Nifty Outlook-3-Jan-2023

Ruchit Jain

Last Updated: 3rd January 2023 - 11:19 am

Nifty started the New Year marginally positive and traded with a positive bias. The intraday decline in the later half witnessed buying interest as the market breadth was positive, and the index ended the day around 18200 with gains of about half a percent.

Nifty Today:

Nifty mostly traded within a range with a positive bias for most part of the day, but the market breadth was positive indicating buying interest in the broader markets. In the later part of December, the markets had seen a corrective phase in which the Nifty retraced its previous upmove by 50 percent while the Bank Nifty index retraced by 38.2 percent. Both the indices have seen a pullback move from their retracement supports in the last one week and the momentum readings have now given a positive crossover, indicating that short term momentum has turned positive again. However, the Nifty needs a breakout above 18265 which is last week’s high and the 20-day EMA. Above this hurdle, the index could witness momentum towards 18330 and 18460. On the flipside, 18080 and 18000 would be seen as immediate short term supports. FII’s ‘Long Short Ratio’ is around 50% indicating a neutral bias on the index.

Nifty starts the New Year on a positive note

Hence, we may not see significant directional move in the index in the near term but stock specific moves could provide good trading opportunities and hence, traders should capitalize on the same.

Nifty & Bank Nifty Levels:

	Nifty Levels	Bank Nifty Levels
Support 1	18080	42980
Support 2	18000	42760
Resistance 1	18000	43500
Resistance 2	18330	43600

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