NIFTY WEEKLY OUTLOOK FOR 23 JANUARY TO 27 JANUARY 2023

QUARTERLY RESULT ON 23 JAN 2023

Axis Bank Ltd.

IDBI Bank Ltd.

Canara Bank

Tata Communications Ltd.

Syngene International Ltd.

Poonawalla Fincorp Ltd.

KEI Industries Ltd.

Jindal Stainless Ltd.

HFCL Ltd.

Tamilnad Mercantile Bank Ltd.

Jammu & Kashmir Bank Ltd.

Zensar Technologies Ltd.

IIFL Securities Ltd.

Oriental Hotels Ltd.

PNB Gilts Ltd.

WEEKLY RESISTANCE FOR NIFTY: 18100, 18300, 18500

PIVOT POINT: 17900

WEEKLY SUPPORT FOR NIFTY:  17700, 17500, 17300

WEEKLY CHART FOR NIFTY

The Indian stock market got off to a decent start on Jan 16, 2023, being led by positive global peers with the benchmark index starting optimistically above the 18000 level. However, markets were reluctant to capture the momentum for the first few hours and continued to trade near the psychological level. Midway through the session, the bears made their presence felt by tightening their grip, which washed away all optimism and dragged Nifty down. After all the hustle, Nifty ended the day down 0.34% in red, a bit below the 17900 level. On January 17, 2023, our market saw a subtle rebound from the strong support zone, and amidst the whiplash moves, it succeeded benchmark index to outperform the psychological mark on a closing basis. Weak buying interest buoyed overall market sentiment and the Nifty50 index closed the session on a promising note with gains of almost 1% to settle above 18050. On January 18th, Indian equity markets enjoyed a great day of trading amid subsequent -up buying in the benchmark index. General buy-in provided much-needed impetus to lift market sentiment. Amid the action-packed day, Nifty rose for the second consecutive week and ended the session a little above 18150, returning 0.62%. On Jan. 19, the Indian stock market started the expiration session on a dovish note, with the benchmark Nifty50 index showing muted movement with no significant traction. The Nifty index stayed in a narrow range all day, indicating hesitation, and lacked clarity in the trend. Amid the lackluster trading session, the index managed to close just above 18100 down just 0.32%. on 20 January 2022 Indian benchmark indices ended lower for the second straight session on January 20 amid selling across sectors barring power and financials.After a muted start, the market remained flat with a negative bias and closed near the day's low on last-hour selling. The Sensex ended 236 points, down at 60621 and the Nifty lost 80 points,to close at 18027.

NIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

Technically there have been no major changes since the last trading session and as we allude to the previous comment of Nifty's placement at the major hurdle of the declining trendline that needs to be cleared for the uptrend to continue. A decisive move above 18200-18500 could only trigger new longs in the system. Whereas 18,000-17800 on the downside will likely provide a cushion against any blip.

TECHNICALLY SPEAKING

The Nifty has given a bullish breakout recently from a base triangle pattern formation. On January 19, it witnessed a brief consolidation, which has resulted in an Inside bar pattern on the daily chart. The overall structure shows that this is only a pause & is expected to be followed by the next leg on the upside. From a short term perspective, any dip towards 18,050-18,000 can be taken as a fresh buying opportunity. Over the next few sessions, the Nifty is expected to surpass the key hurdle zone of 18,260-18,300 & head towards 18,500.