Nifty50 Outlook 13-01-2023

The equity index felt pressure from the very first trade and as the day advanced, it was pushed below the level of 17700 to mark a fresh two months low at 17761 level.
After falling for more than 184 points from the day's high marked at 17946 level, the benchmark index posted some decent recovery, as a result of which it succeeded to defend the crucial support zone present at or around 17780-770 level on a closing basis.
It is for the fourth time, that the index has witnessed a strong bounce from the same region in the past fifteen sessions, that indicates the presence of strong hands, who are not willing to give up easily on their respective positions.
Secondly, the index has recorded a three back to back lower close which also indicates that the bears have an upper hand as they seem to be in a winning position at least for now.
For the upcoming trade, any close below 17770-750 shall invite fresh shorts into system, which could drag the index lower to test 17500-450 kind of levels in the matter of time. On the flip side, 18000 and 18100 acts as a resistance zone, above which the bulls can take a breather going forward.