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Tuesday, 21 January 2014

Nifty January 2014 series analysis forecast - 21 January 2014


Nifty January 2014 series analysis for 21 January 2014

Today Nifty made high of 6330 and reacted sharply from there. I was expecting new swing high from there in this momentum but it fizzled out. FII equity+derivative turnover was in contrast to yesterday's data. BankNifty today shined, but IT index didnt show up. The upside pressure by banknifty was offset by IT index downside pressure.

Nifty January 2014 series forecast for 22 January 2014

Swing charts have formed now a bearish pattern which should drag nifty to 6254 - 6224 levels. Rupee is sliding now, today after indian markets closed it made low of 0.85%. So, targets are likely to be achieved tomorrow.

Advice for traders

Traders are advised to take long positions near 6254-6224 with stop loss of 6200 for target of 6330 - 6350. 6415 can come but today's fizzle-out has brought back some confusion. But that is market, we have to take timely corrective action rather than fighting with market.

Anjum S Khan