** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT **
As is evident from the chart, the index breached its short-term trend support and closed below its medium-term (in terms of 15 min. timeframe) upper trend channel as well. 31950-31800 will prove to be a critical point in the coming week with supports from SAR and 1 wk avg (@ 31795 currently). If the market tends to take support here, one can look at going long for a bounce, at least till 32150-32250. In case 31800 is breached, the index may break down to 31500-31000.
On the contrary, if the market opens with a gap-up and manages to sustain above 32160, there is a high possibility of the market continuing the rally, at least till it’s ATH @ 32613.10 is tested. We may witness some profit booking there which would pull the market down to around 32250 levels. In an abnormal aggressive short-covering/FOMO scenario, the index might even breach its ATH and shoot up further.
Upcoming important events to watch out for –
* JOLTs Job openings in the United States (Tuesday – 12/01)
* ECB Monetary policy statement (Thursday – 14/01)
* Core Retails Sales in the United States (Friday – 15/01)
DISCLAIMER: This is not a channel to provide calls/tips. The objective here is to gauge the sentiments of the underlying. The analyses are purely speculative and the author may or may not have an open position in the underlying. They should be best used in conjunction with the viewers’ own analysis and/or in consultation with one’s financial adviser.
As is evident from the chart, the index breached its short-term trend support and closed below its medium-term (in terms of 15 min. timeframe) upper trend channel as well. 31950-31800 will prove to be a critical point in the coming week with supports from SAR and 1 wk avg (@ 31795 currently). If the market tends to take support here, one can look at going long for a bounce, at least till 32150-32250. In case 31800 is breached, the index may break down to 31500-31000.
On the contrary, if the market opens with a gap-up and manages to sustain above 32160, there is a high possibility of the market continuing the rally, at least till it’s ATH @ 32613.10 is tested. We may witness some profit booking there which would pull the market down to around 32250 levels. In an abnormal aggressive short-covering/FOMO scenario, the index might even breach its ATH and shoot up further.
Upcoming important events to watch out for –
* JOLTs Job openings in the United States (Tuesday – 12/01)
* ECB Monetary policy statement (Thursday – 14/01)
* Core Retails Sales in the United States (Friday – 15/01)
DISCLAIMER: This is not a channel to provide calls/tips. The objective here is to gauge the sentiments of the underlying. The analyses are purely speculative and the author may or may not have an open position in the underlying. They should be best used in conjunction with the viewers’ own analysis and/or in consultation with one’s financial adviser.
