Nifty Short, Medium and Long Term review-30-Oct-23 to 03-Oct-23s
Nifty Short, Medium and Long Term review-30-Oct-23 to 03-Oct-23
Nifty closed at 19047 (19751)and touched low & high of 19552 and 18841.
RSI nd stochastics levels is near to oversold zone .
Market saw a steep correction broke the short term support and after hitting the Medium Term Support ( 18800 level) it bounced back a little.
Banks gave good results except HDFC bank due to merger. Capital Goods and other companies posted average to below average results. Last week updated the crude price raise and impact on Indian market was compared and suggested market may fall and exactly corrected as expected. As mentioned before ( past 1 month) continue to book 30% profit in the high valued stocks and be ready with cash.
Nifty was holding the inclined trend support provided at 18800 levels last week.
Nifty- Short Term (Neutral- bearish Sideways movement with below mentioned support & resistance zone), retaining same as last three weeks.
Support between 18427 ( Fib 0.5 Resistance) & 18800
Also there is a long term inclined support running from covid low which is around 18400- 18600 shown in the chart. MA 200 is at 18600. Hence buying slowly at these levels for long term can be initiated.
Resistance at 19529 ( Fib Resistance)
Nifty Medium Term & long Term -
below 18427 support, the next supports are at 18274/18000
Resistance 20000/ 20200 ( Prev. HIgh)/ 20500
Oct 23 & NOv-23
Comment :
There will be up/down in india atleast till Mar Apr. 19800- 20500 It will take either up and followed by down or after falling it will raise up due to elections. Global Situations and crude price are not in favour.
Same thing happened in 2014, raise in crude price trend, economy related issues till Pre poll survey-Election/ May 2014 and the crude fell after that drastically and economy of all countries started recovering.
As far as results are concerned little average except banks. Companies are affected by interest rates and to move a notch above the sequential previous Quarter ( i.e results are flattening).
Q2 & Q3 Results Pre Budget in Feb and followed by q4 results also will give a path.
Hence it will be highly volatile in coming weeks.
Nifty closed at 19047 (19751)and touched low & high of 19552 and 18841.
RSI nd stochastics levels is near to oversold zone .
Market saw a steep correction broke the short term support and after hitting the Medium Term Support ( 18800 level) it bounced back a little.
Banks gave good results except HDFC bank due to merger. Capital Goods and other companies posted average to below average results. Last week updated the crude price raise and impact on Indian market was compared and suggested market may fall and exactly corrected as expected. As mentioned before ( past 1 month) continue to book 30% profit in the high valued stocks and be ready with cash.
Nifty was holding the inclined trend support provided at 18800 levels last week.
Nifty- Short Term (Neutral- bearish Sideways movement with below mentioned support & resistance zone), retaining same as last three weeks.
Support between 18427 ( Fib 0.5 Resistance) & 18800
Also there is a long term inclined support running from covid low which is around 18400- 18600 shown in the chart. MA 200 is at 18600. Hence buying slowly at these levels for long term can be initiated.
Resistance at 19529 ( Fib Resistance)
Nifty Medium Term & long Term -
below 18427 support, the next supports are at 18274/18000
Resistance 20000/ 20200 ( Prev. HIgh)/ 20500
Oct 23 & NOv-23
Comment :
There will be up/down in india atleast till Mar Apr. 19800- 20500 It will take either up and followed by down or after falling it will raise up due to elections. Global Situations and crude price are not in favour.
Same thing happened in 2014, raise in crude price trend, economy related issues till Pre poll survey-Election/ May 2014 and the crude fell after that drastically and economy of all countries started recovering.
As far as results are concerned little average except banks. Companies are affected by interest rates and to move a notch above the sequential previous Quarter ( i.e results are flattening).
Q2 & Q3 Results Pre Budget in Feb and followed by q4 results also will give a path.
Hence it will be highly volatile in coming weeks.
