Nifty 13 Mar 23 to 17 Mar 23 Short ,Medium and Long Term
Nifty touched a high of 17801 and low of 17331.
Nifty closed at 17413 ( Prev close 17594 ) due to US Bank issues.
Nifty to go down and test 17133/17088/17000 in the coming week.
RSI , stochastic and MACD have recovered and increased, later declined at the end of week to selling zone. Markwt still not in oversold zone.
Nifty short term -
Will go down and the crucial support need to hold.
Nifty Resistance at 17650/17712 (Inclined Trend line - Shown in green color)
Nifty Support at 17368 MA200 /17355(new low) /17200/ 17167 (aug 22 Low)/17133 ( Red Inclined trend line)/ 17088 ( Blue Inclined trend line)
Nifty Medium Term
Nifty will be range bound in medium term from 17000 to 18268.
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 crucial support is at 16793, which will act as major long term support.
NIFTY 50 Equal weight, Bank Nifty, Nifty IT and Mutual funds can be accumulated for long term.
Nifty touched a high of 17801 and low of 17331.
Nifty closed at 17413 ( Prev close 17594 ) due to US Bank issues.
Nifty to go down and test 17133/17088/17000 in the coming week.
RSI , stochastic and MACD have recovered and increased, later declined at the end of week to selling zone. Markwt still not in oversold zone.
Nifty short term -
Will go down and the crucial support need to hold.
Nifty Resistance at 17650/17712 (Inclined Trend line - Shown in green color)
Nifty Support at 17368 MA200 /17355(new low) /17200/ 17167 (aug 22 Low)/17133 ( Red Inclined trend line)/ 17088 ( Blue Inclined trend line)
Nifty Medium Term
Nifty will be range bound in medium term from 17000 to 18268.
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 crucial support is at 16793, which will act as major long term support.
NIFTY 50 Equal weight, Bank Nifty, Nifty IT and Mutual funds can be accumulated for long term.
