MARKET OUTLOOK ON 14th January

Posted By : Kishore B.S

MARKET OUTLOOK ON 14th January

Expect the market to open negative on account of global cues. US market fell over 1%. And most of the Asian markets are down by half to one percent.

The expected CPI number came way below expected on the month of December at 9.87% against 11.2% on previous month.

Coming to the technicals, yesterday the markets were bullish closing above 6250. All the traders who went short were forced to trigger stop loss. We recommended to go short on Nifty and Bank Nifty whose stop loss was triggered. However we would recommend to hold one lot as a positional short till the expiry since the bullish trend created in the market may not sustain for longer period because 6330 & 6350 is a major resistance for Nifty, and for Bank Nifty, 11150 is the big resistance.

 

Cheers  !!

Team SMI

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