Updated every Monday, on weekly basis.
16 Jan 2017 (Monday)
Market Short-term trend : For Short-term positions
Market caution near resistance 8500
Market in last week, it has closed with a cautious trend near 8300 levels.
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Nifty expected to witness a consolidation in this week.
Nifty incase of a possible recovery, then the major resistance above is at 8500.
Nifty has to close strong above 8500, for atleast two days, for a further uptrend
Then the next major resistance above is at 8700, in short-term.
Incase of any further weakness and if closes below 8400, then it indicates a further caution.
Then the next support below is at 8300.
Only in-case of a further close below 8300, then it indicates a short-term correction.