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Imp Support at 22k (16th Jan 2024)



1. U.S Markets were shut Yesterday. 
2. So we do not have any major global triggers today.
3. Right now , Dow futures are lower.
4. Gift Nifty is indicating a flat opening.
5. Yesterday Nifty closed at another fresh all time high.
6. After a big gap up yesterday above 22k , there was slight profit booking.
7. Nifty took the support at 22k and again started to move higher.
8. Nifty IT , Pharma & Banks were the buzzing sectors yesterday. 
9. Bank Nifty zoomed up 700+ Points yesterday. 
10. 48k for Bank Nifty and 22k for Nifty are 2 important support levels now.
11. Lot of open interest has also been added in these options.
12. The way markets have ignored all the negatives all keeps rallying shows clearly that we are in a Bullish market.
13. Bull markets last longer than expected.
14. Bull Markets always end bad.
15. As traders we have to keep in mind to follow the trend and not become fundamental analysts.
16. I expect nifty to trade between 22k to 22,200 for a while.
17. We might start looking at budget now.
18. Pre - Budget estimates & expectations might well begin to kick in now.
19. Nifty might trade between 22000 to 22200 today.

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