Weekly Outlook Indian Stock Market (11 - 15 Jan)

Weekly Technical’s
Open: 5200.90
High: 5310.85
Low: 5167.10
Close: 5244.75
Weekly Change: +43.70
Weekly Pivot: 5243
Support: 5175 - 5105
Resistance: 5313 - 5381

Nifty witnessed a spectacular rally and succeeded in creating a new high of 5310.85 on Jan 6th but was unable to sustain at higher level and ultimately closed the week at 5244.75, still a gain of 43.7 points.

Nifty is interestingly poised for next week, a week in which result season will kick off.
All short term indicators have moved into sell mode suggesting domination of bears.
5240 will be the key level to watch next week. Trading below 5240 with volumes, nifty can correct to 5195 and 5175.
Key resistance level for next week is placed at 5270. Above 5270 nifty will try to test 5310, 5370 and 5400.

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