NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 21 FEB 2023

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Markets started the week subdued, falling over half a percent, continuing the recent decline. After the initial surge, the Nifty index gradually fell throughout the day, nearing the daily low. Ongoing pressures in the banking and finance sectors combined with a downtrend in energy companies set a negative tone. Meanwhile, the broader indices traded mixed, ending flat to marginally lower. Also, the derivatives contract's forthcoming monthly expiration in February would add to the volatility. Stocks take a beating ahead of Wednesday's Fed minutes release. The Fed maintains its inflation protection and is expected to remain hawkish. As expected, it shouldn't have a bad impact on the global stock market. However, the consequence of consistently high interest rates is causing demand and earnings prospects to slow, so the short-term trend will be cautious. The benchmark indices closed lower on February 20 on selling in all sectors except auto and IT names. At the close the Sensex was down 311 points at 60691 and the Nifty was down 99 points at 17844. Bears in Bank Nifty continued to attack higher levels and the index saw selling pressures throughout the day.

The trend remains negative and one should maintain a sell on rise approach as long as the index stays below the 41,500 level where most of the open interest is building on the call side. Next support is visible at 40,000 where some put percentage is visible. On the daily charts, the Nifty has returned to the downward sloping channel it broke out of last week. Looking at the hourly charts, we can observe that the Nifty closed below the main hourly moving averages, which is a sign of weakness in the short-term. Prices are moving along the lower Bollinger deferral band, which is stretching, suggesting the decline is likely to continue. Therefore, taking into account the above parameters, we change our near-term outlook for the Nifty to sideways. Consolidation range is likely to be around 18200 to 17800. In terms of levels, 17900-18000 should act as an immediate hurdle, while on the downside, 17600-17500, convincing with the 61.82% Fibonacci retracement level, will serve as crucial support to watch from a short-term perspective.

Resistance: 17900, 18000, 18100

Support: 17800, 17700, 17600

NIFTY WEEKLY OUTLOOK FOR 20 FEBRUARY TO 24 FEBRUARY 2023

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WEEKLY RESISTANCE FOR NIFTY: 17900, 18100, 18300

PIVOT POINT: 17800

WEEKLY SUPPORT FOR NIFTY:  17600, 17400, 17200

WEEKLY CHART FOR NIFTY

We got off to a slow start on the morning of February 13, 2023 as indicated by the SGX Nifty. However, in the first hour itself, the benchmark index drifted lower, led by financials. The Nifty almost tested the 17700 level and then a modest recovery took place during the remainder of the session. Finally, we ended the session below 17,800, removing nearly half a percent from the previous close. On 14 February 2023, SGX indicated a muted start, our markets opened convincingly with a decent move above the 17800 level. Barring an initial small pullback, the index maintained its positive stance throughout the remainder of the session. With a steady upward move, the Nifty finally managed to close above 17900, which is its highest level in the past three weeks. In this way, the cops managed to stock up on nearly one percent of their cat. On February 15, 2023 US markets reacted negatively to unfavorable inflation numbers overnight. The Asian screen clearly reflected this development in the morning as we saw weakness globally. We also started the unit cautiously and remained slightly under pressure in the first half. However, markets took off just in the last 45 minutes of trading to add another half percent gain; 18000 arable for the first time after January 25th. The bounce on February 15, 2023 was followed by a decent surge when it opened on February 16, 2023. Benchmark index Nifty continued its march above 18100 for the first hour. However, the battle continues once again at higher levels. Our key indices continued to drift lower. Finally, as banking sulked again, Nifty finished the penultimate weekly expiration with negligible gains above the 18,000 mark. Lack of major triggers in the domestic market is attracting global cues to dictate the market trend. The US market is facing an unfavorable combination of higher-than-expected inflation and a stronger job market. The PPI (Producer Price Index) in the US came in at 6.0%, in contrast to the expectation of 5.4%. This suggests that interest rates have not yet peaked and will remain elevated for a long period. On Friday 17 feb 2023 the Sensex was down 316 points at 61002, and the Nifty was down 91 points at 17944.

