Dated :- 24.01. 2016                                 NIFTY SPOT : 7422.45

Hi,

Readers,

Nifty took support at 7241 ultimately and bounced from there.

Thanks to ECB and thanks to Mario Draghi on his statement of more possible stimulus on ECB’s next meeting. It triggered sharp rebound.

This 7260 around area was very strong level which was likely to be defended but frankly when Nifty was falling like nine pins even 7150 was not ruled out. That was why I wrote in my earlier blog during the market, that, when 7150 is not ruled out then one should not take chances and wait before buying even if Nifty is approaching 7260. As in such kind of fall Nifty has the habit of overshooting the targets. It seldom reverses from the dot targets. Nifty closed at 7276 on Thursday and on Friday Draghi rally moved markets.

Now What :-

The well awaited rebound has come. For the next truncated week Nifty is expected to move in the range between 7240 to 7540. We have expiry also in the coming week with holiday on Tuesday. Within that range 7480 is another important level. Nifty has to give close above this level to show that rebound is sustaining.

In the coming week Nifty is expected to stay in the above mentioned range.

Trade Accordingly.