Daily Markets Wrap - Jan 17, 2023 - HDFC Securities

Mr. Nandish Shah - Senior Technical and Derivative Analyst, Retail Research, HDFC Securities

Nifty rose sharply in the second half of session on Jan 17 and closed at its highest in six sessions. At close, Nifty was up 0.89% or 158.45 points at 18053.3. Volumes on the NSE continued to be on the lower side.

Broad market indices ended mildly in the red where Nifty Midcap 100 and Small cap 100 fell by 0.04% and 0.11% respectively. Declining shares outnumbered the advancing shares where advance decline ratio stood at 0.90:1 on NSE.

Among Sectoral Indices, FMCG and Reality indices gained the most while PSU Banks and Media fell the most.

The Bank of Japan, maybe on the verge of its biggest policy change in decades. Bank of Japan policy meeting that begins on Tuesday, 17 January, and concludes Wednesday the 18th may settle for higher rates and affect the carry trade around the globe.

Nifty closed on a strong wicket on 17th January where it closed above its 11 day EMA, placed at 17993. For last four trading sessions, Nifty has been hitting higher highs and higher lows, which is a sign of accumulation. In current up move, Nifty could find resistance at 18141-18265 band. On falls, 17926-17972 band could provide support. Any level above 18265, would negate the positional down trend in Nifty.

Source : Equity Bulls

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DailyMarketsWrap HDFCSecurities Sensex Nifty