Nifty 27 Feb 23 to 3 Mar 23 Short ,Medium and Long Term
Nifty closed at 17465 ( Prev close 17944)
Nifty touched a high of 17989 and fallen to low of 17429 last week.
Market may further move sidewards for few more weeks for decisive movement either upwards or downwards.
RSI stochastic and MACD are in negative zone and in oversold position and also there is no sign of reversal at immediate present, hence market may further fall to 17300-17180.
Nifty short term
Nifty corrected from 17900 to 17450 level. it may further correct to 17300/17200 as mentioned below.
Nifty Support at 17435(dark red color horizontal line) /17368 MA200 /17355(new low) /17200
Nifty Resistance at 17555/17716/17819(0.5 fib old)/17900/18000(Aug high) /18109(sep high) / 18122(0.5 fib new) /18268 (Dec22 end Jan23 high)
Nifty Medium Term
Nifty will be range bound in medium term from 17200 to 18268. Like previous week, this support levels are shown in Green & Red thick Horizontal lines.
Nifty need to break decisively above 18268 to reach 18800-18900 in Medium term and Support at 17000
Long term
Target 19500/20500 possible if it breaks above 18268
In case if it falls below 17000, then next support is at 16793, which will act as major long term support.
Since Market is in oversold zone, after a few dip, it is likely to move towards 17550-17800.
Buy on dips once fallen. Nifty IT and NIFTY 50 Equal weight Mutual funds can be accumulated for long term.
Nifty Bank 39909 can be accumulated level of 38600 for long term.
Nifty closed at 17465 ( Prev close 17944)
Nifty touched a high of 17989 and fallen to low of 17429 last week.
Market may further move sidewards for few more weeks for decisive movement either upwards or downwards.
RSI stochastic and MACD are in negative zone and in oversold position and also there is no sign of reversal at immediate present, hence market may further fall to 17300-17180.
Nifty short term
Nifty corrected from 17900 to 17450 level. it may further correct to 17300/17200 as mentioned below.
Nifty Support at 17435(dark red color horizontal line) /17368 MA200 /17355(new low) /17200
Nifty Resistance at 17555/17716/17819(0.5 fib old)/17900/18000(Aug high) /18109(sep high) / 18122(0.5 fib new) /18268 (Dec22 end Jan23 high)
Nifty Medium Term
Nifty will be range bound in medium term from 17200 to 18268. Like previous week, this support levels are shown in Green & Red thick Horizontal lines.
Nifty need to break decisively above 18268 to reach 18800-18900 in Medium term and Support at 17000
Long term
Target 19500/20500 possible if it breaks above 18268
In case if it falls below 17000, then next support is at 16793, which will act as major long term support.
Since Market is in oversold zone, after a few dip, it is likely to move towards 17550-17800.
Buy on dips once fallen. Nifty IT and NIFTY 50 Equal weight Mutual funds can be accumulated for long term.
Nifty Bank 39909 can be accumulated level of 38600 for long term.