NIFTY BANKNIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

As far as levels are concerned, 17900 should be treated as a key support, which we believe may not get broken easily. On the flipside, 18100 - 18200 - 18300 are to be seen as major hurdles.

TECHNICALLY SPEAKING

The Nifty has fallen to the upper band of the falling channel on the daily chart. The trend for the near term is likely to remain sideways to positive as long as it remains above the falling channel.For the bulls, 17,900-17,800 or 20-day SMA would act as a key support zone while 50-day SMA or 18,100 and 18,200 could be the immediate hurdle. On the flip side, the selling pressure could accelerate if the index slips below 17,800 and in case of further correction, it could slip to 17,700-17,650.The Bank Nifty index on the daily chart witnessed a breakdown with a rise in volumes. The index remains in a sell mode as long as it sustains below the level of 41500.The index immediate support stands at 41000 and if it fails to sustain it on a closing basis will accelerate the downside move towards 40,000 levels.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 17 FEB 2023

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Markets closed marginally higher in a trading session marked by extreme volatility. Traders appear to be adopting a cautious stance, especially after the Adani Group's shares have collapsed in recent weeks. Benchmark indices ended the volatile session on Feb. 16 on a flat note. With inflation levels picking up slightly again, there are concerns that central banks around the world could continue their rate hike trend, which could further weigh on growth and dampen sentiment. At close, the Sensex rose 44 points to 61319 and the Nifty rose 20 points to 18035. The Banknifty is struggling to surpass the 42000 mark. The main reason is that FIIs sell shares under financial names. Banking stocks performed well in 2022 while IT stocks underperformed; Hence, in early 2023, we see a tactical change in FIIs. All banks come with strong profits, but the market had already priced in good numbers. The Adani saga also caused some concern in the banking industry. However, the outlook for the banking sector remains promising and valuations are still nowhere near the highs of their good days; Therefore, this consolidation or correction is a buying opportunity. On the technical front, a small bearish candle on the daily chart is signaling some range bound activity in the near future. For the bulls, 18000-17900 would act as a key support zone, while 18200-18300 would be the key resistance zone. However, below 18000 the uptrend would be vulnerable. 42,000-43,000 will act as a resistance area in the near term, but above that we can expect fresh bullish momentum towards the 45,000 level. On the other hand, 40,000 will act as a strong base.

Resistance: 18100, 18200, 18300

Support: 18000, 17900, 17800

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 16 FEB 2023

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Markets were slightly volatile in early trades but rallied in late trades to end in steady gains as investors resorted primarily to selective buying. Traders are currently proceeding cautiously due to the uncertainty in the global markets and the trend could continue for some time. The market ended higher with Nifty above 18,000. At the close, the Sensex was up 242 points to 61275 and the Nifty was up 86 points to 18015. Asian equities were mostly down but European markets recovered from initial weakness on Wednesday after US inflation fell less-than-expected, what the US federal government is worried about Reserve might think more rate hikes are needed. CPI data from the UK showed inflation fell for the third straight month to 10.1% in January, according to the Office for National Statistics, below Reuters economists' expectation of 10.3%. Technically after the breakout at 18000 the market is trading comfortably above 17900 which is largely positive. The Nifty has also formed a bullish candle and higher bottom formation on intraday charts, supporting further upside from the current levels. For trend-following traders, 17950 would act as a key support zone, above which the index could rally to 18050-18150. On the other side, below 17950, bulls may prefer to exit the trading long position.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 15 FEB 2023

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The market ended higher on Feb 14 with Nifty above 17900. At the close, the Sensex was up 600 points to 61032 and the Nifty was up 158 points to 17929. Domestic indices rose, inspired by their global counterparts as investors anticipated US inflation numbers today. The furor over India's retail inflation, which broke the RBI's tolerance level, was cooled by WPI inflation, which eased to 4.73% in January. IT stocks were in focus as investors expected US inflation to slow, which could lead to benign Fed policy. Markets rebounded sharply on Tuesday, gaining almost a percent. Initially, bullish global signals sparked a solid start, which was further bolstered by buying of select heavyweights throughout the day. As a result, Nifty cleared the 17925 hurdle and eventually settled around the daily high. Meanwhile, on the sector front, there was a mixed trend with Metals, FMCG, IT and Banking posting decent gains while Real Estate, Auto and Health Care closed lower. Signs of further recovery are favorable and now stands at 18,200 for Nifty. The move could be gradual, however, as participation from select index heavyweights is restricted. Traders should adjust their positions accordingly and favor index majors over others.

