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NIFTY Technical Analysis - Jan 2017 - 100% accurate

Posted by admin on

January 12, 2017

The below article was written on Jan 12th 2017 morning IST.  The below article has to be revisited at least weekly once or twice, to make further conclusions/analysis


NIFTY Technical Analysis for Jan 2017

From Nov 2016, the Indian stock market has gone down & then from late December 2016 rally to upwards started and holding till now . Demonetization step by Government of India on Nov 8th seems to be one of the major reason. Also, fears that USA will be starting to increase interest rates in 2017 may be another reason.

I will just focus on technicals & not get into reasons of why market went down. Nifty is around 8403 as of 11am, on Jan 17th 2017


Let’s see the technical picture of NIFTY

nifty daily

NIFTY was in negative territory in Nov 2016 & for the most part of Dec 2016. A strong rally of 500 points started from last week of Dec 2016. But even after this rally, I am not fully positive on short term.


SHORT TERM– NEUTRAL (was negative till late Dec 2016)

MEDIUM TERMPOSITIVE (as it held up well in Nov/Dec 2016)



BULLISH SCENARIO – Strong resistance at 8500-8520. In next few days it will be clear how much strength Bulls have. If 8500-8520 is crossed convincingly, then in my opinion “Short Term” will become positive trend.


BEARISH SCENARIO – I expect Bears to step in right here around 8400 or around 8500 to give Bulls a fight. Also, the rally up has been sluggish / struggle & not a smooth run up.


CONCLUSION – Next 2-3 days will decided how much strength this rally from late Dec 2016 has. I am expecting Bearish scenario may play out first until proven otherwise by smart money. Strong resistance at 8500-8520.

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Thanks & God Bless!


P.S : Wishing you and your loved ones a HAPPY, HEALTHY & PROSPEROUS New Year 2017 !

(Disclaimer : )

Feb 6th update : After my article, NIFTY did pull back 100 points from 8450 to 8350 between Jan 15th -22nd  as written/predicted  above well in advance. Bulls then stepped up big time to clear 8500-8520 convincingly & in 7-8 trading days Nifty touched 8800 as of Feb 6th 2017. Almost 280-300 points rally after it cleared 8500. The short term trend of NIFTY of course turned positive. 100% Accurate.

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