Market Outlook for 17th January 2024

Nifty consolidated within a narrow range in Tuesday’s session as the broader markets witnessed some pullback move in the later part of the day. The benchmark index registered a new high of 22124 and ended just above 22000 mark with a minor loss.

Nifty Today:

In Tuesday’s session, the Nifty (along with some other key indices) witnessed some pullback move from the highs and the RSI oscillator gave a negative crossover on the hourly chart hinting at some profit booking. However, the price wise support is still intact with 22000-21950 seen as initial support on the lower time frame chart. If the index breaks this, then we could see some price wise pullback move in the near term towards the supports of 21800 followed by the 20 DEMA support which is placed in the range of 21600-21550. However, the broader uptrend still remains intact till the index trades above its 20 DEMA support. On the higher side, 21120 will be seen as the immediate hurdle followed by 21200-21250 range.

                                                21950-22000 seen as immediate support for Nifty

Nifty, Bank Nifty Levels and  FINNIFTY Levels: