Nifty 05-Dec-22 to 09-Dec-22 (ST, MT & LT ) Analysis

Nifty 05-Dec-22 to 09-Dec-22 (ST, MT & LT ) Analysis

Nifty closed at 18696 from 18512 from last week
Market as predicted crossed key Mid Term Target of 18604 and touched peak 18882 and reversed to 18696.

RSI 54 (72 Prev Week), RSI MA 70.5 (61.3), MACD 78 (61.86 Prev Week), MACD Signal 94.6 (36.8 Prev Week), Stochastics %D 33.4 (92.99 Prev Week) %K 32.78 (89.67 Prev Week)

Stochastics & RSI signal are down and there might be long buildup after a pause/consolidation in this week.

Go long ( Medium Term) strategy
Last 2 weeks it was mentioned as portfolio cleansing opportunity ( 30% of stocks) and advised to buy quality stocks on dips and It was a good opportunity. Watchout and Continue book profits on high PE stocks and buy fresh stocks where there is potential to grow.


Resistance : 18750 (MA-9 days) /18882/ 19000 / 19135 ( trend Line ) and 19500
Support: 18678 / 18500 / 18427 ( Fibinaaci new 18441 / 17995 ( Prev Aug 22 High)

suggest long strategy on Medium Term, Buy stocks on Dips.

Short Term : Cautious approach/Suggest buy on dips in the supports mentioned above.
Initial targets is 19000.

Medium Term/ Long Term : Medium Target given in the last few weeks (18604) is crossed last week and a decisive close above 19000 can take take nifty to 19133/ 19400-19500.

Long term support 17750
Long Term Target : 20000/20700/ 21500