Nifty Short, Medium and Long Term review-23-Oct-23 to 27-Oct-23
Nifty Short, Medium and Long Term review-23-Oct-23 to 27-Oct-23
Nifty closed at 19751 (19655) and touched low & high of 19483 and 19871.
RSI levels and stochastics was near to oversold zone last week end, considering global situation, crude price, Q2 results ( till date) it will test the support level in short term, Q2 results of the balance companies can guide the market.
Banks gave good results except HDFC bank due to merger. Capital Goods and other companies posted average to below average results. As mentioned before ( past 1 month) book 30% profit in the high valued stocks and be ready with cash.
Nifty was holding the inclined trend support provided at 19400 levels last week, same support level was shared for the last three weeks.
Nifty- Short Term (Neutral- Sideways movement with below mentioned support & resistance zone), retaining same as last three weeks.
Strong Support at Fib resistance at 19320/19445
Also there is a support at 19224 (Previous Low)
Resistance at 19840/19990 ( Fibonnoci resistance )
Nifty Medium Term & long Term -
As market in overbought zone there will be a correction.
Resistance at 20221 ( Prev High ) / 20500
Further to review the Q2 results. To review once Nifty reaches target.
Strong Resistance at 18800.
Nifty closed at 19751 (19655) and touched low & high of 19483 and 19871.
RSI levels and stochastics was near to oversold zone last week end, considering global situation, crude price, Q2 results ( till date) it will test the support level in short term, Q2 results of the balance companies can guide the market.
Banks gave good results except HDFC bank due to merger. Capital Goods and other companies posted average to below average results. As mentioned before ( past 1 month) book 30% profit in the high valued stocks and be ready with cash.
Nifty was holding the inclined trend support provided at 19400 levels last week, same support level was shared for the last three weeks.
Nifty- Short Term (Neutral- Sideways movement with below mentioned support & resistance zone), retaining same as last three weeks.
Strong Support at Fib resistance at 19320/19445
Also there is a support at 19224 (Previous Low)
Resistance at 19840/19990 ( Fibonnoci resistance )
Nifty Medium Term & long Term -
As market in overbought zone there will be a correction.
Resistance at 20221 ( Prev High ) / 20500
Further to review the Q2 results. To review once Nifty reaches target.
Strong Resistance at 18800.
Same thing happened in 2014, raise in crude price trend, economy related issues till Pre poll survey-Election/ May 2014 and the crude fell after that drastically and economy of all countries started recovering.
As far as results are concerned little average except banks. Companies are affected by interest rates and to move a notch above the sequential previous Quarter ( i.e results are flattening).
Q2 & Q3 Results Pre Budget in Feb and followed by q4 results also will give a path.
Hence it will be highly volatile.