1-16 Market Analysis - NSE

Banks were week last fridays. Nifty's weekly graph shows strength, a real strength indeed and allmost looks like 5100 range is reachable in week or two time frame. Daily graph is not so strong for Friday. Good sign is that most top stocks weekly graph is also showing the strength as well. In last 4 days we have seen 3 dojis kind of formation, which means that we have reached at the supply zone from demand zone. Until demand over come the supply we will not see higher prices. Higher volume on either side will decide the market direction. Since see this many dojis with higher volume than usual, price change direction seems to be really quick one (we may see big price bar in this week). Again, my feeling is bullish until we see closing below 4800 level. Very risky to play with indexes at this level as rapid price change seems to be on horizon. Notes about other indexes: Midcaps are the leader for this really they still have some room to go up until they hit the resistance Infosys has killed the strong IT sectors. Have a happy trading.....