NIFTY for 28th January

NSE:NIFTY   Nifty 50 Index
Due to lack of time I am posting a smaller version. Corona virus is wrecking havoc across world markets. All european markets are down by more than 2% and DOW JONES INDUSTRIAL AVERAGE is down by 470 points (-1.62%). FIIs were net Sellers today and DIIs bought and sold almost same amount so no particular direction from DIIs. Option chain build up shows 12,200 as strong resistance and 12000 as a logical support, meaning some buying might emerge tomorrow there. But for now I won't go for buying Nifty . If at al want to buy take chance at 12000 with SL of not more than 25 points. On daily charts , Nifty is going to break below secondary channel and is just above 50 DEMA . Some rockets were fired in US embassy area in Iraq last night. So geo-political situation plus outbreak of corona virus will ensure that indicesfind new lows till some encouraging news is seen on these fronts. Selling levels are shown on 15 Min chart with SL and target.
All the best. Happy trading.

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