Nifty 12 Jun 23 to 16 Jun 23 Short ,Medium and Long Term

Nifty 12 Jun 23 to 16 Jun 23 Short ,Medium and Long Term

Nifty closed at 18563 ( 18535) and touched low & high of 18537 and 18772.

Buy call was given on dip on 21-May-23 at 18181.

The stiff resistance provided (inclined trend line ) for the week 18689 to 18734 acted well.

nifty faced that resistance as expected.

RSI and Stochastic lowered to 60% level from 72-75%.

Nifty- short term is sideways/ short dip.

Nifty support at 18446 ( Fibonacci) / Previous highs at 18274 /18204/18111
Nifty Resistance is at 18620 and inclined trend line (Resistance 18745 to 18786 ) as shown in the chart.

Buy on Dip

Nifty Medium Term -

Nifty expected to break 18620 and to touch previous high of 18890 /19000 in medium term.

Nifty have multiple support for Medium Term - 17865/18000/18111


Long term-

Need to decisively close above 18890 ( Previous Dec22 High) and also the very important resistance ( Red Inclined line shown 19200- 19350)to reach targets of 19500/20000
Support at 17850 /17550 /17200


Long term Investors can accumulate following Mutual Funds
NIFTY 50 & Nifty Equal weight ( 50%)
Nifty Bank & IT (20%)
Nifty Mid Cap ( 20 %)
Nifty Small Cap (10%)