Nifty Short , Medium & Long Term View-26-Feb-24 to 01-Mar-24
Nifty closed at 22212 (22040) and touched low & high of 21824 & 22297
RSI and stochastics levels reduced this week (90% & 90% Respectively). Both Rsi & Stochastics is in overbought zone.
Volatality was seen on Thursday with more than 400 points.
Market crossed 22150 last week. Need to decisively close above all time high 22294/22314 (Fib Resistance). Earlier 30-35% profit booking was suggested (except Bank & IT stocks). Partial Booking can be considered for further 5-10% wherever valuation are high. There is no worry on Good Valued Stocks which can be kept for Long Term. This cash will be useful to buy when during the fall.
Nifty IT 38045 (38477 ) -To continue hold. Nifty IT touched new high of 38477 last week. Major support at 34918 /34000. Target can be 40000.
Nifty bank 46554 ( Prev Week 45634 ) -To continue buy on dips. Nifty Bank touched 47350 high last week. Target 48618 ( all time high)
support is at 44598 if breaks major support at 43650 ( Fib Support). Purchase on Dips.
Refer to detailed comments in the bottom.
Nifty 22212- Short Term ( Neutral )
All time high 22294/ 22314 (Fib Resistance) will be a key resistance.
Support - 21554 (Fib Support ), 20877 Fib Support as shown in the chart.
Nifty Medium Term & long Term - Can buy at 20800 -21000 level in case of dip for a short run up.
Target Fibonacci extended resistance is near to 22819 which is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak. nifty will move to next target 22819 (Fib Resistance)/22500.
Support at 20225 (prev high), 20000 ( Fib Resistance)
Long Term
Market expected range bound between 22800 to 18800 expected till mid of 2024.
Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance).
Comments :
Earlier last 2-3 months, purchasing/holding Nifty IT at lower levels proved effective as the Nifty IT index as it moved up by 20%. Nifty IT posted flat or negative results in Q3. But to a surprise Nifty IT moved up 4-5% up as US economy is recovering. Nifty IT touched new high on 16-Feb-24 (38477). Target 40000.
Similarly despite nifty bank results for Q3 were good as expected, Nifty Bank index was down by 10% last three-Four weeks. Nifty Bank Index was suggested to buy two weeks before. Nifty Bank Stocks / Bank Index can be purchased whenever it falls down. HDFC bank is now in buyable range, can be further bought if it further dips for Medium to Long Term. Nifty Bank ( 46554) tried to move above key resistances. Continue to buy on dips.
As expected, stocks other than Banks have posted mixed results. Market can any time expected to turn volatile till elections in 2024 (Apr-May). Company Earning per share (EPS) are near to maximum level, expected policy / budgetary push to move up further in 2024. Individual stock pick will be the key in 2024.
Nifty closed at 22212 (22040) and touched low & high of 21824 & 22297
RSI and stochastics levels reduced this week (90% & 90% Respectively). Both Rsi & Stochastics is in overbought zone.
Volatality was seen on Thursday with more than 400 points.
Market crossed 22150 last week. Need to decisively close above all time high 22294/22314 (Fib Resistance). Earlier 30-35% profit booking was suggested (except Bank & IT stocks). Partial Booking can be considered for further 5-10% wherever valuation are high. There is no worry on Good Valued Stocks which can be kept for Long Term. This cash will be useful to buy when during the fall.
Nifty IT 38045 (38477 ) -To continue hold. Nifty IT touched new high of 38477 last week. Major support at 34918 /34000. Target can be 40000.
Nifty bank 46554 ( Prev Week 45634 ) -To continue buy on dips. Nifty Bank touched 47350 high last week. Target 48618 ( all time high)
support is at 44598 if breaks major support at 43650 ( Fib Support). Purchase on Dips.
Refer to detailed comments in the bottom.
Nifty 22212- Short Term ( Neutral )
All time high 22294/ 22314 (Fib Resistance) will be a key resistance.
Support - 21554 (Fib Support ), 20877 Fib Support as shown in the chart.
Nifty Medium Term & long Term - Can buy at 20800 -21000 level in case of dip for a short run up.
Target Fibonacci extended resistance is near to 22819 which is the % of difference between Oct21 Peak -Jun22 Low from Oct 21 peak. nifty will move to next target 22819 (Fib Resistance)/22500.
Support at 20225 (prev high), 20000 ( Fib Resistance)
Long Term
Market expected range bound between 22800 to 18800 expected till mid of 2024.
Q3 results are average except bank & Nbfc stocks, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance).
Comments :
Earlier last 2-3 months, purchasing/holding Nifty IT at lower levels proved effective as the Nifty IT index as it moved up by 20%. Nifty IT posted flat or negative results in Q3. But to a surprise Nifty IT moved up 4-5% up as US economy is recovering. Nifty IT touched new high on 16-Feb-24 (38477). Target 40000.
Similarly despite nifty bank results for Q3 were good as expected, Nifty Bank index was down by 10% last three-Four weeks. Nifty Bank Index was suggested to buy two weeks before. Nifty Bank Stocks / Bank Index can be purchased whenever it falls down. HDFC bank is now in buyable range, can be further bought if it further dips for Medium to Long Term. Nifty Bank ( 46554) tried to move above key resistances. Continue to buy on dips.
As expected, stocks other than Banks have posted mixed results. Market can any time expected to turn volatile till elections in 2024 (Apr-May). Company Earning per share (EPS) are near to maximum level, expected policy / budgetary push to move up further in 2024. Individual stock pick will be the key in 2024.
