Market Outlook for 16th January 2024

Nifty started the week on a positive note and surpassed the 22000 mark at open on back of positivity in IT stocks post their quarterly results. The Banking and the Oil & Gas space too picked up momentum during the later part of the day and hence, with the participation from the index heavyweights, Nifty ended the day around 22100 with gains of almost a percent.

Nifty Today:

Our markets have been continuing its uptrend supported by the index heavyweights and the Nifty index reached another milestone of 22000 mark for the first time ever. FII’s have over 60 percent of the positions in the index futures on the long side and the technical readings too are hinting at a positive momentum. The index has been trading in a ‘Rising Channel’ and the higher end of the pattern is seen at 22250-22300 zone. Thus, the index could continue its momentum as some of the index heavyweights have been leading. On the lower side, 21900 and 21830 are the immediate support levels for the index. Traders are advised to continue to trade with a positive bias in the direction of the primary trend and look for stock specific buying opportunities.

                                                                   Nifty hits the milestone of 22000

Nifty, Bank Nifty Levels and  FINNIFTY Levels: