 month as mentioned in previous reports.
Nifty- short term is Long.
Nifty small Resistances at 18111/18204/18274 ( Prev Highs Shown in thick red , blue and green horizontal lines)
Above these resistances next target at 184372/18465 ( fibonacci resitances)
Nifty support at 17570/17530 (Inclined two trend line)
Nifty Medium Term -
Nifty need to break decisively above first target 18274 , next target of 18437 ( Fibonacci 0.786 Retracement) followed by prev high 18890.
Nifty Support at 17387- 17340/ 17180/17200/17252
Long term-
Need to decisively close above 18890 ( Previous Dec22 High) to reach targets of 19000/19500/20000
long term support at 16746 ( Sep22 Low)
Long term Investors can accumulate following Mutual Funds
NIFTY 50 Equal weight
Bank Nifty
Nifty IT ( Buy on dip)
