Nifty Outlook 13 Jan 2023

Nifty Outlook 13 Jan 2023
Nifty Outlook 13 Jan 2023

Market Outlook
by Ruchit Jain Last Updated: 2023-01-13T10:48:00+05:30


Nifty started the weekly expiry day marginally positive but it corrected during the day and traded with a negative bias. The index tested the December swing low support and formed a low of 17760, but recovered some of the losses from the support and ended above 17850 with a minor loss.

 

Nifty Today:

 

Nifty traded within a range on the expiry day which was much expected given that the option writers had positioned themselves with significant addition in both calls and puts. On the short term charts, the index is now trading at a crucial support zone and 17750-17800 is the sacrosanct support for the short term. If this support remains intact, then Nifty will try to form a base and look for cues from the global markets. But if the Nifty breaks this support then that will lead to another leg of the corrective phase. The recent consolidation phase has been in the range of 17750-18150 and a breakout beyond this will lead to the next directional move. The US Dollar index has corrected recently and INR too is showing strength against the Dollar which is a positive factor. Market will look for reaction from the global markets to the US CPI numbers and if the global markets continue their positivity, then our markets too could be poised for a short term uptrend from this support.

 

Market participants looking for global cues for a directional move

 

Nifty started the weekly expiry day marginally positive but it corrected during the day and traded with a negative bias.

 

Thus, traders are advised to look for cues from the global markets and trade in the direction of the breakout from the above mentioned range.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

17760

41930

Support 2

17670

41620

Resistance 1

18040

42520

Resistance 2

18130

42800

 

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About the Author

Ruchit Jain is Lead Research Analyst at 5paisa. He has a vast experience of 14 years in this field and is proficient in Technical and Derivatives Research. He has completed his CMT (U.S.A.) and has done Masters in the field of Finance at Mumbai University.

Disclaimer

Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.

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