NIFTY PREDICTION FOR TRADING ON 7 JULY 2023

Nifty opened on a weak note but was in no mood to give up the gains made over the past few days. After two days of consolidation, the index bounced back strongly, closing near the daily high. Thanks to the strong push from Reliance Industries and support from auto stocks such as M&M and Tata Motors, the index was seen gaining strength over the day even as Bank Nifty underperformed. However, the index registered negative divergence on the RSI on hourly charts, which could limit Nifty's pace going forward. On the 240 minute charts, the RSI has approached the 84 level which is near a 3 year resistance in the 85-87 range. This combined with the rising trend line hurdle at 19600 may lead to some profit booking in the index in the coming days. Immediate supports lie at 19330 while medium-term supports lie at 19150-19200.

NIFTY OUTLOOK FOR 28 DEC 2021

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Market ends in the green despite negative headwinds short-sellers seen getting squeezed. The positive takeaway from today’s trading session was that after a gap-down opening, index lacked follow-through on the sell-side and most importantly, recouped all its losses and finished with decent gains led by fresh buying in select pharma and private banking shares. IT stocks also logged notable gains. Market erased previous session losses and ended higher with Nifty closing near 17100. At close, the Sensex was up 334 points at 57459, and the Nifty was up 92 points at 17096. Morning volatility was primarily on the backdrop of RBL Bank stock which did hit a 52-week low at Rs 130 after the bank said that Vishwavir Ahuja, its managing director, and chief executive officer, had gone on leave and the RBI had appointed Yogesh K Dayal as an additional director of the bank Bottom-line: Bulls hold the rein despite FIIs selling, spiking inflation, a hawkish Fed, and overvaluation concerns. Technically, we are of the view that 17050 would be the key level for the trend following traders, above the same the uptrend formation is likely to continue till 17100-17200. On the other side, below 17050, the index could possibly see another round of correction wave up to 16950-16850 levels.

Resistance: 17100, 17200, 17300

Support: 17000, 16900, 16800

NIFTY PREDICTION FOR NEXT WEEK 27 DEC TO 31 DEC 2021

WEEKLY RESISTANCE FOR NIFTY: 17200, 17400, 17600

PIVOT POINT: 16900

WEEKLY SUPPORT FOR NIFTY:  16700, 16500, 16300

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17050, 17150, 17250

PIVOT POINT: 16950

DAILY SUPPORT FOR NIFTY:  16850, 16750, 16650

DAILY CHART FOR NIFTY

The moment global markets became nervous; we had a terrible start on Monday morning start of the week to breach the important support in opening trades only. As the day progressed, the selling aggrandized across the board to send Nifty towards the 16400 mark. At one point things looked extremely bleak, but fortunately for us there was no further damage done in the latter half. In fact due to modest recovery, Nifty managed to close tad above 16600.Monday’s session was terrible for equity markets across the globe; however Tuesday morning, the picture improved a bit. The Dow futures were trading with a decent up tick early in the morning which had a rub off effect on other Asian bourses as well. No brainer, our markets too started with a good bump up and then extended gains in the first half to even surpass the 16900 mark. However, post the mid-session,  we  witnessed  some  nervousness  at  higher  levels  which resulted into a sharp profit booking to erase some portion of gains. Wednesday morning, we started the day with yet another bullish gap; courtesy to spectacular  overnight  rally  in  US  bourses.  This was followed by a long consolidation in key indices. However individual themes kept moving on their own all this while. Towards the end, heavyweight stocks  gained  some  momentum  which  pushed  the market higher beyond Tuesday’s high. Eventually the Nifty ended the session tad above the 16950 mark. On Thursday For the third consecutive session, our markets witnessed a gap up opening by a fair margin, owing to favourable cues from the global peers. Although there was not much activity seen post the head-start, Nifty managed to maintain its positive posture throughout the session. Eventually, Nifty ended the weekly expiry well above the 17050 mark. With this, the bulls added another seven tenths of a percent to their kitty to recoup all Monday’s losses. On Friday market closed lower in choppy trade after rising for three sessions amid a global surge in the Omicron coronavirus variant expected to be less severe than the Delta variant. Heavy selling pressure was witnessed in banking, financial, power, metal and auto stocks. The Sensex fell 190 points, to close the day at 57124, and the Nifty shed 74 points to end at 16998.

NIFTY: A STRONG SUPPORT WILL BE @ 16500; STRONG RESISTANCE LEVEL SEEN @ 17500

Last three days’ recovery has been remarkable considering the nervousness we had early this week. Today’s close below 17000 is an indication that the bears have lost their steam; because we not only surpassed the downside gap area created on Monday but also went on to negate the breakdown. Now we are in a neutral zone from the bearish trend and if bulls have to regain the strength, 17300 – 17500 needs to be surpassed with some authority. This development will confirm the completion of recent corrective phase and the bulls would probably be back at a driver’s seat thereafter. If this has to happen, the banking needs to step up which is slightly lagging behind in the recovery. Let’s see how things pan out going ahead as we are inching closer to the calendar year end.

