Nifty View 21-Jan-2019

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Nifty Future closed the week at 10927.15

As per Technical Analysis of Nifty weekly report

Positives

  • Nifty future closed positive on a weekly basis
  • Nifty future managed to sustain above 200 DMA
  • Buyers are using the market dip to enter longs.

Negatives

  • Nifty future closed lower than the opening on Friday trading session
  • Nifty future closed lower than open since last three trading sessions.
  • Nifty future unable to sustain 10950 since last few weeks.

The Road Ahead For Markets

Nifty must sustain 10950-10970 in the coming week that will be a 1st sign that the supply is getting exhausted. Once it crosses 10970 with volume it will run for 11070-11000 in coming days.

If nifty managed to hold above 11000 expect a euphoric rally going towards expiry and Feb series.

On the downside, the support of the market is at 10850-10775

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