On Tuesday, 12th January, we saw some strong correction in our market despite of many positive triggers available to us.
We had better than expected Infosys result and strong IIP data, which helped market a little only initially and a weak opening in the European market pushed our market lower.
Actually all positive data have already been discounted here in our market and we were waiting for a slight trigger to push market down.
We had a broad based correction and almost every stock momentum stock corrected today.
Most biggest culprit was Small-Cap shares which corrected the most after liquid Mid-Cap stocks.
Now Nifty has final hope at 5171 and any closing below the same will create some real panic in the market and we advise traders to exit all speculative long positions for the time being as we can see some more profit booking.
Although Nifty has very strong support at 5079 and to breach this level we need some very very bad news and this is not in sight at all.
Nifty Levels for Today
| Nifty Pivot : 5200 | ||
|---|---|---|
| Support | ||
| 5189 | 5171 | 5156 |
| Resistance | ||
| 5231 | 5249 | 5376 |
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