STOCK MARKET OUTLOOK FOR MONDAY 09-JAN-2023

On Friday market experienced a sharp decline, extending their losing streak for the third session in a row. Yesteraday TCS, Infosys, ICICI Bank, and the HDFC twins pushed down the domestic equity benchmarks. The 30-pack Sensex was down 453 points, or 0.75%, at 59,900 at the close. Nifty fell 133 points, or 0.74 % to 17,859. Today, financials, technology, and banks all suffered significantly on the sectoral front. In anticipation of corporate earnings next week, when growth is anticipated to be muted, IT stocks traded with significant cuts. On Monday, TCS is expected to publish its results.
NIFTY OUTLOOK
Nifty has been trading with red candles for the past three days, indicating that bears are still in control. On the daily timeframe, the index found support near the previous swing low. The bearish crossover of the momentum indicator RSI (14) points to weak price momentum in the near future. The falling Nifty is likely to receive support at 17,770 in the future. The index may move towards 17,500 in the event of a decisive fall below the mentioned level. Above the level of 18,000, where resistance can be seen, a recovery may occur.
BANKNIFTY OUTLOOK
Over the course of the week, there was a lot of selling pressure at a higher level for Nifty Bank, and the index formed a lower low on the daily chart. The index's immediate upside hurdle is 42,500, and the next support level is 42,000. If either of these levels is broken, the index will move towards 41,500, which will be the bulls' last hope.
HIGHLIGHTED STOCKS
In terms of volume, the most active stocks on the NSE were Yes Bank, Suzlon, IDBI Bank, Vodafone Idea, PNB, Tata Steel, Indian Overseas Bank, HCC, South Indian Bank, and Zomato. Today, stocks like RBL Bank, Apollo Tyres, and Abbott India reached their one-year highs, while AAVAS Financiers, Biocon, and Thyrocare Technologies touched their 52-week lows.
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