Weekly Update for Jan 19 - Inder Bhatia

Weekly Nifty resistance is 2919 -3012.

Last week Nifty ended marginally down 1.55 percent in the red. For the coming week Nifty is showing some mixed cues on the weekly chart. Nifty has formed a doji pattern. If it trades above 2860 it could test 2920-2932. On the lower side closing below 2780 it will test lower levels 2735–2701. On the upside we could see strong resistances, thus breaking below 2701 again could mean testing the 2630-2540 zone.

The Indian market opened on a gap-up note and sustained throughout the session, to close in the green zone. For the coming session we could see a pullback toward 2885-2920. On the lower side 2730 would act as a support zone.

BUY BALRAMPUR CHINI ABOVE 54.10 TGT 58>63 STOPLOSS 52.50

BUY RELIANCES INDSABOVE 1225 TGT 1265>1281STOPLOSS 1205