Nifty 17Oct22 to 21 Oct 22 analysis- Short term and Medium Term
Nifty sustained the global indices downward movement
nifty has fallen to 16960 and quickly raised to 17331, ended at 17185.
Overall ended with little positive note for the week.
As mentioned in previous week, average 17065 acted as both support and resistance and hovered around this price for longer time.
Medium term analysis
Buy on Dip for targets of 17420 0.5 fibonacci new/17491 50 day MA/ on a decisive cross then to 17577 0.618 Fibonacci new/17802 0.786 Fibonacci new/ 17872 0.786 Fibonacci old/ 18000 /18100 Recent High
Short term Movement
16870 to 17491
Support
17065 (0.236 Fibonacci/ 16987 MA 200 days/16896 Fibonacci old/ 16870 MA 150 days/ 16749 recent low
There is a key range around 17261 0.382 Fibonacci new and 17270 MA 21 days which may act as interim target
Reasons ( Medium term)
RSI improved for 2 consecutive weeks 43% to 49%, still on oversold zone.
MACD & signal on border zone and about to cross signal line.
Markets in broad range bound 16749 to 17491 and sustaining and raising whenever there is a fall due to global indices.
Point to Note
Results of key companies in the next 7 to 15 days
Global indices performance
nifty has fallen to 16960 and quickly raised to 17331, ended at 17185.
Overall ended with little positive note for the week.
As mentioned in previous week, average 17065 acted as both support and resistance and hovered around this price for longer time.
Medium term analysis
Buy on Dip for targets of 17420 0.5 fibonacci new/17491 50 day MA/ on a decisive cross then to 17577 0.618 Fibonacci new/17802 0.786 Fibonacci new/ 17872 0.786 Fibonacci old/ 18000 /18100 Recent High
Short term Movement
16870 to 17491
Support
17065 (0.236 Fibonacci/ 16987 MA 200 days/16896 Fibonacci old/ 16870 MA 150 days/ 16749 recent low
There is a key range around 17261 0.382 Fibonacci new and 17270 MA 21 days which may act as interim target
Reasons ( Medium term)
RSI improved for 2 consecutive weeks 43% to 49%, still on oversold zone.
MACD & signal on border zone and about to cross signal line.
Markets in broad range bound 16749 to 17491 and sustaining and raising whenever there is a fall due to global indices.
Point to Note
Results of key companies in the next 7 to 15 days
Global indices performance