Nifty Prediction – January 13, 2023: Stay out of the market

Nifty 50 January futures (17,881)

The Sensex and Nifty 50 are under pressure. Both the indices are down about 0.3 per cent each. The Sensex is at 59,755, and Nifty at 17,816.

The crucial level to watch on the Nifty will be 17,800-17,750. A sustained break below 17,750 can drag the index down to 17,600 and 17,400 in the short-term. The price action and the closing today are key to determining the direction of move next week.

Global indices

In Asia, barring the Nikkei 225 (26,163, down 1 per cent), the other major indices are in green. 

In the US, the Dow Jones Industrial Average (34,189, up 0.64 per cent) has risen well, breaking above 34,000 on Thursday. It looks bullish to test 34,500-34,800 in the coming days.

Nifty 50 futures

The Nifty 50 January futures (17,881) is down 0.23 per cent. A crucial support is at 17,820. If the contract sustains above this support and rises above 17,900 again, the downside pressure would ease, throwing up the possibility of the contract rising to 17,950-18,000 again.

But, if the Nifty 50 January futures contract declines below 17,820, it could see a steeper fall to 17,500.

Trading strategy

Stay out of the market. Wait and watch if the contract sustains above 17,820 at close today. Trades can be accordingly strategised for next week.

Supports: 17,820, 17,500

Resistances: 17,900, 18,000

#Nifty #Prediction #January #Stay #market

Leave a Comment