NIFTY - BULLS DETACHMENT

Nifty bulls print strong move, covering the gap of 6th Jan in style. It is that time of the year where local factors, hopes and expectations drive than the cues from global markets. This detachment helps bulls in case the cues are negative. Bulls hold the upper hand and there are signs of rotation. Rotational move expected to come from Commodities, Oil and Energy and infrastructure all high beta themes. Pharma and IT to play the softer tone while Auto and Bank Nifty basing to bull bias. 17750 is the near term support while the weekly base is now around the 17630-680 on close basis. Near term a direct move past 900 augurs well else we remain in range of 17730-17930 range. There are no signs of bear domination sans profit taking at higher levels.