Nifty Short, Medium and Long Term review-04-Oct-23 to 06-Oct-23 (Could not post from week starting from 03-Oct-23)
Nifty closed at 19528(19674)and touched low & high of 19481 and 19766.
RSI level down from 46% to 43 & Stochastics 30% to 6% respectively.
Stochastic & RSI- Moving further moving down and getting Bottom out.
Nifty broke below Ist Support at 19600 ( Fib Resistance) last week, but holding the next short term Support provided ( Fib Resitance at 19320/19467).
Hence Maintaining the same support level & Resistance level as provided in last week.
Nifty Bank is having attractive valuation.
Buy on dip call on SBI & ICICI Bank , Axis Bank given on 13-Aug-23, Can Continue to buy for long term. Can add BOB, canara bank on dips. To watch for bottoming out of Kotak Bank, can add for long term.
Nifty- Short Term (Neutral to Bearish)
Strong Support at 19300-19600 (Fib Resitance at 19320/19467)
Also there is a support at 19224 (Previous Low)
Resistance at 19724/19840/19990
Nifty Medium Term & long Term -
As market in overbought zone there will be a correction.
Resistance at 20221 ( Prev High ) / 20500
Further to review the Q2 results. To review once Nifty reaches target.
Strong Resistance at 18800
Nifty closed at 19528(19674)and touched low & high of 19481 and 19766.
RSI level down from 46% to 43 & Stochastics 30% to 6% respectively.
Stochastic & RSI- Moving further moving down and getting Bottom out.
Nifty broke below Ist Support at 19600 ( Fib Resistance) last week, but holding the next short term Support provided ( Fib Resitance at 19320/19467).
Hence Maintaining the same support level & Resistance level as provided in last week.
Nifty Bank is having attractive valuation.
Buy on dip call on SBI & ICICI Bank , Axis Bank given on 13-Aug-23, Can Continue to buy for long term. Can add BOB, canara bank on dips. To watch for bottoming out of Kotak Bank, can add for long term.
Nifty- Short Term (Neutral to Bearish)
Strong Support at 19300-19600 (Fib Resitance at 19320/19467)
Also there is a support at 19224 (Previous Low)
Resistance at 19724/19840/19990
Nifty Medium Term & long Term -
As market in overbought zone there will be a correction.
Resistance at 20221 ( Prev High ) / 20500
Further to review the Q2 results. To review once Nifty reaches target.
Strong Resistance at 18800
