Nifty Short , Medium & Long Term View-05-Feb-24 to 09-Feb-24
Nifty closed at 21853 ( Prev Close 21353 ) and touched low & high of 21429 & 22126
RSI and stochastics levels ( 58% & 74 % Respectively). Stochastics is near overbought zone.
Market closed all time high and moved higher comparative to last week but is in indecisive state, could not take any direction as it could not surpass the previous all time high 22117 decisively.
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.
Nifty IT 37323 (Last week 36496) -To continue hold. On the last day (Fri) of last week it was traded upto 1100 points and moved up. major support at 34918 /34000.
Nifty bank 45970( 44866) Moved 1000 points up compared to 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- Short Term ( Neutral - Bearish Continued)- 21300 ( trend Line support Provided was major support last week.
Resistances are at 21439 ( Fib Resistance), 21639 ( MA 21 days) , 22000, 22117, 22155
Further below to 21300, 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 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 (04-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.
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 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 21853 ( Prev Close 21353 ) and touched low & high of 21429 & 22126
RSI and stochastics levels ( 58% & 74 % Respectively). Stochastics is near overbought zone.
Market closed all time high and moved higher comparative to last week but is in indecisive state, could not take any direction as it could not surpass the previous all time high 22117 decisively.
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.
Nifty IT 37323 (Last week 36496) -To continue hold. On the last day (Fri) of last week it was traded upto 1100 points and moved up. major support at 34918 /34000.
Nifty bank 45970( 44866) Moved 1000 points up compared to 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- Short Term ( Neutral - Bearish Continued)- 21300 ( trend Line support Provided was major support last week.
Resistances are at 21439 ( Fib Resistance), 21639 ( MA 21 days) , 22000, 22117, 22155
Further below to 21300, 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 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 (04-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.
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 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.
