NIFTY for 14th January

NSE:NIFTY   Nifty 50 Index
Yet another lifetime high (12337) and lifetime highest closing price (12329) was achieved by today by Nifty . It can go further up too since the intraday low of 12287 was just 50 points below high. Nifty restricted its entire day’s activity between high and low achieved during first 15 minutes. But such is the strength of Nifty that even though it just snailed its way up, it also didn’t fall down much. The moment it went below 12300, buying resumed. FIIs and DIIs bought and sold almost exact amounts but both ended up as marginal net buyers. All this trading activity show that wherever valuations are high, institutions are selling it off and wherever they spot some value, they accumulate it. Option chain data suggest 12300 as strong support and there is no worthy resistance so to speak. On daily chart , nifty made yet another green candle with higher high and higher low. There are not any clear cut buy levels but buying can be done between 12250 -12275 and avoid selling in Nifty .
All the best. Happy trading.

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