Market View: 8-12 JAN 2018

Filed in Market Update by on January 8, 2018
Week Market View: 8-12 JAN 2018
View Last week the NIFTY closed at 10558.85 registering a gain of 0.27 over previous week. The markets hit a record high and ended on a bullish note. The NIFTY for now is trading at a premium due to good cash flow and hopes of a good earning season. The FII’s also seem to be back from their holidays as a good amount of buying was seen from them on Friday. Technically, the daily charts indicate a bullish bias going forward but the weekly chart gives a bearish signal. A state of confusion and hence we must wait and watch in which direction the NIFTY swings now. The earnings season that will be kickstarted by TCS and Infosys will give us good amount of cues. An expectation has already been built that the earnings this quarter are likely to show recovery. The aura that is being built around the budget will keep everyone on their toes. It is important for NIFTY to maintain 10550 for the bullish trend to prevail. Globally, there is not much turbulence and as long as crude is below $70 we have nothing to worry. This week the NIFTY is likely to take a good support at 10400. There will be a strong resistance at 10600 and strong cues would be needed for the NIFTY to start moving from here on. Let’s have a little cautious approach for this week. All the best!

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