Pre-Open Daily Tech view of Nifty Spot for 23-01-2023

On Friday Nifty Spot was opened at 18115 with day’s high at 18145 & Low printed at 18016.

The benchmark ended at 18027.

Day to day basis Down -80 Pts or -0.44 %. It formed a bearish candle on the daily charts with lower high, lower low formation for the second straight session, indicating nervousness.

Last week momentum was also range bound mainly in between 18200 & 17850 affected by mixed bag of quarterly earnings, continued FII selling, a hawkish tone by Fed officials and optimism about China's reopening.

Today Truncated week will initially start with reaction of quarterly earnings announced by major companies like Reliance, ICICI Bank, Kotak Bank and UltraTech Cement.

Coming week may also be range bound & volatile as traders eyes mainly on Union Budget 2023 & outcome of the FOMC meeting both are scheduled on February 1. Besides that Other Key factors are

Corporate Earnings, US Q4CY22 GDP Estimates <26 Jan>, Global & Domestic Macro Data, Oil Prices & FII Flows etc.

Nifty Technically main range 17750 & 18250. Post Mega Macro Event big move is expected on either side beyond this range.

Intra day cum Swing basis Trend deciding level 18068. On the Upside :- If stays above that then Resistances are :- 18110-18150. Swing based break out above 18200 then expected hurdles are 18233-18277.

On the downside :- If fails to cross 18068 & breaches 18016 & 17980(9DMA) then Fresh weakness only below that & expected swing supports are 17850-17800.

Coming week is Monthly F&O Expiry Week & as per Option Data Trading Range is 17900 to 18100.

India VIX cooled down further & settled at 13.79 level. If the VIX sustains below 14 level then there could be more stability in the market.

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Source : Eureka

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