Will Nifty cross 18000 or make a U-Turn from the door?

WEEKLY EQUITY BULLETIN FROM 10 JAN TO 14 JAN 2022

The market started the year 2022 on a stronger note and also continued the winning momentum for the third straight week as FIIs turned net buyers despite rising COVID cases and a hawkish stance by the Fed.

Last week, the BSE Sensex added 1,490.83 points (2.55 percent) to end at 59,744.65, while the Nifty50 gained 458.65 points (2.6 percent) to close at 17,812.70 levels. The BSE Large-cap Index jumped 2.5 percent, while the BSE Midcap Index gained 2 percent and the BSE Smallcap index added 2 percent.

On the sectoral front, BSE Bankex and Oil & Gas indices rose 6.3 percent and 5.3 percent, while Healthcare and Information Technology indices lost 1-2 percent.

Nifty Future

On the weekly basis, the Nifty future has resistance around 18000, if it breaks and closes above 18000 will see an upside rally till 18350 and further to 18600 levels in upcoming trading sessions.

Major support around 17400, if it breaks & closes below 17400 will see sharp downside panic till 17150 and then to 16900 levels in upcoming trading sessions.

Intraday Levels

Nifty Future has resistance around 17870, breaks above 17870 will see intraday upside movement till 17950---18000 levels while Support around 17750, breaks below 17750 will see intraday sell-off till 17600---17550 levels on the Monday trading session.

Bank Nifty Future

On the weekly basis, the Bank Nifty future has resistance around 38500, if it breaks and closes above 38500 will see an upside rally till 39700 and further to 40200 levels in upcoming trading sessions.

Major Support around 36350, if it breaks and close below 36350 will see downside fall till 35500 and further to 34800 levels in upcoming trading sessions.

Intraday Levels

Bank Nifty Future has resistance around 38000, breaks above 38000 will see an intraday upside movement till 38320---38400 levels while Support around 37500, breaks below 37500 will see intraday sell-off till 37150---37000 levels on the Monday trading session.

Weekly Top Pick Stock

NTPC Limited

Buy NTPC FUTURE above 132.50 with a stop loss below 125 levels for an upside movement till 145 +++ levels in days to come.

UPL Limited

Buy UPL above 795 with a stop loss below 750 levels for an upside movement till 850----865 +++ levels in days to come. *T&C Apply...