 Resistance: 18000, 18100, 18200

Support: 17900, 17800, 17700

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 14 FEB 2023

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Markets started the week on a weak note, losing almost half a percent, following weak global signals. After the flat start, the benchmark gradually drifted lower throughout the day, but a minor recovery in the second half mitigated some losses. The Nifty opened on a flat note and saw selling pressure from the start of trade. It closed down 85 points. At the close, the Sensex was down 250 points, to 60431 and the Nifty was down 85 points, to 17770. Meanwhile, a handful of heavyweights dictated the trend, with profit-taking by the IT majors weighing heavily on sentiment. The pressure was also visible across the board, with both mid-cap and small-cap each down over a percent. Asian stock markets were mostly lower on Monday ahead of a US inflation update Tuesday, which traders fear could lead to more rate hikes. European markets were slightly higher on Monday as investors assess the economic outlook and the potential for further monetary tightening by the US Federal Reserve.

Nifty has formed a bearish engulfing pattern that suggests more pain in the short-term. A break of 17720 could result in a faster decline towards the 17515-17550 band. On an upward move, 17875 could be difficult to break in the short-term. The Q3 season of corporate earnings could end in the next two days. The majority of companies that have reported numbers over the past few days have disappointed on the road and that is reflected in today's poor advance decline rate. On the daily charts, Nifty faced selling pressure from the 17875-17920 zone where resistance was placed in the form of the 20-day moving average (17875). The Nifty has been range bound for a week and until we get a decisive move above the 1875-17920 zone range bound action is likely to continue should the dip be bought. Overall, from a short-term perspective, we expect the Nifty to test the top end (18200) of the down-sloping channel.

Resistance: 17800, 17900, 18000

Support: 17700, 17600, 17500

NIFTY WEEKLY OUTLOOK FOR 13 FEBRUARY TO 17 FEBRUARY 2023

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WEEKLY RESISTANCE FOR NIFTY: 17900, 18100, 18300

PIVOT POINT: 17800

WEEKLY SUPPORT FOR NIFTY:  17600, 17400, 17200

WEEKLY CHART FOR NIFTY

During this week, indices remained almost unchanged. FPI flows in India remained negative. Nifty 50 stocks' reported Q3FY23 earnings so far have been broadly in line with expected lines. The RBI's monetary policy committee hiked the repo rate by 25 basis points and remained concerned about core inflation. International oil prices are up this week with Brent Crude now trading near $86-87 a barrel. As the 2023 third quarter earnings season draws to a close, investors' focus will now shift to domestic and global macro factors. We had a nervous start to the week due to weak global signals on February 6th, 2023. Selling intensified somewhat in the first half from some heavyweights and as it progressed the Nifty slipped towards the 17700 level. Fortunately this intraday support cushioned the weakness and on a modest recovery in the second half Nifty ended the session on one half percent drop just above 17750. The banking room showed some resilience in the first hour but eventually failed to hold higher levels leading to yesterday's market sluggishness. On the morning of February 8th the global set-up was somewhat comfortable and in line with this our markets started the session on a positive note. Strength continued ahead of RBI monetary policy and as the result was broadly in line with consensus (rate hike 25 basis points) we saw consolidation thereafter. Buying resumed towards the end of the session to eventually close just above the 17850 level with over eight tenths of a percent gains. We had a flat start to the 9 Feb 2023 session due to muted global cues. For the first hour the reference index remained slightly under pressure, testing the area below 17800. However, as the day progressed the recovery gradually took place to eventually ending the session with nominal gains. On February 10, 2023, the market ended up 17900 higher in the volatile session with Nifty. At the close, the Sensex was up 142 points to 60806 and the Nifty was up 21 points to 17893. Traders mostly stayed on the sidelines as there were no new positive triggers on worries of a global slowdown and no signs of a pause in the global tightening cycle continued to weigh on the mood. Although the markets have been range bound with a positive bias, the volatility in the market could continue in the near term.

