Dalal Street Week Ahead: #NiftyFuture Trend Decider For 4th Week Of January

NiftyFuture last close: 14380.15

What a terrible week!!

NF was started a disappointing to the week on Monday 18th Jan and NF made a low of 14250 and Thursday NF was made a fresh record high at 14765 but profit booking pressured the market in final sessions of the week ended Jan 22

Nifty50 lost 62 points at 14372 while the Sensex fell 156 points and settled at 48878 after hitting a fresh record highs above 50000 mark

Midcap index fell 0.7% and the smallcap index was down 1.4% for the week ended Jan 22

Auto stocks performed very well while banking stocks was seen selling pressure

India VIX sustained around 24……. Maybe this week will cross 27-30 ahead of Budget

Reliance, India’s largest company by market capitalisation has reported a 40.5% growth in consolidated profit at Rs 14894 crore for the Qtr ended Dec 31, 2020

First market will be reacting Reliance and Ultrateccem delivered a above expectation earnings report

On coming week major Nifty50 stocks which are going to announce their quarterly results Kotakbank, LT, Axisbank, HUL, Maruti, Cipla, Drreddy, Tatamotors, Techm, VEDL, Lupin and Icicibank

FOMC will meet for the first time after the formation of new govt on Wednesday

The market will keep reacting to the wide expectations about the upcoming Budget 2021-2022

FIIs has turned to selling mode on week ended Friday they sold 636 crore however they net bought 21000 crore in the month of Jan so far

On other hand DIIs continues to book profits as they net sold above 15500 crore in Jan so far

NiftyFuture fell 1.5% on Friday and formed a bearish candle on the daily chart while the week index was down 0.5% and formed small bodied bearish candle

However, I am expecting further volatility can be possible in the coming week ahead of expectations of union Budget 2021-2022 and Jan monthly expiry

NiftyFuture trend decider for the 4th week of Jan at 14760 and 14250

Now, NiftyFuture can be considered as strong support as 14250 which was indicated on last week low

Suppose NF once if breaks and manages below the level, Expecting further weakness up to 14070 and 13960

On another hand, NF is facing weekly resistance 14535, 14640 and 14760

Above three resistance are crucial and hurdle for the coming week

Incase NF if hold above 14760………. Then try to check 14900 but chances are remote only.

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Updated: 10.15 am / 24th Jan 2021