BUDGET AHEAD ; NIFTY BANKNIFTY VIEW FOR EXPIRY WEEK 27 JAN 2022

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Indian Market continued its bearish journey with fourth consecutive day of selling in this week. Nifty closed the week below 17650 mark at 17617 down by 139 points. Investors are advised to keep strict stop loss to their position and trade with small quantities as market continues to remain volatile in pre budget days i.e. on 1 February 2022 Tuesday in the coming week. Important events for next week – Finance sector will be in focus as US will be conducting its 52-week bill auction on Tuesday 25 January 2022. Manufacturing industry will be in focus as US will be declaring its Goods trade Balance on Thursday 27 January 2022 same day for the f&o expiry of January 2022 settlement.

For the nifty index 17550 will act as very strong support post which next support is at 17500 levels. On upper side 17650 will act as very strong resistance, post which 17750 will be next hurdle rate. Once this level is broken, then the next resistance will be around 17850 levels. In the banknifty index, 37550 will act as very strong support, If this level is broken on lower side 37450 will act as very strong support. If this level is broken then we might see 37300 levels. On upper side 37900 will act as very strong resistance post which 38200 will be next hurdle rate. If this level is broken than we might see 38500 levels.