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Market Outlook for this Week – 9th January 2023

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9th January 2023

Market Outlook for this Week!

Nifty started the week on a positive note and remained consolidated within the last weeks range of 18250-17800 levels throughout the week indicating lack of strength on either side. Nifty closed at 17859 with a loss of 246 points on a weekly basis. On the weekly chart the index has formed a Bearish candle with an upper shadow indicating selling at higher levels. The chart pattern suggests that if Nifty crosses and sustains above 18000 level it would witness buying which level it would witness buying which would lead the index towards 18200- 18400 levels.
However if index breaks below 17700 level it would witness selling which would take the index towards 17500- 17300.

Nifty CMP- 17589
Support- 17500-17300
Resistance- 18200-18400

Tech Stock for this Week-HDFC Life Insurance Company Ltd.

HDFCLIFE Ltd. on the weekly chart has decisively broken out above the “Symmetrical Triangular pattern” with strong bullish candle. The breakout is accompanied with an increase in volume confirming participation at breakout level. Stock is forming a higher high-low on Stock is forming a higher high-low on the daily chart. This formation indicates a positive uptrend. The weekly strength indicator RSI is in bullish mode and weekly RSI holding above its reference line and 50 level mark which indicates positive momentum. The above analysis indicates an upside of 652-675 levels
Stop Loss-558
Target- 670

Dear Readers, if you stuck in some equity investment & need expert advice then email us, we will reply on particular stock!

Vivek Dhumale

SEBI Registered Research Analyst

[email protected]

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