NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 14 JAN 2022

🔥HAPPY LOHRI🔥

Markets extended gains for the fifth straight session, but it looks like bulls are showing signs of fatigue as trading largely remained rangebound.  Nifty had a volatile session amid weak global cues and weekly expiry. It closes above 18,250 as bulls maintain the momentum on Dalal Street. Nifty’s ascent towards 18,605 is on the radar. Interestingly, the gains came despite US CPI surging to the highest level since June 1982 and core CPI registering the biggest advance since 1991. The stronger readings reinforce the need for quicker interest rate hikes by the Federal Reserve. Benchmark indices ended with marginal gains in the volatile session on January 13 with buying seen in the metal and pharma names. At close, the Sensex was up 85 points at 61235, and the Nifty was up 45 points at 18257.

The index has once again given a flat to a marginal positive start in today's session. Volatility was visible owing to weekly expiry with wild swings on both sides. Going ahead 17950 -18025 will be good short-term support for upcoming trading sessions and on the upside 18300 will act as new immediate resistance. A hammer candlestick pattern is visible on daily charts indicating that the steam is cooling off and we can see sideways or profit booking sessions in the coming days. The structure of the index is in favor of bulls. Market breadth has remained at 2:1 with 36 stocks on the advancing side & 14 stocks on the declining side.

Resistance: 18300, 18375, 18450

Support: 18200, 18150, 18100