Nifty Short, medium and Long Term review- 21-Aug-23 to 25-Aug-23
Nifty Short, medium and Long Term review - 21-Aug-23 to 25-Aug-23
Nifty closed at 19310 ( 19428) and touched low & high of 19252 and 19566.
Nifty couldnt cross the inclined trend line resistance as provided last week (19550) decisively and closed near the support provided last week( 19300 Aug low)
RSI and Stochastic level dipped to 40 % & 10%. Stochastic in over sold zone.
Nifty could try to move up
Nifty- Short Term will take the support and try to move up and cross resistance.
Resistance at 19469-19388 ( Inclined Trend line)
Support - last week low 19250
FibRetracement- 0.5 (19319) & Prev Aug Ist week Low ( 19300) will act as support/resistance for short term when market go up or down. market might tend to move sideways on this level for a week.
Nifty Medium Term -
After a dip as mentioned above Nifty need to cross decisively above the trend line support 19469-19359 in the coming weeks to regain 19700 and above.
Nifty support at 19166 ( Fib 0.382 level), 19070 (Shown in thick red Trend line support)
Long term-
Q1 results are average for majority of stocks except Banks stocks which performed well & further to review the Q2 results. To review once Nifty reaches target of 19890,20000 ( Prev high) & 20150
Stock specific approach needed in the upcoming market.
Stocks to pick ( Buy on Dip) for Long Term by on Staggered way call was given four weeks back, on an average raised 3-5 % in Three week( Can accumulate on dip ):
Disclaimer: For analysis purpose only. Many stocks raised considerably in last three weeks.
Buy on dip SBI ( 571) & ICICI Bank ( 948), Axis Bank ( 942) on 13-Aug-23, buy on DIP in the coming week as well.
CIE Automotive (RS 482 ) call was given two weeks before at 473 and raised 8% an dipped.Can buy on further dip with Medium term outlook .
Other buy Calls provided a month before: Buy on Dip
HDFC Bank , L&T Tech ( 6% up), KPIT (8% Up ), PI Ind , Dr Reddys ( 12% Up), Ujjvan Small Fin (21 %), Route Mobile, Bank of Maharashtra ( 35 %), Andhra Paper(3%) Accelya Solutions (4% up)
Nifty closed at 19310 ( 19428) and touched low & high of 19252 and 19566.
Nifty couldnt cross the inclined trend line resistance as provided last week (19550) decisively and closed near the support provided last week( 19300 Aug low)
RSI and Stochastic level dipped to 40 % & 10%. Stochastic in over sold zone.
Nifty could try to move up
Nifty- Short Term will take the support and try to move up and cross resistance.
Resistance at 19469-19388 ( Inclined Trend line)
Support - last week low 19250
FibRetracement- 0.5 (19319) & Prev Aug Ist week Low ( 19300) will act as support/resistance for short term when market go up or down. market might tend to move sideways on this level for a week.
Nifty Medium Term -
After a dip as mentioned above Nifty need to cross decisively above the trend line support 19469-19359 in the coming weeks to regain 19700 and above.
Nifty support at 19166 ( Fib 0.382 level), 19070 (Shown in thick red Trend line support)
Long term-
Q1 results are average for majority of stocks except Banks stocks which performed well & further to review the Q2 results. To review once Nifty reaches target of 19890,20000 ( Prev high) & 20150
Stock specific approach needed in the upcoming market.
Stocks to pick ( Buy on Dip) for Long Term by on Staggered way call was given four weeks back, on an average raised 3-5 % in Three week( Can accumulate on dip ):
Disclaimer: For analysis purpose only. Many stocks raised considerably in last three weeks.
Buy on dip SBI ( 571) & ICICI Bank ( 948), Axis Bank ( 942) on 13-Aug-23, buy on DIP in the coming week as well.
CIE Automotive (RS 482 ) call was given two weeks before at 473 and raised 8% an dipped.Can buy on further dip with Medium term outlook .
Other buy Calls provided a month before: Buy on Dip
HDFC Bank , L&T Tech ( 6% up), KPIT (8% Up ), PI Ind , Dr Reddys ( 12% Up), Ujjvan Small Fin (21 %), Route Mobile, Bank of Maharashtra ( 35 %), Andhra Paper(3%) Accelya Solutions (4% up)
