NIFTY OUTLOOK & FREE NIFTY TIPS FOR 12 JAN 2017

Bulls are back in the action. With an exuberant start bulls take both the indices higher.Today Nifty and Sensex closed at 84 and 219 points from the previous close. The Sensex climbed 0.9% or 241 points to 27140 while the Nifty advanced 1% to 8381. This was nifty first close above the 8300-mark since November 10. Sentiments remained bullish with Prime Minister Narendra Modi’s statement that India is on threshold of becoming most digitized economy in the world.

Nifty managed to close above its 100 days EMA level of 8300 and hence we may expect some more upside from here. Going forward, if Nifty breaks above 8355 on closing basis we hold 8400 followed by 8450 as the near-term resistances. If 8300 is broken on the downside we hold 8270-8340 as the supports.

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Resistance: 8270, 8235, 8200

Support: 8355, 8385, 8415