A morning walk down Dalal Street | Nifty must hold above 10750-10777 to extend move towards crucial hurdle of 10985

A strong December expiry and rollover to January series suggest that the momentum should continue on the higher side.

On a weekly basis, Nifty rose nearly 1% but formed a Hammer-like pattern on a weekly scale which suggests we could be bearing the top, and now require follow up buying. 

But, if we look at the rollover data which stood at 74.27% for January series suggest that the momentum should continue. It was also higher than the 3-month average of 69.85%. 

Technically speaking, the Nifty index witnessed a strong recovery from lower levels in the last truncated week and reclaimed its 10800 levels.

It has been flirting to its 50-DEMA from last 38 trading sessions and got stuck in a broader trading range with crucial hurdle at 10950-10985 zones.