INDEX WEEKLY UPDATE

16 gen 2023

GLOBAL UPDATE
-dollar index has fallen sharply below 103 level on the verge of testing 100
-s&p 500 breaking major bearish trendline in daily chart
-ready to break above its 200-dma
-nasdaq already rallied 1000 points from bottom
-dow jone tested 200-dma and now moving forward on the verge of breaking swing high
-china reopening play putting pressure on curde oil but positives for metals
-gold and silver commodity play is the key

INDIAN MARKET UPDATE
-major result week coming up
-cpi cooled down to 5.7%
-usd/inr down to 81.2 from 83 few days ago
-ruppee expected to gain strenth again this week
-better than expected results by major IT STOCKS
-stellar numbers by hdfcbank
-expecting banknifty to also perform this week

NIFTY TECHNICAL UDPATE
-index on intraday basis broke 17770 last week
-and rebounded from there
-metal and IT stocks outperformaned
-metals to outperform this week also
-nifty again a close below 17770 will open up 500 point fall on downside
-index on the upside a close above 18130 will open up 18300-18500-18800 (initially)
-major moving average congestion is seen on the charts
-is it a desending triangle pattern or a wide double bottom pattern
-it remains to be seen
-fresh longs only if index closes above 18130
-on weekly chart we have 3 inside bars now
-this range shall break and we should have a trending market
-for index to trend on the higher side we need a weekly close above 18300
-for index to trend on the downside we need a weekly close below 17770


NIFTY MAJOR LEVELS (CLOSING BASIS)/(SPOT LEVELS)
RESISTANCE
18130-18260-18420
SUPPORT
17770-17830

BANKNIFTY TECHNICAL LEVELS
-again banknifty index is in a crucial position
-index for now seems to be able to defend 41600-41500 zone
-according to technical pattern we can see a wide double bottom or a symmetrical pattern
-major breakout in index above 43500 levels
-remember nifty correction was sharper and was underperforming the banknifty index
-banknifty index has many things going for it today
*hdfc bank stellar results
*icici bank bottoming out (will take action based on hdfc bank results also)
*dollar index corrected to 101 levels
*dollar/inr pair corrected from 83 to 81 levels
*trendline break in small timeframe
-only major levels to watch

BANKNIFTY MAJOR LEVELS (CLOSING BASIS)/(SPOT LEVELS)
RESISTANCE
42800-43200-43550
SUPPORT
41900-41750-41550



DISCLAIMER:-
these are my personal views
trade with strict stoploss
take risk according to risk appetite