Ruchit Jain Ruchit Jain 16th January 2023

Weekly Market Outlook for 16 Jan to 20 Jan

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Nifty traded with high volatility in initial couple of trading sessions of the week but it remained in a range for the rest of the sessions. The index managed to show recovery from its support zone of 17750-17800 and it ended the week above 17900..


Nifty Today:


Nifty continued to trade within a range in the week gone by wherein the index witnessed buying interest whenever it approached the December lows of 17770. But on pullback moves it is yet to cross the ’20 DEMA’ hurdle which has not been surapassed since mid-December. The global cues for the equity markets are positive as we have seen US markets showing a pullback move from their support zones while the other emerging markets too are trading with a positive bias. The Dollar Index has corrected recently with no signs of upmove yet and the INR too has appreciated recently which are positive signs. The CPI and IIP data released during mid-week too were positive and the results declared by IT giants too did not disappoint market participants. Thus the overall data remains optimistic, but the only factor which restricted the market was the selling by FIIs. They have sold equities in the cash segment this month and have been sellers in the futures segment too. Since the markets have shown some strength towards the end of the week, any short covering by these stronger hands could lead to an upmove in the short term. Hence, traders are advised to keep a close watch on the data and trade with a positive bias till 17750 is intact.


Market attempts recover from crucial support, global data positive


Weekly Market Outlook 16th Jan to 20th Jan 2023


The immediate support is placed in the range of 17750-17800 which would be make or break level. On the flipside, the ’20 DEMA’ resistance is seen around 18080 and a move above the same could then lead to a trended move towards 18200/18325/18450 in the short term.  


Nifty & Bank Nifty Levels:


Nifty Levels

Bank Nifty Levels

Support 1



Support 2



Resistance 1



Resistance 2




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