Nifty Outlook-3-Jan-2023

Nifty Outlook-3-Jan-2023
Nifty Outlook-3-Jan-2023

by Ruchit Jain Last Updated: Jan 03, 2023 - 11:19 am 5.9k Views
Listen icon

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


Market Outlook 3rd Jan 2023


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



Support 2



Resistance 1



Resistance 2




How do you rate this blog?

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage


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.


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.
Open Free Demat Account
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest Blogs
Analysis of Upcoming IPO - Mukka Proteins Limited

What Mukka Proteins Do? Products containing fish protein are produced by Mukka Proteins Limited. firm manufactures & distributes fish meal, fish oil, & fish soluble paste—all necessary components for creation of aqua feed, which is used for fish & shrimp, poultry feed, which is used for broilers & layers, & pet food, which is used for dog & cat food. Upcoming IPO, exports its products to following countries

Market Outlook for 23 February 2024

Nifty witnessed a sharp correction during the opening hour on the weekly expiry day. The index sneaked below the 21900 mark, but it started recovering in the later part of the day and as it surpassed the 22000 mark, the momentum accelerated in the last hour of trade. The index rallied sharply to register a new high and end the day above 22200.

Stock in Action – Bajaj Consumer Ltd

Bajaj Consumer Stock Movement of Day