A 19k run for Nifty soon.

We are officially half a way through the first month of the year 2023.

Time goes by so fast, right?!

Before the end of this January month, here is a quick overview of the Nifty Index.

This month we will witness a range-bound trading session between 18150-18150 as the upper channel of this range and 17800 as the support.

Currently, the CMP is 17940, which is near the support level of 17800, and from here we can see the next move toward the upside level of 18145-18100, by this coming week.

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The resistance range of 18145-18100 extends till 18425-18475.

If we look at the larger picture, Nifty is open again for a bullish run till 19,000 mark by the coming 3rd week on March’2023.

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The confluence of Fibonacci levels in correlation with advanced time-sensitive trendlines, as you can see in the above chart, there is a harmony of pattern which gives the target of 18800 in next month, followed by 19200 as higher targets in coming months.

So far, Covid-panic and inflation has drawn the prices to the lower levels which now seems to have been acting as support.

Bullish invalidation goes below the red trendline which is undoubtedly a major support level for the bullish trend.