NIFTY BANKNIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

Nifty saw a small high-low range of 74 points on Friday, which is the lowest since December 14, 2022, likely due to the reduction in volatility. On a weekly basis, the Nifty closed just 0.01% higher, essentially flat, after a week of gains. It also formed a lower high and a higher low compared to the previous week. This narrowing of the range across the daily and weekly timeframes could indicate higher moves/breakouts in Nifty on either side. Until then, Nifty could remain in the 17650 -18100 range for the short-term. The index could find support in the 17700 -17800 area. Coming to the OI data, on the call side the highest OI was observed at 18,000 followed by 18,100 strikes, while on the put side the highest OI was at 17,700 strikes. On the upside, Bank Nifty has support at 41,000-41,100 while resistance sits at 42,000-42,200. As markets continue to trade across a wide spectrum with high volatility, we advise traders to book profits on their trading positions.

TECHNICALLY SPEAKING

Technically, the index took the support near 17600 and reversed but it failed to close above 17900, the important resistance mark. Currently, the Nifty is consolidating near the 20-day SMA and it also formed inside the body candle on weekly charts.For the traders now, 17,900 would be the immediate breakout level to watch out, above the same the index could move up to 18200. On the flip side, fresh selloff is possible only after the dismissal of 17700. Below the same selling pressure is likely to accelerate and the index could slip till 17600 -17,500.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 09 FEB 2023

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Bulls took control of the markets as RBI's MPC meeting delivered a smaller rate hike in line with market expectations. RBI is more optimistic on domestic growth, raising GDP forecast while cautiously leaving FY24 CPI inflation at 5.3%. Meanwhile, global markets traded hopefully as investors digested Powell's speech, which explained that disinflation had begun but pointed to the possibility of further rate hikes in response to a stronger job market. The Reserve Bank of India (RBI) hiked the repo rate by 25 basis points, in line with our expectations. Despite this surge, a major concern for the RBI remains that core inflation is likely to remain persistent. This suggests that the RBI governor is cautious about taking inflationary risks. Furthermore, the US Federal Reserve's no-risk-on-inflation stance reinforces the RBI's resolve to be proactive. Therefore, we believe that in the next monetary policy, the RBI could make the decision to hike another rate to keep the Indian rupee stable. The Sensex closes 377 points higher at 60663. The Nifty closes 150 points higher at 17871.

With all major events behind us, the performance of global indices along with earnings will determine the future trend. This rally has certainly eased the pressure, but a crucial close above 17950 on Nifty is crucial for a sustained recovery. In the meantime, we reiterate our preference for IT, FMCG and select banks and automotive packaging and propose to focus on identifying opportunities in these sectors. Nifty appears to have made a brief higher bottom on February 7th. It may now face the resistance of the 17975-18050 band, while the 17650-17725 band might offer near-term support.

Resistance: 17900, 18000, 18100

Support: 17800, 17700, 17600

 

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 8 FEB 2023

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Markets experienced caution with a negative bias during the trading session as investors booked gains ahead of the RBI's credit policy session. It has been more or less a range bound market for the past few sessions as investors are unwilling to take risk by going long in equities given the current uncertainty in global markets. Continued rate hikes in key economies were also a concern amid fears of an economic slowdown. Nifty lost for the second consecutive day on February 7, although he recovered some of the early afternoon losses. At the close, Nifty was down 0.24% or 43 points at 17721. Sales on the NSE rose again. Broad market indices outperformed the Nifty, although the pre-decrease ratio ended at 0.81:1. Global markets traded in a tight range on Tuesday as investors assessed the outlook for growth and interest rates in the developed economies and awaited comments from the Federal Reserve Chair later in the day on the outlook for US interest rates. The Sensex lost 220 points at 60286. Nifty lost 43 points at 17721.

