5 January 2018

NIFTY OUTLOOK & FREE NIFTY FUTURE TIPS FOR 8 JAN 2018

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Friday bonanza in market…5 January 2018 proved as a historical day in market. The year 2018 started on a muted note but markets were quick to pick up momentum towards the close of the first week of January supported by robust global cues.  The sensex & nifty future made a new high today. A lackluster trading day ended on bullish note. Nifty future played 46 points throughout the day .Surprise as Sensex showed a sudden and unexpected surge & made a new life high of 34188.. Tracking the momentum in Nifty rallied over 48 points in intraday trade to make its fresh record high of 10582.. Today nifty future opened at 10550 made a low of 10536 & closed at 10578. The rally was driven by positive global cues and also hopes that the government may be meeting its fiscal deficit target of 3.2 % of GDP.
We might not be able to see a repeat of 2017 amid high volatility this year (2018) due to major events such as Union Budget, 8 state elections, and corporate earnings, but still, 10-15 percent return cannot be ruled out. The Budget session of Parliament will commence from January 29 and the Union Budget will be presented on February 1. The Economic Survey will be tabled on January 29. The first phase of the session will be from January 29 to February 9. After a recess, Parliament will meet again from March 5 to April 6.
Just some points short of the coveted 10600 level, it was so close yet so far—at least for Monday’s the Nifty future level of 10600 remained elusive. In Monday’s session, we need to watch out for the support range between 10530 and 10475 unless this potential demand is broken and taken out mostly the attempts to clear the 10600 mark would the Nifty fuutre needs to wait. The index needs to take out today’s high of 10582 and get past 10595 for a support for me to remain bullish.
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RESISTANCE: 10600, 10650, 10700
SUPPORT:  10500, 10450, 10400

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