NIFTY OUTLOOK & FREE NIFTY TIPS FOR 24 JAN 2017

Hat’s off to nifty 11000..!!!! While the Sensex closed above 36,000 for the first time, Nifty too ended above 11,000, its highest ever level. Market opened higher on Tuesday with the key equity indices Sensex and Nifty hitting their respective all-time highs led by the rally in the shares of heavyweight companies such as Reliance Industries, Infosys, and HDFC. Within seconds of opening up of the market, Nifty extended the gains very quickly surpassing the 11,000-mark for the first time ever. Following this, in the wee minutes of morning trades, Sensex surged heavily to breach the psychological level of 36000, and that too just after three sessions when the benchmark index crossed 35000-mark. The domestic markets are on a continuous rising spree since about last 13 months with the benchmark indices Sensex and Nifty making and breaking newer highs day after day.

Going ahead in the holiday-shortened week ahead, Q3 earnings of Maruti Suzuki, as well as derivatives expiry will likely to steer the domestic equities. The blue-chip companies such as Maruti Suzuki India, Canara Bank, Idea Cellular, Coal India, and Dr Reddy’s Laboratories are scheduled to announce their Q3 results later this week. This market is giving lots of opportunity at least on selective basis. Investors should have to keep an eye on those opportunities vis-a-vis the index. 2018 could be the year in which you would see some of the large cap companies participating (in the party) far bigger than mid cap companies. One should keep an eye on the individual stocks where the earning opportunity could be even better,  it seems that markets are enjoying their merry days and are in no hurry to provide a much awaited correction. For the coming session, immediate resistance would be seen at 11111-11150 and a sustainable move beyond this would extend this rally. On the flipside, 10975-10900 are likely to act as strong support levels. Being near to expiry of F&O jan series we expect some kind of consolidation in the market.

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Resistance: 11111, 11150, 11200

Support: 10975, 10950, 10900