Nifty Outlook 17 Jan 2023

Ruchit Jain Ruchit Jain

Last Updated: 17th January 2023 - 11:44 am

Listen icon

Nifty started the week on a positive note above 18000, but it did not witness any buying interest and witnessed selling pressure during the day. The index ended the day below 17900 with a loss of one-third of a percent.

 

Nifty Today:

 

Our markets have been going through a consolidation phase since last few weeks and there’s no sign of a directional breakout yet. In this consolidation. 17750-17800 has acted as a support range while the ‘20 DEMA’ has been a resistance. The moving average is now around 18060 which coincides with Monday’s high. Until we see a breakout beyond this range of 18050-17750, the consolidation phase will continue. Traders are advised to trade with a stock specific approach for now and trade in the direction of the breakout once the index moves beyond the range. The FII’s have been on the selling side recently which has been the main reason for the limited upmove. Also, if we look at the options segment, the option writers added positions in 18000-18100 call options and thus the derivatives data too hints at resistance in this range.

 

Nifty continues to consolidate in a range, breakout will lead to clear direction

 

Nifty started the week on a positive note above 18000

 

The IT space witnessed some positive momentum as the index surpassed its hurdle of 29000. Some stock specific outperformance could continue from this sector in the near term.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17810

41900

Support 2

17750

41670

Resistance 1

18010

42670

Resistance 2

18060

42970

 

FREE Trading & Demat Account
+91
''
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 16 July 2024

by Ruchit Jain 13th Sep 2024

Market Outlook for 15 July 2024

by Ruchit Jain 11th Oct 2024

Market Outlook for 12 July 2024

by Ruchit Jain 12th Jul 2024

Market Outlook for 11 July 2024

by Sachin Gupta 11th Jul 2024

Market Outlook for 10 July 2024

by Sachin Gupta 10th Jul 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Want to Use 5paisa
Trading App?