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Below View on Nifty 20 January 2023 By Rupak De, Senior Technical Analyst at LKP Securities

Nifty remained sideways during the week as the benchmark index failed to provide any directional movement. On the higher end, it failed to reclaim the 50-day exponential moving average, which is considered a line of polarity between bullish and bearish market sentiment for the short term. Besides, it remained below the 50-week exponential moving average. The sentiment remains indecisive as the Nifty forms a back-to-back doji pattern on the weekly chart. However, the long-term bullish setup remains intact, with the higher top, higher bottom formation remaining in force. On the lower end, support is intact at 17750, resistance on the higher end is pegged at 18300. Breakout on either end to confirm the directional trend.

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