Market Outlook 5th Jan

Hi,

Very Happy New Year to everyone and Happy Trading and Investing.

On Friday the person who have gone shorts might have made some money or lost some money as market has given both oppurtunities for the Trader but the range was narrow.Depending on the point of entry the loss and profit would have resulted.

For the first time on Friday the market closed above 5200 that was the sign of closing the shorts. As intraday basis 5220 and on daily charts 5200 has the significance. This showed that market has power to move up on Monday.

As per the expectation the market was up today And most important it maintained its gain through out the day. This shows the market has potentails to move up.
As the closing is also above 5220 then we can expect that the market will be up tomorrow. So we can go long tomorrow. But if we get a big gap up then we should wait for some time then should enter the market . If  we get small gap up then we can go for the long then only.

Most of the analyst also believe in going long :-
2:00 PM - In an F&O call, buy Nifty January futures with a target of 5265-5325 and stop loss of 5185, says Hitesh Seth, technical analyst, on CNBC Awaaz. 

1:55 PM - In an F&O call, buy Nifty January futures with a target of 5290 and stop loss of 5180, says Neera Jain, technical analyst, on CNBC Awaaz.  

1:50 PM - In an F&O call, buy Nifty January futures with a target of 5400 and stop loss of 5150, says Sudarshan Sukhani, technical analyst, on CNBC Awaaz.

1:44 PM - In an F&O call, buy Nifty January futures with a target of 5400 and stop loss of 5160, says Somil Mehta, technical analyst, on CNBC Awaaz.  

1:42 PM - In an F&O call, buy Nifty January futures with a target of 5350 and stop loss of 5195, says Mitesh Thacker, technical analyst, on CNBC Awaaz.