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Nifty 06 Feb 23 to 10 FEB 23 Short ,Medium and Long TermNifty 06 Feb 23 to 10 FEB 23 Short ,Medium and Long Term Nifty closed at 17854 ( Prev close 17604) Short Call was given temporarily ast week. Nifty touched a low of 17355 broken the 17435 support and sustained above MA 200- 17290 Level. Accumulate on dips was provided with Support mentioned above and it worked as well. It was a buying opportunity at that level. Market was highly volatile last week due to budget announcement and Adani stocks crash. As expected and mentioned in previous week, the Capital Expenditure was focussed in the budget with consecutive 3rd year with 30% increase in Capital expenditure. By announcing new Tax Regime, more freehand was provided to tax payers in chossing their investment. Overall its a growth oriented budget before the next year election. Insurance Sector investment to face severe pressure in the coming days and will consolidate as Section 80C importance is slowly getting vanished. Rather common man likely to invest more in equities ( through SIPs). Short Term Strategy is Neutral Nifty short term Index crossed crucial 17800 level and trading at 17854. Investore can accumulate the good stocks and buy nifty / next 50 /Nifty Bank Index / Stocks slowly on dips with support provided below. Nifty support at 17819(0.5 fib old) /17785(feb22 high) /17716/17566/17435(dark red color horizontal line) /17355(new low) /17300 MA200. Nifty Resistance will be at 17900/18000(Aug high) /18109(sep high) / 18122(0.5 fib new) /18268 (Dec22 end Jan23 high) /18355(Jan22 High) Nifty will be range bound from 17300 to 18265. Like last week, this support levels are shown in Green & Red thick Horizontal lines. Nifty need to break decisively above 18268 to reach 18800-18900 in short term. Medium term target Medium term target is 18900 In case if it falls below 17300, then next support is at 16800, which will act as major support. Long term Target 19500/20500 still in intact.
NSE:NIFTY
by karthikss
Morning Mantra - 6th February 2023 Dear All, Finally we got to witness a beautiful week. Moreover, just as we had stated earlier that support = resistance and resistance = support, similarly, the level of 17800 which was earlier a Support is now a level of Resistance for the Market, which was beautifully achieved by Nifty on last Friday. As of now, on a weekly basis we can observe a Piercing Pattern on the chart, at around our stated level of 17320, which was altogether a good indicator. Furthermore, for this week the level of 18170 will work as a strong Resistance for the Market once again. Above which, we can witness the level of 18400 in the near term, with the support of 17320. Also, continue being stock specific as of now. Regards, Alok Daiya
NSE:NIFTYLong
by alokdaiya
Nifty 30 Jan 23 to 3 FEB 23 Short ,Medium and Long TermNifty 30 Jan 23 to 3 FEB 23 Short ,Medium and Long Term Nifty closed at 17605 ( Prev close 18057) Nifty in Deep Red Zone due to Hindenberg report Adani Stocks befor FPO and budget. Q3 Results didnt entralled the investors to the expectation so far, except Banking sector results. Banking sector posted good performance(results) as mentioned in last 2 weeks analysis but the bank index didnt moved much due to the Indian Market Slow down worry. Expect infra push continues in budget. Currently market is eagerly waiting for budget to prevent any deep fall. Wait for the market to dip to the support levels mentioned below. Overall Strategy: Negative till budget & accumulate on dips w.r.t the strict support level given below. Long Term looks attractive. Market may fall from 2-4 % from current level Nifty short term Nifty was following range bound action for the last month as specified despite budget expectation. Due to the Adani report, market fell down 2.2 % last week. If it breaks below 17435 (Oct22 High Shown in dark Red line) then next support will be 17290 ( MA 200) / 17000. Index will be in broader range with high volatality 17250- 17800 till budget. Investors can Partial profit booking (30%) stocks can be initiated and add value stocks for Long Term when market dips to the above support level. Medium term target 18250 followed by 18900 is achievable as overall macro economic data is good and now purely depends on the push to be given by budget. If the budget is not meeting the expectation then the Market Range will be 16750 ( Sep 22 low) - 18250 levels. Long term target 19500 still in intact. Nifty Bank Index is continuing under oversold zone, Adani stocks exposed stocks like SBI, ICICI, LIC will be consolidating little and opportunity to buy. other bank Stocks like Axis Bank, Kotak Bank, Ujjvan Small Fin bank and BOB looks promising. If nifty moves towards 19500, Nifty Bank will definitely might move to 46500 level from current 42506 little better % than nifty . sectors like Defence, Infra stocks will be concentrated in budget especially HAL, BDL, Ircon, PNC Infra are good to buy on dips ( 5-10% Correction) incase market fall. Auto looks promising - Maruti, M&M , Tata Motors are good to buy. Other stocks - Bajaj Finance ( 5-10% Correction), Infosys, Hind Unilever, Tata Elxsi, KPIT looks promising. Buy on Dips.
NSE:NIFTYShort
by karthikss
Nifty Daily - Wave Count updateNifty wave count update As soon as the channel was broken, it seemed that wave 4 had started. But when it went out of bounds and started going down again without starting wave 5, the picture became clear that this was not an impulsive wave. It did not follow the essential rules of Wave 4. ABCDE this triangle is being formed. The trend line has been drawn to confirm the completion of the triangle pattern. The subsequent impulse wave is expected to form a new top.
NSE:NIFTYLong
by KardamRishi
Nifty 23 Jan 23 to 27 Jan 23 Short ,Medium and Long TermNifty 23 Jan 23 to 27 Jan 23 Short ,Medium and Long Term Nifty closed at 18027 (Prev close 17956) As highlighted in prev weeks nifty is in sideways movement. Q3 Results didnt entralled the investors to the expectation, except Banking sector results. Banking sector good performance(results) was expected as mentioned in last 2 weeks analysis but the bank index didnt moved much. Expect infra push continues in budget. Currently market is eagerly waiting for budget. Wait for the market to dip to the support levels mentioned below. Partial profit booking (20-30%) stocks can be initiated in portfolio stocks and add value stocks. Overall Strategy: Neutral till budget & accumulate on dips w.r.t the support level given below. Nifty short term Index will be range bound from 17775-18260 till budget. If it breaks below 17775 major support (Shown in dark blue line -Aug 22 & Feb 22 High), then next major support 17564 ( Fibinoccai 0.318 New)/ at 17435 (Oct22 High Shown in dark Red line). Need to cross firmly above sustain above 18260 to reach initial target of 18350(Jan22 High shown in dark Green color) /18440 and 18550 in the coming weeks. Medium term target 18900 as long as market above 16800/17000 levels. Long term target 19500. Nifty Bank Index is still under oversold zone, Stocks like Axis Bank, Kotak Bank, Ujjvan Small Fin bank and BOB looks promising. If nifty moves towards 19500, Nifty Bank will definitely might move to 46500 level from current 42506 little better % than nifty.
NSE:NIFTY
by karthikss