Nifty 10 Apr 23 to 13 Apr 23 Short ,Medium and Long Term
Nifty touched a high of 17638 and low of 17310.
Nifty closed at 17599 (Prev Close 17359).
Global Economy is reversing but lot of agencies have given cautious & weakest growth % of 2-3% for next 5 years.
Interest rate are at peak and signs of reversal and inflation are reducing.
But Threat of Geopolitical Tension still there.
Markets have raised last week above the initial resistances, moved past MA 200 & MA 50.
Medium Term buy on Dip worked well
Nifty Bank, Nifty IT and Nifty 50 increased by 2-5% from low. Especially bank surpassed other indices.
RSI, stochastic and MACD recovered & crossed above 50% the MA and moving up.
Nifty (16945) short term is Positive.
Nifty Resistance at 17699/17650 (Shown in Green Color Declining Trend Line Resistances )
Above these resistances next resistance are at 17818/17860( Fibonacci Resistances )
Nifty immediate support at 17500-17457
Nifty Medium Term -
Nifty need to break decisively above 17860 ( Fibonacci Retracement) to move past 18000/18205.
There is a chance of reversal from the peak, depends on the global situation.
Nifty Support at 17180/17200/17252
Long term-
Above 18265 Target Nifty 18890 ( Previous Dec22 High)
Need to decisively close above 18890 to reach targets of 19500/20000
long term support at 16746 ( Sep22 Low)
In case if it falls below then next major support at 16300, then market may go down to 15900.
Long term Investors can accumulate following Mutual Funds
NIFTY 50 Equal weight
Bank Nifty
Nifty IT
Nifty touched a high of 17638 and low of 17310.
Nifty closed at 17599 (Prev Close 17359).
Global Economy is reversing but lot of agencies have given cautious & weakest growth % of 2-3% for next 5 years.
Interest rate are at peak and signs of reversal and inflation are reducing.
But Threat of Geopolitical Tension still there.
Markets have raised last week above the initial resistances, moved past MA 200 & MA 50.
Medium Term buy on Dip worked well
Nifty Bank, Nifty IT and Nifty 50 increased by 2-5% from low. Especially bank surpassed other indices.
RSI, stochastic and MACD recovered & crossed above 50% the MA and moving up.
Nifty (16945) short term is Positive.
Nifty Resistance at 17699/17650 (Shown in Green Color Declining Trend Line Resistances )
Above these resistances next resistance are at 17818/17860( Fibonacci Resistances )
Nifty immediate support at 17500-17457
Nifty Medium Term -
Nifty need to break decisively above 17860 ( Fibonacci Retracement) to move past 18000/18205.
There is a chance of reversal from the peak, depends on the global situation.
Nifty Support at 17180/17200/17252
Long term-
Above 18265 Target Nifty 18890 ( Previous Dec22 High)
Need to decisively close above 18890 to reach targets of 19500/20000
long term support at 16746 ( Sep22 Low)
In case if it falls below then next major support at 16300, then market may go down to 15900.
Long term Investors can accumulate following Mutual Funds
NIFTY 50 Equal weight
Bank Nifty
Nifty IT
