Nifty Short , Medium & Long Term View-19-Feb-24 to 23-Feb-24
Nifty closed at 22040 (Last week 21540) and touched low & high of 21629 & 22068
RSI and stochastics levels reduced this week(58% & 87% Respectively). Stochastics is in overbought zone.
Huge volatility was seen last week within the topmost resistance and bottom most support last week. Market was exactly trading within this trend line resistance and trendline support provided.
Market need to decisively close above all time high 22117 and 22157 (Fib Resistance). Earlier 30% profit booking was suggested (except Bank & IT stocks). 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.
This cash will be useful to buy when during the fall.
Nifty IT 38477 (Prev Week 37699) -To continue hold. Nifty IT touched new high of 38477 in this week. Major support at 34918 /34000. Target can be 40000.
Nifty bank 46554 ( Prev Week 45634 ) -To continue hold. Nifty Bank touched 46695 high last week. Purchase on dips was suggested. Nifty Bank moved from 44673 to 46695.
support is at 44598 if breaks major support at 43650 ( Fib Support). Purchase on Dips.
Refer to detailed comments in the bottom.
Nifty 22040- Short Term ( Neutral )
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 - Can buy at 20800 -21000 level in case of dip for a short run up.
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 (19-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. 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 22040 (Last week 21540) and touched low & high of 21629 & 22068
RSI and stochastics levels reduced this week(58% & 87% Respectively). Stochastics is in overbought zone.
Huge volatility was seen last week within the topmost resistance and bottom most support last week. Market was exactly trading within this trend line resistance and trendline support provided.
Market need to decisively close above all time high 22117 and 22157 (Fib Resistance). Earlier 30% profit booking was suggested (except Bank & IT stocks). 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.
This cash will be useful to buy when during the fall.
Nifty IT 38477 (Prev Week 37699) -To continue hold. Nifty IT touched new high of 38477 in this week. Major support at 34918 /34000. Target can be 40000.
Nifty bank 46554 ( Prev Week 45634 ) -To continue hold. Nifty Bank touched 46695 high last week. Purchase on dips was suggested. Nifty Bank moved from 44673 to 46695.
support is at 44598 if breaks major support at 43650 ( Fib Support). Purchase on Dips.
Refer to detailed comments in the bottom.
Nifty 22040- Short Term ( Neutral )
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 - Can buy at 20800 -21000 level in case of dip for a short run up.
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 (19-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. 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.
