Nifty Short , Medium & Long Term View-12-Feb-24 to 16-Feb-24
Nifty closed at 21782.5 ( Prev Close 21853 ) and touched low & high of 21629 & 22053
RSI and stochastics levels reduced this week( 54.5% & 65% Respectively).
Market is in indecisive state, could not take any direction as it could not surpass the previous all time high 22117 decisively. Earlier 30% profit booking was suggested (except Bank & IT stocks). Mid & Small cap Index fell buy 2.5-3% on 09-Feb-24. Partial Booking can be considered for further 5-10% in Mid & Small Cap (Stocks/ Mutual Funds) wherever valuation are high. There is no worry on Good Valued Stocks which can be kept for Long Term.
Interim budget announced was a status quo budget, no relief for income tax payers, no change in corporate tax, as expected Capex for infra (Railways & Road) increased. Infra Stocks, undervalued bluechip stocks can be considered based on the valuation.
Nifty IT 37699 (Last week 37323 ) -To continue hold. Nifty IT touched new high of 38368 in this week and then came below to 37699. Major support at 34918 /34000.
Nifty bank 45634 (Prev Close 45970) -To continue hold. Nifty Bank touched 44908 and then moved and settled 45634 Low last week. support is at 44598 if breaks major support at 43650 ( Fib Support). Purchase on Dips.
Profit booking upto 30% was suggested in the last 1.5 months, Cash is useful to pick the right stocks currently to pick the right stock. Purchased Nifty Bank at Jan 1st & 2nd week when it was low using that cash.
Refer to detailed comments in the bottom.
Nifty 21782- Short Term ( Neutral - Bearish Continued)-
All time high 22136 will be a key resistance. Market could not surpass it decisively. Hence bearish sideways movement expected for some more weeks.
Resistances are at 22000, 22117, 22136 ( All time high),22150
Support - 21430 (Fib Support & MA 50 Support), 20877 Fib Support and trend line support as shown in the chart.
Nifty Medium Term & long Term (Neutral)- Can buy at 20800 -21000 level in case of dip.
Target Fibonacci extended resistance is near to 22500 as shown in chart. nifty will move to next target 22308 (Fib Resistance)/22521.
Support at 20225 (prev high), 20000 ( Fib Resistance)
Long Term
Market expected range bound between 22500 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 (11-Feb-24) :
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. Last two weeks IT was little down but comparatively lesser than Nifty Index and nifty Bank. Nifty IT touched new high on 08-Feb-24.
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.
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 21782.5 ( Prev Close 21853 ) and touched low & high of 21629 & 22053
RSI and stochastics levels reduced this week( 54.5% & 65% Respectively).
Market is in indecisive state, could not take any direction as it could not surpass the previous all time high 22117 decisively. Earlier 30% profit booking was suggested (except Bank & IT stocks). Mid & Small cap Index fell buy 2.5-3% on 09-Feb-24. Partial Booking can be considered for further 5-10% in Mid & Small Cap (Stocks/ Mutual Funds) wherever valuation are high. There is no worry on Good Valued Stocks which can be kept for Long Term.
Interim budget announced was a status quo budget, no relief for income tax payers, no change in corporate tax, as expected Capex for infra (Railways & Road) increased. Infra Stocks, undervalued bluechip stocks can be considered based on the valuation.
Nifty IT 37699 (Last week 37323 ) -To continue hold. Nifty IT touched new high of 38368 in this week and then came below to 37699. Major support at 34918 /34000.
Nifty bank 45634 (Prev Close 45970) -To continue hold. Nifty Bank touched 44908 and then moved and settled 45634 Low last week. support is at 44598 if breaks major support at 43650 ( Fib Support). Purchase on Dips.
Profit booking upto 30% was suggested in the last 1.5 months, Cash is useful to pick the right stocks currently to pick the right stock. Purchased Nifty Bank at Jan 1st & 2nd week when it was low using that cash.
Refer to detailed comments in the bottom.
Nifty 21782- Short Term ( Neutral - Bearish Continued)-
All time high 22136 will be a key resistance. Market could not surpass it decisively. Hence bearish sideways movement expected for some more weeks.
Resistances are at 22000, 22117, 22136 ( All time high),22150
Support - 21430 (Fib Support & MA 50 Support), 20877 Fib Support and trend line support as shown in the chart.
Nifty Medium Term & long Term (Neutral)- Can buy at 20800 -21000 level in case of dip.
Target Fibonacci extended resistance is near to 22500 as shown in chart. nifty will move to next target 22308 (Fib Resistance)/22521.
Support at 20225 (prev high), 20000 ( Fib Resistance)
Long Term
Market expected range bound between 22500 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 (11-Feb-24) :
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. Last two weeks IT was little down but comparatively lesser than Nifty Index and nifty Bank. Nifty IT touched new high on 08-Feb-24.
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.
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.
