Nifty 02 Jan 23 to 6 Jan 23 Short ,Medium and Long Term
Nifty closed at 18105 with touching peak 18265 recovered from low 17805 as mentioned last week analysis after covid threat subsidised.
Nifty very well moved along the trendline shown in the chart (Blue & red line) 17800-18260. This was specified in previous week report.
Nifty short term need to cross firmly above 18260 to reach initial target of 18440 and 18500 in the coming weeks.
Macd still to recover and cross signal, under reversal. RSI 44 (30) and stochastic 36 (5) recovered from previous low level.
Medium term target
18900
If it falls below the current level, the next support is at 18000/17880/17564/ 17472 fib 0.618 retracement and 17447 MA 100 level is crucial.
Long term target 19500 and then to 20500.
Budget is in the cards in a month. Much to expect for policy change.More concentration on Gati Sakthi and NLP infra related is expected. This will create employment as well.
Nifty closed at 18105 with touching peak 18265 recovered from low 17805 as mentioned last week analysis after covid threat subsidised.
Nifty very well moved along the trendline shown in the chart (Blue & red line) 17800-18260. This was specified in previous week report.
Nifty short term need to cross firmly above 18260 to reach initial target of 18440 and 18500 in the coming weeks.
Macd still to recover and cross signal, under reversal. RSI 44 (30) and stochastic 36 (5) recovered from previous low level.
Medium term target
18900
If it falls below the current level, the next support is at 18000/17880/17564/ 17472 fib 0.618 retracement and 17447 MA 100 level is crucial.
Long term target 19500 and then to 20500.
Budget is in the cards in a month. Much to expect for policy change.More concentration on Gati Sakthi and NLP infra related is expected. This will create employment as well.
