Market View: Week Starting 29th JAN 2018

Filed in Market Update by on January 29, 2018

 

Week Market View: Week Starting 29th JAN 2018
View Last week the NIFTY closed at 11069.65 registering a gain of 1.61% over previous. Overall the NIFTY gained 6% in the January series. The week was bullish as predicted in the last weekly market view. FII’s bought shares worth Rs 937 while DII’s sold worth Rs 966 which was actually a surprise and formed a hanging man pattern on the daily NIFTY chart. Though the pattern doesn’t look like a trend reversal, it will definitely make NIFTY trade sideways for this week with a bearish bias. The markets should find a good support at 10900 in this phase. However, if the NIFTY moves strongly upwards and gives a breakout above 11100, then the next target would be 11400. Will see how this week spans up. This week would be dominated by the union budget, the ongoing earnings season, crude prices, the US fed meet and off course the auto sales and global data figures. If things go well there would be short coverings and the bullish trend would continue which would take NIFTY towards 11400. Let’s see how things shape up. Let’s have a wait and watch approach for this week. All the best!

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