Supports should come in much lower at 10,980 and 10,910 levels.The Relative Strength Index o RSI on the weekly chart stood at 75.6039 and it has marked a fresh 14-period high, which is a bullish indication. F&O data shows Nifty PCR ( Put-Call ratio ) too is at overbought level. The Volatility Index or VIX on the weekly chart is inching higher towards the levels seen only in 2016.Along with deteriorated market breadth, it will not be a surprise if the Nifty sees some volatile corrective moves. Apart from this, there could be loss of momentum across the market on a weekly basis.Important Note: RRGTM charts show you the relative strength and momentum for a group of stocks. In the above chart, they show relative performance against Nifty and it should not be used directly as buy or sell signals.

Source: Economic Times January 27, 2018 05:15 UTC