Market Outlook for 12 January 2024

Ruchit Jain Ruchit Jain

Last Updated: 12th January 2024 - 11:03 am

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Nifty consolidated within a range on the weekly expiry day and it ended the day marginally positive around 21650. However, the broader markets continued its positive momentum due to which the overall market breadth was more in favor of the advances.

Nifty Today:

The Nifty index has seen a pullback move from the support zone of 21500-21450 in last couple of sessions. The 20 DEMA support is gradually shifting higher to around this range and hence, this remains a crucial support for the short term. The momentum readings which were overbought on the indices prior to this recent correction have cooled-off and the hourly readings are positive. Thus, this recent down move just seems to be a regular correction within an uptrend. Till this support of 21450 is intact, traders should avoid any bearish bets in the market and rather look for buying opportunities with a stop loss below this support. The immediate hurdle is seen around 21730-21770 and a breakout above this could then lead to another new high in the index. 

                                                                Nifty forms support base at 21500-21450

ruchit-ki-rai-11-Jan-2024

Since the companies has started declaring their Q3 results, there would be a lot of stock specific momentum as a result of reaction to the numbers. Hence, one should trade with proper risk management and look for stocks that have seen outperformance in the recent corrective phase.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 21520 47230 21150
Support 2 21450 47000 21050
Resistance 1 21730 47650 21370
Resistance 2 21800 47870 21480
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