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Top 10 trading ideas for next 3-4 weeks, backed by upbeat earnings, Budget optimism

Experts feel the 17,800-18,200 range is expected to break on either side after the announcement of the Budget, hence, if the Nifty breaks 18,200, then 18,500 is the level to watch out for

January 23, 2023 / 09:11 AM IST
Stock-specific action is expected to continue this week, given the ongoing corporate earnings season and the Budget expectations

Stock-specific action is expected to continue this week, given the ongoing corporate earnings season and the Budget expectations

 
 
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The market ended a volatile week on a positive note on January 20, and sustained an upward swing for the the second straight week, with the Nifty taking support at the psychological 18,000 mark.

The index remained rangebound and formed a Doji candle for yet another week on the weekly scale with a higher-high-higher-low formation, as the closing was near its opening level, indicating indecisiveness among buyers and sellers about future market trend.

The index closed with 71 points gains at 18,028 for last week and has overall been consolidating within a tight range of 17,800-18,200 especially amid quarterly earnings and ahead of the Union Budget scheduled to be tabled in Parliament by the finance minister on February 1.

Experts feel the above range is expected to break on either side after the announcement of the Budget, hence, if the index breaks 18,200, then 18,500 is the level to watch out for as crossing it could bring a sharp upside, whereas the downside could be up to 17,500 if there is a decisive break of 17,800-17,900 levels.