Market weekly technical outlook for 9 to 13 Jan 2017

nifty weekly technical outlook for 9 to 13 Jan 2017

Nifty future weekly- buy call 8120 to 8230 tgt given 8355

Nifty future this week closed with gain. This was second weekly gain for this major Indian stock market index. As expected we saw breakout above 8120 and my breakout target was 8355. We saw high of 8329 in this week. From 8120, we saw almost 210 points rally.   For next week, nifty might correct or consolidate on global clues. Above 8120, nifty future outlook remain bullish and trading strategy remain buy on dips. On upside 8355 and then 8515 are positional target zones. Nifty option traders keep buy on dips view on nifty 8100 call options which already given 100% return on buy call!!   Nifty long term chart are bullish and suggesting investment targets of 9095 in year 2017 while major support on this chart is at 7965 and remain most important level on weekly closing basis.   banknifty weekly technical outlook for 9 to 13 Jan 2017

Banknifty future weekly-bullish breakout above 18170 for target 18730

Banknifty future this week closed at 18317 with gain. This was second weekly gains for this banking major index. In these 2 weeks banknifty future given almost 900 plus points rally from bottom.   Banknifty future after weak opening in month January, recovered from lows and given strong breakout above 18170 resistance level. For January series, banknifty future entered into bullish zone for targets 18730 and then 19300. Banknifty future on downside has major daily closing basis support at 18170 and traders above it keep buy on dips strategy for positional target 18730. Option traders keep buy on dips view in banknifty 18000 call options for big gains. We already saw big gains for this index options in this week.   Banknifty future long term chart is looking bottomed out. On downside 17330 is major weekly closing basis support zone and above it investors keep buy on dips view for year-end target of 21260.

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Pramod Baviskar

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