Nifty Short, Medium & Long Term : 28-Oct-24 to 01-Nov-24
Nifty Short, Medium & Long Term : 28-Oct-24 to 01-Nov-24
Nifty closed at 24192 (Last week 24854) and touched high & low of 25971-24197
RSI ,Macd and stochastics levels are down to the bottom. market Broke the key short term support at 24560 and went down.
Last week Market was down as expected by more than 700 points but slightly recovered on last day of trading of the week similar to previous week. FII pulled out money and investing in China, Japan in Oct 2024. Indian Stock Valuation after Q2 results, Middle East tension are the reason for the fall.
Caution was emphasized on Nifty for last 4 months as nifty PE ( Currently 22.8) is in high level with high valuation especially in Mid cap & Small Cap. Mutual Funds SIP shall be invested as the goal is for more than 5-10 years at this critical period as the valuation is high and advised those with lesser risk can sell partial portfolio ( 20-30%) stocks which have less valuation and can wait for opportunity to buy when nifty dips upto 22800.
Fundamentally good stocks to be invested at these time. My Stock Pick will be provided in this week.
Nifty 24854 Short term ( Short Term : Neutral)
Nifty short term resistance 24450 & 25365
Support at 24000, 23885
Medium Term next target is 25750 ( if move up decisively above next target is 25370), 26268 ( all time high), 26968
Medium term Support 22800.
Long Term : Nifty have a target of 27740, 28000 & 28190 ( Fibonacci Resistance).
Support at 21900
Nifty closed at 24192 (Last week 24854) and touched high & low of 25971-24197
RSI ,Macd and stochastics levels are down to the bottom. market Broke the key short term support at 24560 and went down.
Last week Market was down as expected by more than 700 points but slightly recovered on last day of trading of the week similar to previous week. FII pulled out money and investing in China, Japan in Oct 2024. Indian Stock Valuation after Q2 results, Middle East tension are the reason for the fall.
Caution was emphasized on Nifty for last 4 months as nifty PE ( Currently 22.8) is in high level with high valuation especially in Mid cap & Small Cap. Mutual Funds SIP shall be invested as the goal is for more than 5-10 years at this critical period as the valuation is high and advised those with lesser risk can sell partial portfolio ( 20-30%) stocks which have less valuation and can wait for opportunity to buy when nifty dips upto 22800.
Fundamentally good stocks to be invested at these time. My Stock Pick will be provided in this week.
Nifty 24854 Short term ( Short Term : Neutral)
Nifty short term resistance 24450 & 25365
Support at 24000, 23885
Medium Term next target is 25750 ( if move up decisively above next target is 25370), 26268 ( all time high), 26968
Medium term Support 22800.
Long Term : Nifty have a target of 27740, 28000 & 28190 ( Fibonacci Resistance).
Support at 21900
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