NIFTY WEEKLY OUTLOOK FOR 6 FEB TO 10 FEB 2023

FOR THE LIVE TRADING TIPS JOIN US ON WHATSAPP 9039542248

WEEKLY RESISTANCE FOR NIFTY: 18000, 18200, 18400

PIVOT POINT: 17800

WEEKLY SUPPORT FOR NIFTY:  17600, 17400, 17200

WEEKLY CHART FOR NIFTY

The Indian stock market saw some strong whiplash action at the start of the eventful week commencing January 30, 2023, in which the benchmark index, the Nifty, got off to a decent start, followed by a gradual correction. However, the second half saw a strong rebound from the 17400-odd zone lows that floated market sentiment and ended the losing streak. The Nifty50 index ended the day sheer gains of 0.25% and settled around the 17650 level. On February 31, 2023, the Indian stock market started the day on a promising note by aligning itself with the SGX Nifty but failed to capitalize on the initial gains and the index plummeted to lower levels. The frenzy continued throughout the session as we witnessed an intense tug of war between bulls and bears. Ahead of the mega event, the Nifty50 Index ended mutedly up just 0.07%, ending the day at 17,662 levels. On February 1st, 2023, in the midst of the mega event day, the Indian stock market endured a volatile session that saw strong whip action across the broader markets. The leading index started positively and recovered after the end of the budget speech to almost the 18,000 mark. But soon after, the euphoria fizzled out and the index not only pared the initial gains, but slipped to a 3-month low in the odd zone of 17350. However, in the penultimate hour, some buying emerged from the lows and made a modest bounce at Nifty to end the day a little above the 17600 level. On February 2, 2023, the Indian stock market got off to a dismal start on the day of the weekly expiration, aligning itself with the SGX Nifty and continuing its bustling activity throughout the day. The benchmark Nifty50 remained rangebound at lower levels, followed by some volatility in the second half of the weekly expiration session, resulting in a muted close. The Nifty Index corrected 0.03% from its previous day's close and settled slightly above the 17600 level. on friday Sensex was up more then 900 points near 61000. Nifty was up 250 points at 17900.

NIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

On the technical front, the index showed no sign of recovery as it struggled in a tight range. The 200-day SMA is very close now and with the continued weak participation from the bulls, there could be a higher chance of it being tested. In terms of levels, the 17500 central support remains the key support and any break could open space for the 200 SMA located around the 17300 level. While on the upper end, until we decisively surpass the 18000-18200 zone, this reluctance is likely to continue.

TECHNICALLY SPEAKING

Amid the volatility, market breadth favored the bears as most counters reversed in the second half, dampening overall sentiment. On the technical front, the 17500 key zone has been firmly protected, implying the importance of support, followed by the sacrosanct 200 SMA support placed around 17300. On the upside, 18000 should act as stiff resistance, followed by the crucial 18200 hurdle.Budget's impact will continue to hold the market high. Detailing in this budget is a standout feature. LIC, SBI exposure to Adani group within permissible limits.