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Market Review:

Indian markets ended with modest gains on first trading day of 2023. Strong domestic economic data boosted sentiments. Metal, media and realty shares advanced. On the other hand, consumer durables and healthcare shares were under pressure. The barometer index, the S&P BSE Sensex advanced 327.05 points or 0.54% to 61,167.79. The Nifty 50 index added 92.15 points or 0.51% to 18,197.45.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 18120. Any move below the same may extend the fall toward 18000-17930 mark. On the flip side 18270-18350 will act as strong resistance levels. It’s a stock specific market, trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 18120 and on a decisive close below expect a fall to 18000-17930 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 43100 levels on the downside and on a decisive close below expect a fall to 42850-42500 There is an immediate resistance at 43670-44000 levels.

Technical Call Updates

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