Nifty 7-Nov-2022 to 11-Nov-2022 (Short term &Mid term Analsysis)

Nifty 7-Nov-2022 to 11-Nov-2022 (Mid term Analsysis & views)

Week close : 18117
Week High: 18173
Week Low: 17940
Previous week Close: 17786

Short Term target of 18000-18100 was given last week, nifty comfortably crossed the Target on 31st Oct.

For the coming week, maintain go long strategy for Short term and Mid term.

Target / Resistance : 18173 ( new High) , 18270 ( trend Line) ,18349 ( Previous High Jan 22),18389 trend line , 18604(Previous High Oct 21) will be key resistance this week.
If it surpasses decisively 18600 , then for the mid term it can try to reach 19400/19600 Target.

Short Term Target : 18270/ 18349/ 18389/18600
Mid Term Target :19400 / 19600
On the support side,
Support: 17870 will be initial support, 17458,174289 0.5 Finonacci)and 17294( 0.618 Fibonacci)

Two Leading Technical analysis:
1. Elliot Wave Theory when compared to previous raise from Low suggest 19400 is achievable
2. Head & Shoulder Pattern shown as vertical line suggest 19600 is possible

Positive Points:
PMI in increasing trend
Melting down of war situation

Negative Point:
Still Fed Rate hike is not flattened ( Inflation not fully addressed in US) which pulls down US Market