Nifty 09 Jan 23 to 13 Jan 23 Short ,Medium and Long Term
Nifty closed at 17859 ( Prev Close 18105) with touching peak 18232 recovered from low 17806.
Nifty formed double bottom chart pattern in back to back week.
Oversold zone as per RSI (37) , Stochastics (27)
& MACD is in red zone (-91) and Reversal sign might be achieved in this week.
Nifty short term
Index will be range bound from 17750-18550 till budget.
Need to cross firmly above sustain above 18000 followed by 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.
Medium term target
18900
Long term target 19500 and then to 20500.
Nifty Bank Index is also under oversold zone, Stocks like Axis Bank, Kotak Bank, Ujjvan Small Fin bank and BOB looks promising. Budget / Budget Expectation will take fresh high above 18550 or take it below 17750.
Nifty closed at 17859 ( Prev Close 18105) with touching peak 18232 recovered from low 17806.
Nifty formed double bottom chart pattern in back to back week.
Oversold zone as per RSI (37) , Stochastics (27)
& MACD is in red zone (-91) and Reversal sign might be achieved in this week.
Nifty short term
Index will be range bound from 17750-18550 till budget.
Need to cross firmly above sustain above 18000 followed by 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.
Medium term target
18900
Long term target 19500 and then to 20500.
Nifty Bank Index is also under oversold zone, Stocks like Axis Bank, Kotak Bank, Ujjvan Small Fin bank and BOB looks promising. Budget / Budget Expectation will take fresh high above 18550 or take it below 17750.
