Tuesday, January 28, 2020

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 29 JAN 2020

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Bears continue to grip the market in the 2nd day of Jan series expiry week!!! The Nifty came down below 12100 mark. The Sensex plummeted 188 points to end at 40966 level. The Nifty held the psychological mark of 12000, and ended marginally above the level at 12055 -mark, down 63 points. The key lower support area of previous opening upside gap of 9th Jan has been filled completely at 12045 and the Nifty failed to show any sustainable upside recovery from that gap support. It closed just above the lower gap area. This is negative indication.
Nifty is vulnerable for further downside towards the support zone of 11900 as the important support zone fails to hold ahead of the event. Expect volatility to persist ahead of the Budget session. 12300 zone is likely to act as resistance on recoveries.
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Resistance: 12200, 12300, 12400
Support: 12000, 11900, 11800

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