Nifty 19 Dec22 to 23 Dec 22- Short Term Medium term and Long term Analysis
Nifty closed at 18269 (From prev week close of 18496)
As mentioned clearly in previous week Short term Market will be down due to profit booking.
However medium term is intact if above 17760 level ( MA 100 days ), Feb month high of 17796.
Last week markets clearly broke the MA21 support (considered for short term support)at 18495 and touched low of 18255 on the final session (Friday).
For Short term multiple supports are at 17900/18000/ 18100 level ( MA 50, Fibonocci New 0.5, Fibonacci Previous 0.786 level)
Resistance are at 18430/ 18889 ( New High) /19000 ( Can be considered as Short Term targets )
Medium term Target at 19500
As mentioned before in previous 3 weeks , watch out for high PE stocks ( in that sector) for to book profits and buy fresh stocks which have potential to grow.
Nifty closed at 18269 (From prev week close of 18496)
As mentioned clearly in previous week Short term Market will be down due to profit booking.
However medium term is intact if above 17760 level ( MA 100 days ), Feb month high of 17796.
Last week markets clearly broke the MA21 support (considered for short term support)at 18495 and touched low of 18255 on the final session (Friday).
For Short term multiple supports are at 17900/18000/ 18100 level ( MA 50, Fibonocci New 0.5, Fibonacci Previous 0.786 level)
Resistance are at 18430/ 18889 ( New High) /19000 ( Can be considered as Short Term targets )
Medium term Target at 19500
As mentioned before in previous 3 weeks , watch out for high PE stocks ( in that sector) for to book profits and buy fresh stocks which have potential to grow.