Nifty 08 May 23 to 12 May 23 Short ,Medium and Long Term

Nifty 08 May 23 to 12 May 23 Short ,Medium and Long Term

Nifty closed at 18069 ( 18090) and touched low of 18042
Nifty touched high of 1827.
Mainly followed the band resistance provided last week ( as mentioned below) due to awaiting of FED decision and followed by drop on last day due to HDFC stocks.
Nifty small Resistances at 18111/18204/18274 ( Prev Highs Shown in thick red , blue and green horizontal lines)


RSI ,MACD and Stochastic are at 62% fall from 75%

So far Q4 have mixed results.


Nifty- short term is Neutral to Long.

Need to decisively close above 18274 to reach targets ext target at 184372/18465 ( fibonacci resitances) .
Nifty small Resistances at 18111/18204/18274

Nifty support at 17869/177741 ( Previous Highs) and 17570/17530 (Inclined two trend line)

Nifty Medium Term -

Nifty need to break decisively above first target 18274 , next target of 18437 ( Fibonacci 0.786 Retracement) followed by prev high 18890.

Nifty Support at 17387- 17340/ 17180/17200/17252

Long term-

Need to decisively close above 18890 ( Previous Dec22 High) to reach targets of 19000/19500/20000

long term support at 16746 ( Sep22 Low)

Long term Investors can accumulate following Mutual Funds
NIFTY 50 Equal weight
Bank Nifty
Nifty IT ( Buy on dip)