The Nifty Index faces strong resistance around the 17775-17875 zone where aggressive call writing is evident. The index needs to surpass this level on a closing basis to see a short covering move towards the 18000 level. Support on the lower end stands at 17700 and if broken it will result in further correction towards 17600-17500. The Bank Nifty index continued to trade in a wide range ahead of the RBI policy with 412000 as support and 42200 as resistance. The index needs to break this range on both sides crucially for trend moves. The undertone remains bearish within the range and should maintain a buy-on-dip approach for once.

Resistance: 17775, 17875, 17975

Support: 17675, 17575, 17475

NIFTY WEEKLY OUTLOOK FOR 6 FEB TO 10 FEB 2023

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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.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 3FEB 2023

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For the past four trading sessions, prices have found support near the 200 DMA, which stands at 17,600 on the daily scale. The monthly chart of the Nifty-50 has turned bearish as we witness the following bearish candle after the bearish engulfment of December 2022. As the bearish pattern has formed at all-time high levels, prices need to surpass the 18,888 high on a closing basis to see the Establishing the bearish candlestick to negligible make-or-break levels near its 50 EMA placed at 17,400 levels. A close below 17,400 – 17,300 could accelerate bearish momentum towards 17,000 – 16,800 which were previous support zones for the benchmark index. On the other hand, resistance below the 18,100 level is limited and if prices break above that level, the 18,300 levels will be the next resistance.

For Nifty, the maximum OI build is 17,000 put & 18,000 call option for expiry on February 2nd and for next week's expiry the max OI build is 17,500 put & 18,000 call & followed by 18,200 call option . The PCR ratio for next week expiration is 0.54 and for next week expiration is 0.68. The overall write data points to a bearish bias as call writing is higher than put writing. Immediate or transient recovery cannot be ruled out as the PCR ratio drops to almost 0.50.

 Resistance: 17800, 18000, 18200

Support: 17600, 17400, 17200

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 2 FEB 2023

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It was a pleasure to hear the finance minister present the budget which painted bright colors on the canvas of India's growth story. The benchmark indices ended the highly volatile February 1st session on mixed marks. At Close, the Sensex was up 158 points at 59708, and the Nifty down 45 points at 17616. ITC, ICICI Bank, JSW Steel, Tata Steel and TCS were among the top gainers on the Nifty while Adani Enterprises, Adani Ports, HDFC Life, SBI Life Insurance and Bajaj Finserv were among the losers. Among sectors, Metals, PSU Banks, Oil & Gas and Energy indices fell 1-5%. However, the information technology index gained 1%. The BSE midcap and smallcap indices each fell 1%. Insurance stocks remained under pressure as insurance buyers are required to pay tax on insurance proceeds if the premium paid is more than Rs 5 lakhs. Cigarette major ITC tops the list of gainers but fell as much as 6.5% on the day after the Treasury Secretary said the National Calamity Contingent Duty on certain cigarettes will be revised upwards by about 16% will. Real estate, infrastructure and cement stocks rose after it was announced that PMAY spending rose 66%, plans to build 50 additional airports and heliports and invest Rs 10,000 crore annually in the city's infrastructure development fund . Defense stocks remain under pressure as they were no big announcement in this budget. Fertilizer inventories also fell after Finance Minister Nirmala Sitharaman earmarked Rs.1.75 crore for fertilizer subsidies in the FY2023-24 budget, down 22% from Rs.2.25 crore for FY23. Auto, property, consumer stocks achieved when the Finance Minister raised the personal income tax rebate limit to Rs 7,000 under the new regime from Rs 5,000. The budget kept the fiscal deficit target for FY24 at 5.9% of GDP and increased capital spending to 3.3%. For direct taxes, an increase in income deduction to 7,000 under the new tax regime and no tax for the first 3,000 under the old regime. The Union budget has been pragmatic, given the government's tight rope between managing the budget deficit and relieving residents of high inflation. Higher capital spending, a roadmap to reduce the fiscal deficit and reviving consumption will give the economy a big boost, especially at a time when global growth has been hit hard by slowdown and recession fears.  

