Nifty 15 May 23 to 19 May 23 Short ,Medium and Long Term
Nifty closed at 18314 ( 18069) and touched low of 18100.
Nifty touched high of 18389.
Mainly followed the band resistance provided for last two weeks ( as mentioned below) and 3-4 days the resistance acted as support.
Nifty support at 18111/18204/18274 ( Prev Highs Shown in thick red , blue and green horizontal lines)
RSI ,MACD and Stochastic are at 69%, 210 and 92%
KN Election results will play small setback in the indices, might drop to the the support level provided in the coming week in initial trading sessions.
However after small consolidation it will again try to attempt to surpass 18465/ 18600 /18900 in the Medium term.
Nifty- short term is Neutral to Long.
Need to decisively close above 18274 to reach targets ext target at 18437/18465 ( fibonacci resitances) .
Nifty support at 18111/18204/18274
Buy on Dip
Nifty Medium Term -
Nifty need to break decisively above first target 18274 to reach next target of 18437 ( Fibonacci 0.786 Retracement)/ 18640/ followed by prev high 18890.
Nifty have multiple support for Medium Term - 17865/17741 ( Previous Highs) and 17560 ( April Low)
Below that 17387- 17340/ 17252
Long term-
Need to decisively close above 18890 ( Previous Dec22 High) to reach targets of 19000/19500/20000
17208/17180//17000
long term support at 16746 ( Sep22 Low)
Long term Investors can accumulate following Mutual Funds
NIFTY 50 Equal weight
Bank Nifty
Nifty IT (Buy on dip)
Nifty closed at 18314 ( 18069) and touched low of 18100.
Nifty touched high of 18389.
Mainly followed the band resistance provided for last two weeks ( as mentioned below) and 3-4 days the resistance acted as support.
Nifty support at 18111/18204/18274 ( Prev Highs Shown in thick red , blue and green horizontal lines)
RSI ,MACD and Stochastic are at 69%, 210 and 92%
KN Election results will play small setback in the indices, might drop to the the support level provided in the coming week in initial trading sessions.
However after small consolidation it will again try to attempt to surpass 18465/ 18600 /18900 in the Medium term.
Nifty- short term is Neutral to Long.
Need to decisively close above 18274 to reach targets ext target at 18437/18465 ( fibonacci resitances) .
Nifty support at 18111/18204/18274
Buy on Dip
Nifty Medium Term -
Nifty need to break decisively above first target 18274 to reach next target of 18437 ( Fibonacci 0.786 Retracement)/ 18640/ followed by prev high 18890.
Nifty have multiple support for Medium Term - 17865/17741 ( Previous Highs) and 17560 ( April Low)
Below that 17387- 17340/ 17252
Long term-
Need to decisively close above 18890 ( Previous Dec22 High) to reach targets of 19000/19500/20000
17208/17180//17000
long term support at 16746 ( Sep22 Low)
Long term Investors can accumulate following Mutual Funds
NIFTY 50 Equal weight
Bank Nifty
Nifty IT (Buy on dip)
