Nifty Update for Week Jan 12-16 - Inder Bhatia

SELL AXIS BANK BELOW 482 TGT 457>449 STOPLOSS 493.

Last week Nifty fell by 6 percent with the Satyam scam episode and broke the sentiment of Indian investors. For the coming session, 2800-2770 is the level to watch. If the Nifty closes below this on EOD basis we could drift lower to the 2630 zone. On the upside if Nifty closes above key levels 2947 it could test 3010-3060 zone.

The Indian market opened on a lower note due to the Satyam scam and closed in the red zone. For the coming session if Nifty forms an ‘M’ pattern, cracks below 2800 and closes below, it could drift to lower levels near the 2650-2630 zone. On the other side 2925-2970 acts as a resistance zone.