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Pre - Market Analysis (16th Jan 2023)

1. U.S Markets closed higher on Friday.
2. Right now , Dow futures are slightly higher.
3. Asian markets are higher.
4. SGX Nifty is up 30-40 Points.
5. Friday was a reversal kinda day.
6. Markets reversed from key support levels.
7. 17760 was the Thursday's low for nifty. 
8. On Friday Markets did retest those levels and reversed sharply.
9. It was a big reversal rally.
10. On Friday blog I mentioned levels between 17700 & 18k for nifty.
11. This was the levels in which nifty moved on Friday.
12. Mondays are generally trending days.
13. Today's key level to watch is 18k.
14. Once 18k is crossed we would be heading towards 18100 ,18200.
15. HDFC Bank has come out with results over the weekend.
16. Results look quite good.
17. HDFC Bank has got a high weightage in Nifty and Bank nifty. 
18. Also it is the leader of Banking stocks.
19. Good results would boost the sentiment of the Market.
20. This could be a bold call but I feel we have bottomed out at 17760 nifty at least until the Budget.
21. Nifty might trade between 17850 to 18150 today.

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