NIFTY BANKNIFTY OUTLOOK & TRADING TIPS FOR 31 JAN 2023

Market Close: Benchmark indices ended on positive note in the highly volatile session on January 30. Indian equity benchmarks Sensex Nifty witnessed a choppy trade on the first trading day of the week. The trade remained choppy throughout the session, with Sensex and Nifty 50 oscillating between the red and the green. Investors await more of financial results from India Inc for domestic cues, with L&T and BPCL. Bajaj Finserv reported its quarterly numbers earlier in the session. Nifty ends around 17,650 up by 44 points while Sensex was up by 169 points at 59500. Technically, Nifty has broken down its one-month range of 18,200–17,800, which is not a good sign; however, 17500 is an immediate support while the 200-DMA of 17350 is a critical support that bulls will try to protect. On the upside, 17900 will act as a critical barrier, and 18250 is a major hurdle.

Resistance: 17900, 18000, 18100

Support: 17700, 17800, 17700

NIFTY BANKNIFTY OUTLOOK & TRADING TIPS FOR 27 JAN 2023

Markets tumbled as investors liquidated their positions on the final day of F&O expiry. Traders also liquidated their position ahead of Adani Enterprises' FPO, while the migration from T2 to T1 settlement from Friday also resulted in some offloading. Benchmark indices closed lower on Jan. 25 with Nifty at around 17,900. At the close, the Sensex was down 773 points or 1.27% to 60205 and the Nifty was down 226 points or 1.25% to 17892. Approximately 1106 stocks are up, 2310 stocks are down, and 129 stocks are flat. While trading sentiment may remain volatile, next week's budget and US Fed meeting could fuel strong sideways movement in the coming meetings. Technically, the market corrected sharply after a double top. On the daily charts, the Nifty formed a long bearish candle and closed below the 18000 level, which is largely negative. As long as the index trades below 18,000 the weak sentiment is likely to continue and below that the index could retest the 17,800 level. Any further downtrend could drag the index to 17,700. On the other hand, above 18,000, the index could rise to 18050-18100.

 Resistance: 18200, 18300, 18400          

Support: 18100, 18000, 17900 

NIFTY BANKNIFTY OUTLOOK & TRADING TIPS FOR F&O 25 JAN 2023

The domestic market mirrored resilient global peers and extended earlier gains fueled by auto stocks. However, due to selling pressure in bank stocks, the indices anchored near the zero line. Benchmark Indian indices ended flat in the volatile session on Jan 24th. At the close, the Sensex was up 37 points to 60978 and the Nifty was down 0.20 points to 18118. Investors are in a wait and watch mode ahead of the next few weeks budget and hence are adopting a cautious stance. While valuations are still on the higher side, selective profit-taking could continue. Upcoming US federal policy will also be closely watched as any rate hike above expectations could trigger a major crash. Markets are consolidating between 17,800 and 18,300 and I see this as a corrective rise as I think markets have turned lower. Resistance for the Nifty is around 18,350, may extend a bit towards 18,400 but once 17,850 is broken down markets will move much lower. And Reliance isn't helping the bulls much. If the stock closed below Rs 2,400 I would say that is more negative for the Nifty.

Resistance: 18150, 18250, 18350

Support: 18050, 17950, 17850

 

NIFTY BANKNIFTY OUTLOOK & TRADING TIPS FOR F&O 24 JAN 2023

Markets started the week on an uptrend and ended slightly higher. Upbeat global signals coupled with favorable earnings news sparked a gap-up start that was further bolstered by renewed buying from the IT majors. However, profit-taking in energy, banks and cement heavyweights detracted from gains during the day. Benchmark indices closed positive with Nifty above 18100. Finally, the Sensex was up 320 points to 60941 and the Nifty was up 91 points to 18118.

