Nifty Short , Medium & Long Term View-29-Jan-24 to 02-Feb-24
Nifty closed at 21352 ( Prev Close 21571 ) and touched low & high of 21136 & 21736.
RSI and stochastics levels ( 47% & 21 % Respectively). Stochastics is in oversold zone.
Market saw huge volatility in the last two week of around 1000 Points, especially fluctuated after results of HDFC bank.
Nifty IT (36496) -To hold. major support at 34918 /34000.
Nifty bank ( 44866) if further move down 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.
Refer to detailed comments in the bottom.
Nifty- Short Term ( Bearish)- 21300 ( trend Line support Provided was majr support last week.
Resistances are at 21439 ( Fib Resistance), 21639 ( MA 21 days) , 22000, 22117, 22155
Support at 21300 ( trend line Support), 20800-21000 have strong Fib Support and trend line support as shown in the chart.
Nifty Medium Term & long Term ( Neutral)- Can buy at 20800 -21000 level.
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.
however if Q3 results are good, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance).
Comments (28-Jan-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.
Simillarly despite nifty bank results for Q3 were good as expected, Nifty Bank index was down by 10% last two weeks. Nifty Bank Index was suggested to buy last week. 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 Feb budget & 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.
In Feb, Temporary budget most likely to favour income tax payers inorder to keep in mind of elections and to concentrate on infra (Railways & Road). Infra Stocks, undervalued bluechip stocks can be considered.
Nifty closed at 21352 ( Prev Close 21571 ) and touched low & high of 21136 & 21736.
RSI and stochastics levels ( 47% & 21 % Respectively). Stochastics is in oversold zone.
Market saw huge volatility in the last two week of around 1000 Points, especially fluctuated after results of HDFC bank.
Nifty IT (36496) -To hold. major support at 34918 /34000.
Nifty bank ( 44866) if further move down 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.
Refer to detailed comments in the bottom.
Nifty- Short Term ( Bearish)- 21300 ( trend Line support Provided was majr support last week.
Resistances are at 21439 ( Fib Resistance), 21639 ( MA 21 days) , 22000, 22117, 22155
Support at 21300 ( trend line Support), 20800-21000 have strong Fib Support and trend line support as shown in the chart.
Nifty Medium Term & long Term ( Neutral)- Can buy at 20800 -21000 level.
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.
however if Q3 results are good, further up move will have target of 23150 ( Trend Line), 23500 ( Fib Resistance).
Comments (28-Jan-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.
Simillarly despite nifty bank results for Q3 were good as expected, Nifty Bank index was down by 10% last two weeks. Nifty Bank Index was suggested to buy last week. 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 Feb budget & 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.
In Feb, Temporary budget most likely to favour income tax payers inorder to keep in mind of elections and to concentrate on infra (Railways & Road). Infra Stocks, undervalued bluechip stocks can be considered.
