Nifty Update for January 16 - Inder Bhatia

The Indian market opened on a lower-note on weak global cues and wiped out previous day's gains to close in deep red zone. For the coming session 2784-2812 will act strong resistance zone. On the lower side trading below 2715 it could test 2681-2651.

Nifty Future for January 16 - Rakesh Chandra

Let us go through the Nifty hourly chart, a view based on Elliot wave theory. So far, all the wave coutning has been proper mentioned. Now the 5th down is on card. The day range for 5th wave is as follows.

With Stoploss 2,826, short below 2,816.09 for next week's lower target >2,800>>2,774>>>2,758;

With Stoploss 2,831 short below 2,810.89 for next week's lower target >2,778>>2,725>>>2,692.