If optimism holds, we could see a pre-budget rebound in the shortened week. On the technical front, despite strong momentum, Nifty failed to clear the 18,180 resistance level. Currently, the index is trading above the 20-day SMA and also holding higher bottoming on intraday charts, which is largely positive. For the traders, 18,000 would be the trend maker level, above which the index could rally to 18,200-18,250. On the downside, below 18,000 selling pressure is likely to intensify which could see the index slide as low as 17,950-17,900.

Resistance: 18200, 18300, 18400           

Support: 18100, 18000, 17900 

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.

NIFTY BANKNIFTY OUTLOOK & TRADING TIPS FOR F&O 20 JAN 2023

20 JAN 2023 STOCK RESULT 

Reliance Industries Ltd.

JSW Steel Ltd.

HDFC Life Insurance Company Ltd.

Union Bank of India

JSW Energy Ltd.

Bandhan Bank Ltd.

Petronet LNG Ltd.

Coforge Ltd.

RBL Bank Ltd.

Nelco Ltd.

Reliance Industrial InfraStructure Ltd.

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. Benchmark indices ended lower in the volatile session on January 19. At Close, the Sensex was down 187 points at 60858, and the Nifty was down 57 points at 18107. From a short term perspective, any dip towards 17950-17900 can be taken as a fresh buying opportunity. Over the next few sessions, the Nifty is expected to surpass the key hurdle zone of 18150-18250 & head towards 18300.

Resistance: 18150, 18250, 18350

Support: 18050, 17950, 17850

NIFTY BANKNIFTY OUTLOOK & TRADING TIPS FOR F&O 19 JAN 2023

Indian equity markets had a great trading day amid follow-up buying in the benchmark index. General buy-in provided much-needed impetus to lift market sentiment. The benchmark indices continued their positive momentum for the second day in a row, the Nifty closed 112 points higher while the Sensex rose 390 points. Nifty rose for the second consecutive day on Jan. 18, buoyed by positive Asian cues and dovish signals from the Bank of Japan this morning. At the close, the Sensex was up 0.64% to 61045 and the Nifty was up 0.62% to 18165. Technically, the market continued its positive momentum and after a long time the index managed to close above the 20-day SMA (Simple Moving Average), which is largely positive. However, 18300/61500 could serve as a profit booking zone for the trend following traders. We believe that as long as the index trades above 18100/61000 or the 20-day SMA, the chart's texture suggests that the positive sentiment is likely to continue in the near term. Above 18100/61000 the index could rally to 18300/61500 and it could continue higher which could take the market to 18500/62000 or the 50-day SMA. On the other hand, uptrends below 18000/60500 would be vulnerable.

Resistance: 18200, 18300, 18400           

Support: 18100, 18000, 17900 

NIFTY BANKNIFTY OUTLOOK & TRADING TIPS FOR F&O 18 JAN 2023

The Nifty50 recouped all of its losses from the previous few days on January 17, adding more gains throughout the day to close above the psychological 18,000 level for the first time in six consecutive sessions. Sensex climbed 562 points, or nearly 1%, to 60655, while the Nifty was also up nearly 1%, to 18053. One of the main reasons for today's stock market rally was the government's decision to cut the windfall tax on crude oil, which lifted sentiment from oil and gas companies. Another reason that lifted sentiment on Dalal Street was the sobering wholesale inflation, which was below 5% in December.

Equity markets are likely to come under pressure in the near term as foreign institutional investors continue to increase selling pressure. The spillover effect of the global economic slowdown, rising inflation and weak investor sentiment ahead of Union Budget 2023 could also weigh on sentiment on Dalal Street. The index has formed a long bullish candle on the daily charts forming a higher high-low formation for the third consecutive session, suggesting the possibility of further uptrend in the coming sessions. If the index continues its uptrend and closes decidedly above 50 DEMA (daily exponential moving average - 18100) then there could be a possible move towards 18150-18250 with crucial support at 17950-17850. Technically, the market has formed a bullish candle on daily charts and a higher bottom formation on intraday charts, suggesting further upside from the current levels.

Resistance: 18100, 18150, 18200

Support: 18000, 17900, 17800