Nifty Hovering in a Range: Decisive Breakout Needed: Stay Light!!

Date: 21-01-2019

nifty outlook
On Friday, The Index opened Flat as expected and remained Volatile, finally ended at 10906.95. It traded below 10900 level during intraday session but it managed to close above 10900. It made a "Doji" candlestick pattern on the daily chart for the second straight session indicates nervousness and indecisiveness at current levels. The Index is consolidating near its important resistance and ended the week with indecision. 10930-10950 is acting like a upside hurdle which need to be taken off. Technically, Index positive set up is expected to continue till it sustains above 10850-10800 level on a closing basis. The bulls need a decisive breakout to get a firm direction. The Bulls are ready to take the control unless there is any negative sentiments hit the market. Traders are advised to stay light till a meaningful breakoutt emerged and showing sign of strengthening..

Today: The Market is likely to Start the Day on a Flat Note following the Mixed Asian Markets Cues. The Nifty has immediate support at 10850-10800 levels Whereas, 10930-10950-10985 levels will act as a stiff resistance.
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