Nifty 26 Dec 22 to 30 Dec 22 ST MT LTNifty 26 Dec 22 to 30 Dec 22 Short ,Medium and Long Term
Nifty closed at 17806 with touching peak 18453 and low 17779
Nifty was highly volatile last week due to covid threat.
Nifty broke the short term support of 18000 to 18100.
Nifty under key support trendline as mentioned in last week.Nifty is in crucial 50 %retracement level of 17817 and 17840 MA 50 level.
It should bounced back to 18000 to 18100 level in the coming week.
MACD signal is down and need to sustain for reversal. Good thing is RSI and stochastic is in over sold position.
If it falls below the current level, the next support is at 17564/ 17472 fib 0.618 retracement and 17447 MA 100 level is crucial.
If sustain above 18100 in the coming week , then next target of 18430 achievable in the following weeks. On continuous sustain abive this level can take to medium term target 19500.
Budget is in the cards for medium term. Much to expect for policy change and can take to this medium target.
