Indian Market Forecast

The market is likely to remain volatile as derivatives contract expires on Thursday next week.

The US President Barak Obama will be the chief guest for the Republic Day celebrations, the first by any American president on a three-day visit to the country. During his visit, investors will keenly watch out for issue like cementing the relations between the Indo-US businesses and hoping to see Indo-US strategic tie-ups in sectors, including defence, nuclear, infrastructure and renewable energy.

In overseas markets, Greece elections will be held on Sunday, 25 January 2015 after it failed to elect a new president in a third round of voting late last year. Greece has been struggling with political uncertainties including its possible exit from the eurozone, which will create a ripple effect and unrest in other Euro countries like Portugal and Italy which are under severe pressure and unable to revive their economies and steep decline can be witnessed in the Indian markets also.

Nifty January Future gave closing at 8536 with the weekly gain of 220.50 points.

In near term Nifty likely to remain volatile but is expected to continue its uptrend as overall breadth of the market was positive having resistance around the levels of 8670 on the upside while having immediate support around the level of 8370.