Trading with an open mind along with the trend will pay handsome and avoid the lure of value averaging at lower levels.

Indian markets are not participating in global market bullishness. It happens, there was a time in Oct and Nov when we were doing much better than others. That's the reason, we have always said to focus on what's happening in our markets and not pay "too much attention" to the rest of the world. In the last 1 week, we fall mostly in the 2nd half. 

The fact is "markets are opened by amateurs and closed by professionals". Hence focus on the trend which is clearly down. We are seeing sharp reversals even on 1 hr and 30 min time frames which are not indicating a decent upswing from here.

Trade with an open mind, but do not buy on dips.

Nifty & Bank Nifty Live Update

Nifty Spot View: 16/01/2023
Cmp: 17956.60
Support & Downside Range: 17914—17872--17833
Resistance & Upside Range: 18050—18075—18125—18175--18265
Short-Term Trend Reversal Level: --
Trading View: Intraday bias remains strong and buy mode till nifty trading above 17914 spot levels and in that case, we may open for an upside minimum 18050—18075 spot zone and max 18125 levels whereas a break below 17914 move goes sideways to range bound.

Nifty. Support is placed at 17800 to 17770 and resistance at 18060. We have a feeling that we should be able to break 17800 and may close below it. As an analyst, we reserve the right to be wrong, but also have the right to put across our views.

BankNifty Spot View For 16/01/2023
Cmp: 42371.25
Support & Downside Range:  42200--42100
Resistance & Upside Range: 42525--42677
Short-Term Trend Reversal Level: --
Trading View: the intraday bias remains strong till the bank nifty trading above the 42200—42100 spot zone and in that case, it can move upside minimum 42525 and max 42677 spot zone whereas if the bank spot slips below 42100 then again bias goes sideways to weak.

BankNifty. 42000 has been acting as a strong support. If it breaks and we trade below 41900, we can see a sharp drawdown of 500+ points. Resistance is placed at 42600.

Banknifty futures buy using spot levels buy at 42315 stop loss 42070 spot levels targets 42715/43000

Nifty & bank nifty live update now today's low in both nifty and bank nifty are crucial if this does not get a break then from tomorrow get ready for the amazing rally.

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