Nifty 28-Nov-22 to 02-Dec-22 (Short Term, Medium Term & Long Term Analysis)
Nifty closed at 18512 from 18307 last week
Market as predicted had a small dip, tested the support mentioned last week 18135 and reversed to intra week high of 18534.
RSI 72 ( 50.7 Prev Week), RSI MA 72 (50.7), MACD 61.86 ( 27.68 Prev Week), MACD Signal 36.8 ( 53.2 Prev Week), Stochastics %D 92.99 ( 21.32 Prev Week) %K 89.67 (35 Prev Week)
Stochastics signal at Overbought region to be careful on weekly basis. Markets should strongly move above short term targets provided below.
Go long ( Short Term) strategy
Last week it was mentioned as portfolio cleansing opportunity ( 30% of stocks) and advised to buy quality stocks on dips. It was a good opportunity.
Resistance : 18443/ 18560 ( Trend Line ) / 18604 prev year high
Support : 18297(MA 50) / 18152 ( Fibonacci 0.786 New) / 18135 (New Low) / 17995 ( Prev Aug 22 High)/ 17870 (Fibonacci 0.786 Old) / 17851 (Fibonacci 0.618 New)
Short Term : suggest long strategy, There is a strong support at 17800- 18000 Zone.
Buy Nifty / Portfolio Stocks on dip in this zone.
Initial targets is 18604 and 18750.
Medium Term/ Long Term : Medium Target given in the last few weeks (18604) is nearing and after 18604/ Decisive close above 18750 looks attractive and can take take nifty to 19000/ 19400-19500.
Long term support 17750
Long Term Target : 20000/20700/ 21500
As mentioned in last 2 weeks, whenever market dip it will be an opportunity to restructure the portfolio and clean up based on forward PE & also opportunity to buy good stocks.
Nifty closed at 18512 from 18307 last week
Market as predicted had a small dip, tested the support mentioned last week 18135 and reversed to intra week high of 18534.
RSI 72 ( 50.7 Prev Week), RSI MA 72 (50.7), MACD 61.86 ( 27.68 Prev Week), MACD Signal 36.8 ( 53.2 Prev Week), Stochastics %D 92.99 ( 21.32 Prev Week) %K 89.67 (35 Prev Week)
Stochastics signal at Overbought region to be careful on weekly basis. Markets should strongly move above short term targets provided below.
Go long ( Short Term) strategy
Last week it was mentioned as portfolio cleansing opportunity ( 30% of stocks) and advised to buy quality stocks on dips. It was a good opportunity.
Resistance : 18443/ 18560 ( Trend Line ) / 18604 prev year high
Support : 18297(MA 50) / 18152 ( Fibonacci 0.786 New) / 18135 (New Low) / 17995 ( Prev Aug 22 High)/ 17870 (Fibonacci 0.786 Old) / 17851 (Fibonacci 0.618 New)
Short Term : suggest long strategy, There is a strong support at 17800- 18000 Zone.
Buy Nifty / Portfolio Stocks on dip in this zone.
Initial targets is 18604 and 18750.
Medium Term/ Long Term : Medium Target given in the last few weeks (18604) is nearing and after 18604/ Decisive close above 18750 looks attractive and can take take nifty to 19000/ 19400-19500.
Long term support 17750
Long Term Target : 20000/20700/ 21500
As mentioned in last 2 weeks, whenever market dip it will be an opportunity to restructure the portfolio and clean up based on forward PE & also opportunity to buy good stocks.