Weekly Review - 09.01.2023

 Dear All,

FPIs on Friday sold shares worth Rs 2,902 crore, according to provisional data from the exchanges. Domestic institutional investors, on the other hand, were net buyers to the tune of Rs 1,083 crore.

Indian market lost more than 1 percent in the week ended January 6 (first week of 2023). After a rallying in the first 2 sessions of the new year, the market came under pressure in the last 3 sessions as investors start profit booking ahead of Q3 earnings next week and indication of further rate hikes by Federal Reserve going ahead.

Among sectoral indices on the NSE, Nifty IT and Media declined 2.3 percent each. Nifty Bank index lost nearly 2 percent and Nifty Realty index fell 1.4 percent.

> NIFTY Daily Chart <

Relief Rally possible Next week due to Over sold, May test the Resistance level mentioned in chart.

> NIFTY Hourly Chart <

Wave C Rally may bounce till the given level on chart.

> Bank Nifty Daily Chart <

Bank Nifty is Pushed by many Fin Stocks comes under huge selling pressure. Its a Clear Sell for medium term, But in short Term we may see some bounce. Use the bounce to Book some Profit.

> Bank NIFTY Hourly Chart <

Wave C may rally till 43000 & 43800

> NIFTY IT - Daily Chart <

Have posted in telegram previously about INFY Stock and IT Index to book Profit and exit. Might be some Bubble getting burst in IT Sector. Caution advised.