NIFTY FIRST WEEKLY UPDATE OF THE YEAR

2 Oca 2023

Dear members sorry for not posting analysis on regular basis in the second half of the year
this new year i will try to change the habit and be regular in posting

-will post in new format from here on
-will have regular weekly update
-will try to give out more positional and better risk-reward trades
-global update on weekly basis

LETS BEGIN THE YEAR

GLOBAL UPDATE:-
-USA markets suffered the most in 2022
-wall street now well prepared for recession
-never before this has happened that markets are waiting for a recession
-another 50 basis rate hike from here is expected from the fed lets see action on that front
-again this year cpi data will create volatility in market
-expectation of second half rally in wall street is seen
-dollar index which created havoc last year seems to cool down
-geopolitical war continue one of the worrying factor for the market
-covid related issues will not have major impact on markets
-unknown or markets have not absorbed is the China-Taiwan issue
-any action on that front market is not ready

NIFTY TECHNICAL VIEW
-index has created new high and corrected from top
-market will break the swing pattern above 18500
-but if markets breaks above its 20-dma/ema and closes on daily chart
-markets will gain momentum
-on the downside swing low of 17780 is of major significance
-if market breaks the swing low of 17780 we will test 17630-17300 (200-dma)
-fall will intensify after that

MAJOR TECH LEVELS FOR NIFTY
RESISTANCE
18350-18500 (need a close above 18500)
SUPPORT
17970-17780 (swing low breakdown below 17780)

DISCLAIMER:-
-please consult your financial advisor
-this is not a recommendation
-please make your risk
-do not overtrade