Weekly Outlook Indian Stock Market (18 - 23 Jan)

Weekly Technical’s
Open: 5263.80
High: 5300.50
Low: 5169.55
Close: 5252.20
Weekly Change: +7.45
Weekly RSI: 65.7
Weekly Pivot: 5236
Support: 5185 - 5119
Resistance: 5303 - 5354

Nifty is range bound so far. And we have been using bands to trade. Bands are currently placed at

• 5386
• 5229
• 5172
• 5115
• 4960

These bands indicate huge support and resistance areas and any reversal from these would be powerful.
Fibonacci 5258 would be break out point for bulls in the week ahead. Trading above 5258 with volumes 5315 and 5340 are the Fibonacci extension targets. Once 5258 is crossed with volumes, 5220 should act as strong support.
On the other hand, if after crossing 5258 nifty breaks and trade below 5190, bears would knock nifty down to 5100 and 5050 in the coming week.

Thanks and Regards

S&P Wealth Creators

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Disclaimer
The calls given here are My Personal views, trading or investing in stocks is a high risk activity. Any action you choose to take in the markets is totally your own responsibility. S&P Wealth Creators will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information.
Investors should be cautious about any and all stock recommendations and should consider the source of any advice on stock selection. Various factors, including personal or corporate ownership, may influence or factor into an expert’s stock analysis or opinion.