Nifty - January, 2015 View

Nifty Weekly Chart
The weekly chart of the Nifty shows that the uptrend is intact as long as the index closes above 8000 on a weekly basis. For January, 2015 we are neutral to negative on the index. The big black candle we had from 8546 to 8216 indicates the domination of bears at higher levels. As long as the index is below 8360, we expect a retest of the 7960 zone and probably a subsequent correction till 7800. If 8360 breaks then on the upside, expect a rally till 8550-8600 levels. We expect that 8360 levels will hold and the market will correct sideways with a bearish bias for the coming few sessions. The markets tend to break their lows of December in January and the same could repeat this time too. On the stock specific front we will be coming up with trade setups as when we spot any trading opportunity. Wishing you all a very happy new year!

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