The main Index Nifty was under continued pressure on most of the sessions. The range is seen very much narrowed. Nifty ended up with yet another indecisive Doji candle on the weekly charts. However, it made higher highs and higher lows. The unusual calm is disturbing. We may see a break out during the ensuing week.
A few observations from the weekly charts are:
Weekly charts suggest that
Though closed at 18027, the Index is expected to open flat or higher
For the ensuing week, the index may find supports at 17860, 17770 and the index could face resistances at 18180, 18270, 18360
Additional interesting observations
There seems slow down on selling by FIIs and DIIs were net positive
Expected to continue in the range of 17770-18360
Any close outside the range of 17770-18360 requires re-assessment of risk
Final Note
So far one of the smallest movement in a month Viz. between 17761 & 18251
A truncated week with the Monthly Expiry due on 25th market to witness volatile sessions
The next five sessions are crucial as Nifty is at a make or break situation and would show if the Bulls make good the last opportunity or make it a lost opportunity
The consolidation phase seems to have got completed and preparing for the next move and the direction of this would be clear by the end of this week
The crucial support at 17770 holding for the fifth consecutive week gives hope for some recovery and even a possible attempt closer to the recent peak.
The Index seem to move 165 points on either side by taking 18020 as Pivot
The technical factors indicate a mixed signal
There are chances for upside if the Index closes above 18180 with sharp move to gather momentum
If for any reason the support at 17770 breaks, then we may see a fall towards 17320 and the 17035
Market may remain cautious ahead of the FED meeting on 1st of Feb 23
Very interesting week ahead
Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
A few observations from the weekly charts are:
Weekly charts suggest that
- The index moved around 330 points viz. between 17853 and 18183
the oscillators are showing mixed signals
Monthly Option expiry due and the Option OI is expected to drive the market direction
17770-790 continues to be the crucial support zone
Though closed at 18027, the Index is expected to open flat or higher
For the ensuing week, the index may find supports at 17860, 17770 and the index could face resistances at 18180, 18270, 18360
Additional interesting observations
There seems slow down on selling by FIIs and DIIs were net positive
Expected to continue in the range of 17770-18360
Any close outside the range of 17770-18360 requires re-assessment of risk
Final Note
So far one of the smallest movement in a month Viz. between 17761 & 18251
A truncated week with the Monthly Expiry due on 25th market to witness volatile sessions
The next five sessions are crucial as Nifty is at a make or break situation and would show if the Bulls make good the last opportunity or make it a lost opportunity
The consolidation phase seems to have got completed and preparing for the next move and the direction of this would be clear by the end of this week
The crucial support at 17770 holding for the fifth consecutive week gives hope for some recovery and even a possible attempt closer to the recent peak.
The Index seem to move 165 points on either side by taking 18020 as Pivot
The technical factors indicate a mixed signal
There are chances for upside if the Index closes above 18180 with sharp move to gather momentum
If for any reason the support at 17770 breaks, then we may see a fall towards 17320 and the 17035
Market may remain cautious ahead of the FED meeting on 1st of Feb 23
Very interesting week ahead
Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.