Nifty 20 Feb 23 to 24 FEB 23 Short ,Medium and Long TermNifty 20 Feb 23 to 24 FEB 23 Short ,Medium and Long Term
Nifty closed at 17944 ( Prev close 17856)
Neutral Strategy was given for Last two weeks and buy on dip for Medium Term & Long Term Investors for the past few weeks and to continue the same.
Nifty touched a low of 17721 last week.
Market may further move sidewards for few more weeks for decisive movement either upwards or downwards.
RSI and MACD are in positive zone but Stochastic is near to over bought zone.
Nifty short term
Nifty will be in range bound from 17700 to 18268 in short term and
Nifty support at 17819(0.5 fib old) /17785(feb22 high) /17716. The support for the last weeks is from a inclined red color trend line shown in the chart apart from the previous high and Fibonnacci Supports mentioned above.
Nifty Resistance will be at 17900/18000(Aug high) /18109(sep high) / 18122(0.5 fib new) /18268 (Dec22 end Jan23 high) /18355(Jan22 High).
Nifty will be range bound in medium term from 17300 to 18268. Like previous week, this support levels are shown in Green & Red thick Horizontal lines.
Medium term target
Nifty need to break decisively above 18268 to reach 18800-18900 in Medium term.
support at 17566/17435(dark red color horizontal line) /17355(new low) /17314 MA200.
Long term
Target 19500/20500 still in intact.
In case if it falls below 17300, then next support is at 16800, which will act as major long term support.
