Nifty Outlook 19 Jan 2023

Ruchit Jain Ruchit Jain

Last Updated: 19th January 2023 - 09:45 am

Listen icon

Post an upmove in the last hour on Tuesday, the index started the session above its 20 DEMA hurdle. Thus, we witnessed buying interest in the index as well as the broader markets throughout the day and it ended above 18150 with gains of over half a percent.

 

Nifty Today:

 

It was a crucial trading session for the markets as the index has closed above its ’20 DEMA’ hurdle after a month and this changed the short term trend for the index to positive. Hence, we witnessed buying interest in the broader markets as well and most of the sectoral indices witnessed a positive momentum. If we look at the data, the recent data such as falling Dollar Index, appreciating Rupee, Global market momentum etc. have been in favor of a rally in equities, but the FIIs selling was creating pressure on the index and hence the upmove was restricted. However, finally FIIs have started unwinding their short positions and thus it’s a relief for our markets. The technical pattern indicates a breakout and hence the corrective phase seems to be over. The option writers have formed positions at 18100 and 18000 put options and thus, this would act as the immediate support zone now. 

 

Nifty finally gave breakout and resumed its uptrend

 

Nifty Outlook 19th Jan 2023 graph

 

Thus, the data and the chart structure both indicate an optimistic picture and hence, the index could continue to rally higher. Traders should use intraday declines as buying opportunities and trade with a positive bias. The immediate support for Nifty is placed in the range of 18100-18000 while the index could rally towards 18330 followed by 18450 in the near term.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

18100

42200

Support 2

18020

42070

Resistance 1

18220

42635

Resistance 2

18280

42800

 

How do you rate this article?
Characters remaining (1500)

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

Market Outlook Related Articles

Market Outlook for 07 October 2024

by Sachin Gupta 4th Oct 2024

Market Outlook for 04 October 2024

by Ruchit Jain 4th Oct 2024

Market Outlook for 03 October 2024

by Ruchit Jain 3rd Oct 2024

Market Outlook for 01 October 2024

by 5paisa Research Team 1st Oct 2024

Market Outlook for 30 September 2024

by Ruchit Jain 30th Sep 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?