23 January 2015


The market staged spectacular performance on last day of the week i.e. today on Friday. Nifty closed above the 8800 level for the first time, up 74 points at 8835. In 7 days rising 558 points on the Nifty on broad based buying, especially ahead of January-expiry and Union Budget (that decided to be held February 28). Today nifty started at 8827 made a high of 8866 and low of 8795 and closed at 8835 total, total 71 points was played by nifty throughout the day.
Next week will be the expiry week for F&o January series. Volatility we are expecting in the market on Tuesday. On Tuesday in case if the market break 8765 then we can expect weakness for the day but it should be limited to 8735 or 8665.  We are not expecting 8600 to break in a normal course of condition.  On the higher side 8880 is the level above which it would jump to 8900 or 8950 in the near term.
The index is taking another pause either it could just be another wide ranging up day or there could be some kind of profit taking. We need to watch the levels of both 8880 (upside) and 8765 (downside). It is hard to accept that after a narrow small range movement in the Nifty there could be one more such session in succession. Thus, it would either be a blast off on the way up above 8900 or it could be fall below 8655.
Indian markets will remain closed on Monday (January 26) for Republic day.
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RESISTANCE: 8900, 8930, 8960
SUPPORT:  8870, 8840, 8810

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