Nifty & Bank Nifty Prediction for Monday

We had a great profitable last week. This week will be filled with volatility and zig-zag moves. Markets are still trying to find a base before any trending moves. The overall structure still looks weak. Markets are going to gap up which may not be sustained. So, trade light.

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 17960 and resistance is placed at 18070 and 18145. These are future prices.

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. Bank Nifty still looks better and with positive results from HdfcBank, can move higher. Support is placed at 42000 and resistance is placed at 42600. 

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3 things that will decide the Market today: 

1) SGX NIFTY signals a muted start with positive bias for the Indian Stock Market

- Nifty futures on the Singapore Exchange traded 18 points higher at 18,057 signalling that the Indian Stock Market is headed for a muted start. 

2) US & Asian Indices send mixed signals 

- Post the Federal Reserve Bank's commentary on mild recession to be expected in 2023, the Global Indices have changed from negative to mixed, with Dow Jones and NASDAQ closing in green. On the other hand, the Asian markets closed mostly in red, awaiting Bank of Japan's meeting on its super-sized stimulus policy. 

3) Rupee at 6-week high 

- Weakened investor sentiments on the greenback helped the Indian Rupee to gain 134 in the last week, closing at 81.32 per dollar, its highest in the last 6 weeks. 

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