Week Ending 19th January 2024

Dear patrons, first of all let me take this opportunity to congratulate you on the civilizational renaissance of India with the grand opening of the "Ram Mandir" and consecration of "Ram Lalla" in the holy city of Ayodhya. This event dawns a new era of economic development of India.

Indian stock markets are beginning this week by overtaking Hong Kong markets and have become fourth largest markets in the world. Indian markets are already world's largest derivatives markets. 

Globally things were good and most of the stock markets around the world traded positively. Geopolitical events were mostly discarded by the markets. Locally result season has been pretty good and are expected to remain good.

Coming week is truncated, with only three sessions in monthly expiry week. Friday being holiday on account of Republic Day.

Let's try to decipher what lies in store for us for this truncated week.

As stated in the previous blog Nifty faced resistance around 22100 and fell sharply, losing more than 2% in a single session and took support around 21500-21600 range. You may read about it here Weekly Market Update: Week Ending 12th January 2024 (amitbajare.blogspot.com) For the coming week Nifty may remain volatile with a positive bias and may try to retest recent highs owing to short covering.

BankNifty fell sharply along with Nifty and has remained in a range there after. It should find strong support around 45700 and resistance around 46600-47000 range amid volatility.

Traders should look to buy on dips with a positive bias.

P.S.: This communication is for educational purpose only and does not recommend buying or selling any stock or index. Trade at your own risk.