Market Outlook For First Week of January 01st Week
Market Outlook:
Nifty closed strongly above 50 days EMA on Friday which should be a good sign for the coming week. Immediate resistance is near 17432. Crossing it the resistance will be near 17558 and 17683. 17683 is a formidable resistance, crossing it will be difficult but once it is crossed Nifty can go till 18173. Supports on the lower side are 17132, 16938 and 16357 which is the 200 days EMA. Below 16357 Bears will take control and can drag the index down further 10 to 12%. Long term target for the year 2022 will be at 19488 on conservative terms.
Nifty closed strongly above 50 days EMA on Friday which should be a good sign for the coming week. Immediate resistance is near 17432. Crossing it the resistance will be near 17558 and 17683. 17683 is a formidable resistance, crossing it will be difficult but once it is crossed Nifty can go till 18173. Supports on the lower side are 17132, 16938 and 16357 which is the 200 days EMA. Below 16357 Bears will take control and can drag the index down further 10 to 12%. Long term target for the year 2022 will be at 19488 on conservative terms.
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