January series started with a positive note for the Indian stock market. Sensex, Nifty and Bank Nifty gained almost 1 percent this week. Indian stock markets continued the positive momentum for three consecutive days in the week including the first day of the January series.
Positive global cues, falling crude price and appreciation in rupee pulled up the market on the last day of the week. Heavy buying in financial and pharma stocks are seen in the market on Friday.
Next week events for the Stock Market
Next week there is no big event as such, the Indian government can infuse more fund to PSU banks to increase the liquidity and this can move the PSU banking sector. The government may also announce some additional benefits to farmers, which can boost agro-related stocks. Strong FII's buying may also continue next week in the market.
Only one trading day is left in 2018, New Year 2019 is approaching with strong and positive momentum in the Indian Market. Next week market volume may be low particularly the 1st half of the week, but would pick up in later half may be from Thursday onwards.
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Nifty and Bank Nifty Weekly Technical Outlook
Nifty Weekly Outlook
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| Nifty Chart 31st Dec-4th Jan |
Primary Trend: Up
OHLC-(10758.55/10946.00/10536.40/10907.75) – Real-Time Volatility of 15%
Range Bound Trend: All up moves initiates Profit Booking (Sale) @ 11040 whereas All Down Moves Initiates Short Covering (Buy) @ 10780
If Nifty moves above 10960 then you should Buy with 1st Target of 11115 during the day or any point during the week by Trailing the Stop Loss from 10775-10875-10935-11025-11125-11175 FOR the Target of 11193-11271-11365
If Nifty moves below 10850 then you should Sell with 1st Target of 10700 during the day or at any point during the week by Trailing the Stop Loss from 11050-10950-10885-10790-10690-10635 FOR the Target of 10625-10550-10450
Bank Nifty Weekly Outlook
Primary Trend: Up – Sideways
OHLC(26925.00/27350.00/26439.60/27278.65) Real-Time Volatility of 14%
Range Bound Trend: All up moves initiates Profit Booking (Sale) @ 27575, whereas all down moves initiate Short Covering (Buy) @ 27000
If Bank Nifty moves above 27395 then you should Buy with 1st Target of 27745 during the day or any point during the week by Trailing the Stop Loss from 26995-27220-27350-27565-27765-27920 FOR the Target of 27925-28095-28310
If Bank Nifty moves below 27180 then you should Sell with 1st Target of 26835 during the day or any point during the week by Trailing the Stop Loss from 27575-27365-27230-27025-26800-26675 FOR the Target of 26650-26485-26275
As per the above chart Nifty is Up trend whereas Bank Nifty trend is Up to Sideways. There is no major event next week, traders should follow global cues and any positive announcement from the government as mentioned above.
Conclusion:
As per the above chart Nifty is Up trend whereas Bank Nifty trend is Up to Sideways. There is no major event next week, traders should follow global cues and any positive announcement from the government as mentioned above.
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Happy Investing!
Finogyan Team
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