NIFTY WEEKLY OUTLOOK CHART & VIEW FOR 17 JAN 2022 TO 21 JAN 2022

Wish you all a very happy Uttarayan, Pongal, Magh Bihu, Bhogali Bihu and Paush Parva. 🙏🙏

WEEKLY RESISTANCE FOR NIFTY: 18400, 18550, 18725

PIVOT POINT: 18250

WEEKLY SUPPORT FOR NIFTY:  18125, 18000, 17825

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 18300, 18350, 18400

PIVOT POINT: 18200

DAILY SUPPORT FOR NIFTY:  18150, 18100, 18050

DAILY CHART FOR NIFTY

We kick-started the new week on 10 Jan 2022 on a cheerful note despite mixed global cues. Barring small dip around the mid-session, Nifty maintained its positive posture throughout the session and marched gradually towards the 18000 mark. Due to some tail end buying Nifty finally surpassed the psychological junction to conclude the session with over a percent gains. On Tuesday 11 Jan 2022 Despite massive volatility in US markets last night, our markets started the session on a flat note and then remained range bound for the major part of the day. Tuesday although we could see indices closing in the green, it was certainly not a smooth ride for traders as we witnessed couple of declines during the session. Fortunately these small dips were bought into by the opportunist traders to send the Nifty tad above the 18050 mark. Wednesday 12 Jan 2022 morning, the global set up was just ideal to have a head-start beyond the key resistance level of 18100. Post the gap up opening on Wednesday, our markets had a brief period of consolidation which was then followed by a slow and gradual move towards the 18200 mark. With the help of the broad based buying, the Nifty eventually ended the session above 18200 with some authority by adding over eight tenths of a percent gains. We had yet another gap up opening on 13 Jan 2022 Thursday morning as indicated by the Nifty. However this is followed by similar price action where we saw minor dip in the initial hour which eventually got bought into. Thereafter, the benchmark index remained in a range and with the help of some late recovery, managed to close almost at the highest point of the day tad above 18250. Friday 14 January 2022 market ended flat in the volatile session. At close, the Sensex was down 12 points at 61223, and the Nifty was down 2 points at 18255.

NIFTY: A STRONG SUPPORT WILL BE @ 17400; STRONG RESISTANCE LEVEL SEEN @ 18200

The market is now showing a typical behavior which generally happens after a decent rally and if any major event is close by. Both these conditions meet here as we have seen a spectacular recovery of more than 1800 points in such a short span after making a low around 16400. And we are now approaching the mega event Budget, so we are seeing this range bound activity in the benchmark index. For the coming session, the next level to watch out for remains at 18350 and once its surpassed, there is no major level visible before 18600. As of now, we do not expect a runaway move in the forthcoming session and hence, traders are advised to keep focusing on individual stocks.

TECHNICALLY SPEAKING

We are seeing a pullback after a vertical rally on the back of some weakness in global markets however there are no such negative cues for the market. If we look at the statistics then Indian Equity markets do well in the first two weeks of January but then it starts to correct near to Makar Sankranti or in between 15-20th January then there is a post-budget rally in the market. This trend may be replicated this year as well but the overall view is bullish and any pullback will be a good buying opportunity. Technically, 18000 is an immediate psychological support level while 17800/17650 is critical support levels.