Dalal Street Week Ahead : NiftyFuture Trend Decider For 3rd Week Of Jan 2021

NiftyFuture last close: 14458.50

What a week for Indian markets where the Sensex inched closer towards 50000 while the Nifty climbed 14650

But, Sensex unable to cross 50k and made a high was 49795

Nifty closed the week gains of 0.6% while the Sensex climbed 0.5% but the smallcap and midcap index were down more than 1.25% each

On last week TCS, Infy, Hcltech and Wipro has declared earnings report and was seen profit booking on IT stocks

On past three sessions index was struggled around 14550-14650 range, some signals was showing weakness like FIIs reduced buying value, reduced longs in f&o segment and many nifty50 stocks was seen selling pressure like Asianpaint, Nestle, Bajaj twins, Finance stocks

HDFCBANK reported strong earning on Jan 16. The bank earned a net profit of Rs 8758 crore for the qtr ended Dec 2020, an increased of 18.1% and beat street expectations

Hdfcbank will be reacting on Monday opening bell while SGXNifty was closed 60 points down on Friday

Positive news is the world’s largest vaccination program has strated across the country on Jan 16

On 20th Jan Bajaj twins, 21st Asianpaints, Bajajauto, and 22nd Jswsteel, Hdfclife and heavy weight giant Reliance were set to declare earnings report

FIIs net bought 16901 crore worth of stocks in cash segment Jan so far while DIIs net sold Rs 12323 crore

On global side, Virus cases are surged in Europe country as well as China also and fresh lock-down announced in many parts of these country. US markets was struggled in past two sessions and was seen negative sentiment

Joe Biden will take oath as the President of United States on Jan 20 while he already unveiled $1.9 trillion stimulus plan last week

NiftyFuture has formed a bearish candle on daily chart and formed dragon fly doji kind of pattern on weekly chart which indicated NF was closed at 14370 on previous week (Jan 1st week) and NF was made a low of 14375 on last week (Jan 2nd week)

The volatility seen in the last week may continue in the coming week. On Monday first market will react to Hdfcbank earnings announced on yesterday

Now, NiftyFuture weekly trend decider at 14370 and 14660

NF once if breaks and closed below 14370, Further weakness will be expected up to 14250 and 14070

NF considering major support around 14070 if closes below 14370

NF is facing a weekly resistance 14570 and major hurdle for the NF 14660. If crossover 14660 expecting further strength, but I don’t expect the Nifty will move 14660 in coming week

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