Nifty Outlook-4-Jan-2023

Ruchit Jain Ruchit Jain Ruchit Jain 4th January 2023 - 12:14 pm
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Nifty traded within a narrow range throughout the day with a positive bias and ended above 18200 with marginal gains.

Nifty Today:

 

In last two sessions, Nifty has traded with a narrow range as it has been hovering around its crucial ’20 DEMA’ resistance which is around 18250. However, the overall market breadth was positive indicating stock specific momentum. Next couple of sessions could be crucial to see whether the index surpasses this hurdle to extend this upmove in the near term. The FII’s index futures data is neutral with slight negative bias as they have more than 50 percent of their positions on the short side (as on Monday). However, technically Nifty has managed to form a support around the 50 percent retracement of the previous upmove and has seen a gradual pullback from there in last one week. The momentum reading on the daily chart is in Buy mode and the positive market breadth also hints at a bullish bias for the short term. A move above the hurdle of 18250-18265 can lead to further pullback in the Nifty towards 18330 and 18460 while 18080 and 18000 are the crucial near term supports to watch.

 

Nifty starts the New Year on a positive note

 

Market Outlook 4th Jan 2023

 

Looking at the data, it seems that we may not see a significant momentum in the index in the near term but stock specific moves might give better trading opportunities. Hence, traders are advised to focus to stock specific moves from a trading perspective.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

18140

43200

Support 2

18080

43200

Resistance 1

18330

43200

Resistance 2

18460

43700

 

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