NIFTY - THE LAST 1%

Jan 18, 2022

Nifty remains shy of ATH just another 1%. The cues continue to be positive despite the underlying discomfort. Does the ongoing move simply the January Effect. The answer appears to be yes. Raising interest rates in US so far is taken positive as robust economy and hence this space needs a watch not a worry. The trendline support slightly moves higher towards 18180 from 18120. Thus the move below this on at least three hourly close is required for the bears to emerge. The inclination and intention appears to print new ATH. This alone could gravitate the bulls to push further. The short term over bought conditions and negative divergence caution aggressive longs but not warn as of now. Continue to favour 18180-18380 range.