Nifty 24-Oct-22 to 28-Oct-22 ( Short Term and Mid term)
Nifty is going to touch 18000 in coming weeks.... this was the prediction last week for Short Term.
When market was expected to go towards 17000 & below levels.
Now its going to realize.
However it quickly turned arounf and last week close was at 17575.
For the coming week it is the same as for the last 2 weeks recommendation of go long strategy.
Nifty Short Term Targets 17800-17870 ( Likely this week) and then 18000-18100
Strong Support at 17375 (MA 7 Days) & also the trend line, then 17300 ( 0.618 Fibonaaci old) , 17261 0.382 Fibonacci New, then at 17200 basically ( 17200- 17300 acts as a strong support), 17065 0.2361 fibonacci new.
Nifty Medium Targets - Strong Close above 18100 is 18350 - 18500 ( Trend Line) depends the time it hits, 18605 Previous peak and then 18900-19000 ( Trend line).
Strong support bel0w 17000 is at 16890 ( 0.5 Fibonacci previous) and recent low of 16750.
Factors for Long Strategy:
RSI is at 58 % improved from 48 % last week. Likely to cross 70-80% in short term and 90% in medium term.
MACD has crossed the signal well ahead and histogram is positive.
Stochastics is of little concern as it is in over bought position and there can be a short term reversal to 17375 after hitting 17800-17871 and then further move up.
Important Points to remember
1. Still Global Market not improved / turned around. Especially US market.
2. Inflation
Nifty is going to touch 18000 in coming weeks.... this was the prediction last week for Short Term.
When market was expected to go towards 17000 & below levels.
Now its going to realize.
However it quickly turned arounf and last week close was at 17575.
For the coming week it is the same as for the last 2 weeks recommendation of go long strategy.
Nifty Short Term Targets 17800-17870 ( Likely this week) and then 18000-18100
Strong Support at 17375 (MA 7 Days) & also the trend line, then 17300 ( 0.618 Fibonaaci old) , 17261 0.382 Fibonacci New, then at 17200 basically ( 17200- 17300 acts as a strong support), 17065 0.2361 fibonacci new.
Nifty Medium Targets - Strong Close above 18100 is 18350 - 18500 ( Trend Line) depends the time it hits, 18605 Previous peak and then 18900-19000 ( Trend line).
Strong support bel0w 17000 is at 16890 ( 0.5 Fibonacci previous) and recent low of 16750.
Factors for Long Strategy:
RSI is at 58 % improved from 48 % last week. Likely to cross 70-80% in short term and 90% in medium term.
MACD has crossed the signal well ahead and histogram is positive.
Stochastics is of little concern as it is in over bought position and there can be a short term reversal to 17375 after hitting 17800-17871 and then further move up.
Important Points to remember
1. Still Global Market not improved / turned around. Especially US market.
2. Inflation