Nifty spot chart analysis for 16.01.2023

Nifty is standing just below a strong resistance zone of 17976 to 18020.

if nifty moves above 18020 then it may easily cross 18067 and may reach to the level of 18111.

if nifty crosses over 18111 then it may also cross 18160 and may reach to the level of 18210.


if nifty moves down below 17926 then it may also cross 17880 and may reach to the level of 17829.

if nifty moves down below 17829 then it may take support on 17780.

If nifty crosses down 17780. then it may take bounce back from bounce back zone.

IT IS HIGHLY UNLIKEY THAT NIFTY WILL CROSS 18210 AND REACH TO THE HIGHER LEVELS.