Market View: 22-26 JAN 2018

Filed in Market Update by on January 23, 2018

 

Week Market View: 22-26 JAN 2018
View Last week the NIFTY closed at 10894.70 registering a gain of 2% over previous week. Some massive buying was seen by both the FII’s and the DII’s as per the data available on NSE website. The bullish trend was predicted in our last market view so it didn’t surprise us but it definitely surprised most of the market participants. The index formed a bearish candle last week but that was overridden by the bullish trend the very next day. Now the trend line that is formed by the closing of 8001 seen on 2nd AUG 2017 and 10788.50 of 17th JAN shows a breakout on weekly charts above this channel. This means that a strong bullish trend is likely to continue this week as well. We expect the NIFTY to move sharply from here on, but we should always be aware of the fact that in these markets there would be those corrections which would happen on account of profit booking. Hence we should have a strict stop loss of 10800. The next target for NIFTY would be 11000 and 10930 will be the key support. Good time to be in the markets. All the best!

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