Nifty Tech Chart

Nifty Today: An overall improvement in market breadth over the last week suggests limited downside capped within 22900

Nifty Today: The immediate Support and Resistance levels for Nifty are: 22,900 and 23,700, respectively, as per Nifty 50 chart

Nifty Today: The index is expected to consolidate in a range between 23,200 on the downside and 24,200 on the upside. A breakout beyond this range will trigger a decisive move

Nifty Today, Jan 10: Short build up is seen in the NIFTY futures, where we have seen 8 per cent rise in the open interest

The bulls are back, as recent sessions have established a base around the key support of the 50-Day EMA, and last Friday's strong momentum suggests that prices are forming a structural bottom

Typically, a high India VIX indicates that the market is expecting increased volatility, whereas a low India VIX suggests anticipation of low volatility

According to Ravi Nathani, an independent technical analyst, a breach of 21,500 could trigger a consolidation phase with a negative bias, with Nifty seeking support at 21,125, 20,700, and 20,350.

Meanwhile, the market's attention in the next few weeks will shift to the outcome of the Gujarat assembly election and the monetary policy action of the Reserve Bank of India (RBI)

Above 15,900, Nifty could move towards 16,300 target, while any level below 15,673 could drag Nifty towards 15,500 support

For Nifty IT, the immediate support comes in at 16,400 levels on a closing basis and the rally should move towards 17,500 and 17,700 levels.

One should refrain from creating any aggressive long position in Nifty at higher levels

The current market scenario indicates that soon benchmark indices Nifty50 and BSE Sensex will witness crossover of three moving averages (in a closer distance) - 50-day moving average (DMA), 100-DMA.