As we mentioned in Market Outlook dated 21st Jan that as long as Nifty is trading above 5202 there is no problem at all but below this Nifty may test 5115.
Nifty closed below 5115 and hence Nifty is in full grip of bears.
Now until Nifty close above 5115 it must play weak.
If Nifty fails to trade above 5115 then it may also test 5059 and 5033 levels.
If Nifty also breaches 5033 on closing basis in coming days then Nifty must also test 4943 level for sure.
This is an important range for Nifty and traders must start buying in staggered manner now and also on declines till the mentioned levels in quality A-group stocks belongs to large cap space.
BankNifty also closed below all major support levels and now it has next support at 8800 level only.
Breach of 9005 level by BankNifty has opened flood gate and BankNifty is ready to test lower levels.
Although we expect BankNifty to take support very soon but bears are out there to make a killing.
Until BankNifty close above 8957 it is weak and is ready to test 880 from where it can get tremendous support from buyers.
| Important Nifty Levels for 22nd Jan | ||
|---|---|---|
Nifty Pivot | 5113 | |
| Support | ||
| 5072 | 5059 | 5033 |
| Resistance | ||
| 5104 | 5116 | 5136 |
| Important Bank-Nifty Levels for 22nd Jan | ||
|---|---|---|
Bank-Nifty Pivot | ||
| 8925 | ||
| Support | ||
| 8895 | 8852 | 8800 |
| Resistance | ||
| 8953 | 9005 | 9062 |
| Stocks to buy Today | |
|---|---|
| All Targets may not be achieved today. | |
NSE Symbol: NFL | |
Buy with SL 106 T 132 | |
NSE Symbol: FACT | |
Buy with SL 63 T 76 | |
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