TECHNICALLY SPEAKING

It was probably the weakest week in recent months and with this, we are back to August month levels. If we take a glance at the weekly time frame chart, we can see Nifty precisely entering our mentioned target zone of 16700 – 16500. Since we were not so far away from the sheet anchor support of ‘200-day SMA’, we had some respite around it. But by saying this, we do not consider this as a bottom. If we have to arrive at such decision, we need to assess the situation throughout this week. The intermediate structure remains weak and now the resistance zone shifts lower from 17700 to 17500 – 17300. Till the time we do not reclaim the higher end of this range, the trend remains bearish. Before this, this week gap area of 17000 – 17100 to be seen as immediate hurdles. On the flipside, key supports are placed around 16700 – 16500.

NIFTY OUTLOOK FOR 24 DEC 2021

Market ended higher for the third straight session on December 23 with Nifty above 17000 supported by the positive global cues. At close, the Sensex was up 384 points at 57315, and the Nifty was up 117 points at 17072. Power Grid Corporation, IOC, ONGC, ITC and Cipla were among the top Nifty gainers. Losers were JSW Steel, Divis Labs, Bharti Airtel, Sun Pharma and UltraTech Cement.

17100-17200 is a resistance zone and we are shying away from those levels. Once we close above 17250, there will be renewed confidence in trading on the buy side.  Until then the bias continues to remain on the sell side. The support for the Nifty is at 16950-16850 and if that breaks, we will retest the recent lows.

Resistance: 17100, 17150, 17250

Support: 16950, 16850, 16750

NIFTY F&O & BANKNFITY FUTURE VIEW FOR EXPIRY 12-08-21

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Two months’ of boredom finally came to an end as the market kicked off the August month with a bang. There were several attempts made recently to reach the millstone of 16000 but every time global markets became a spoil sport. This time it was certainly not the case. We had complete support from the global peers which provided impetus to reach the magical figure of 16000. The moment we surpassed and sustained above it, there was no looking back. In the last four trading sessions, Nifty added more than 3% to the bulls’ kitty to hasten towards the 16,284.88 mark. During last week, the Nifty had a smart recovery from the lower range; but the banking index kept sulking throughout. As everyone knew, if the Nifty has to reach new highs, it wouldn’t have been possible without the contribution of this heavyweight space. Fortunately, it didn’t disappoint this time; courtesy to initial charge from the ICICI Bank and then it was all SBI and HDFC Bank’s show to reach the higher boundary of Bank Nifty around 36,256.93– 36,813.4.

Now, all eyes are on this space, because any sustainable move beyond 36200 would result in an extension of its rally towards its record high. This will certainly bode well for the bulls as we may then see Nifty reaching or even moving beyond the next milestone of 16,459.92. In our sense, short term traders can start lightening up positions if the Nifty reaches the mentioned levels in the coming days.As far as supports are concerned, 16,233.02 followed by 16,173.86 are likely to be considered as strong support for the benchmark; whereas for Bank Nifty, the similar zone is visible around 34,805.1– 34,248.63.In F&O space, we have witnessed a strong buying in futures segment in last three out four trading sessions, which is clearly reflected in the price action. In the up move, the put writers added good amount of positions in 16200 – 16300 strikes; followed by decent open interest addition in 16350 – 16450 call options. Now with new weekly expiry to kick in, there is no major activity seen options segment and hence, it would be interesting to see the overall development on Friday.

 

NIFTY PREDICTION FOR NEXT WEEK 9 AUG TO 13 AUG 2021

WEEKLY RESISTANCE FOR NIFTY: 16300, 16400, 16500

PIVOT POINT: 16200

WEEKLY SUPPORT FOR NIFTY:  16100, 16000, 15900

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 16300, 16350, 16400

PIVOT POINT: 16250

DAILY SUPPORT FOR NIFTY:  16200, 16150, 16100

DAILY CHART FOR NIFTY

Nifty started the August month & new trading week with a gap up of over 100 points as indicated by the SGX Nifty. However, the index then consolidated within a range throughout the day and ended tad below the 15900 mark. Nifty started the Tuesday session on a positive note and surpassed the hurdle of 15970 after a long consolidation. It conquered the 16000 level and achieved a new milestone which led to a buying interest in the index heavyweights. The momentum continued throughout the day  and the index  ended  the  day  well above  16100 with  gains  of over one and a half percent.Post creating new records on Tuesday, Nifty started the Wednesday with a gap  up  around  16200  and  maintained  a  positive  bias  throughout the day. The upmove was mainly led by the banking heavyweights and Nifty managed to end the day above 16250 with gains of eight-tenths of a percent. Last couple of sessions before the weekly expiry turned out to be cheerful for the bulls, but the index consolidated within a narrow range on the expiry day and ended tad below 16300 with marginal gains.

NIFTY: A STRONG SUPPORT WILL BE @ 15900; STRONG RESISTANCE LEVEL SEEN @ 16500

Nifty finally came out of its consolidation phase and surpassed the 16300  mark which the market participants were awaiting for. As the index  breached  this  hurdle,  good  buying  interest  was  seen  in  the large  cap  stocks  which  pushed  the  index  higher  by  the  close.  The buying interest in the heavyweights certainly bodes well for the bulls and in the later part of the day, the banking space was buzzing and showed signs of  a  catch  up  move.  If  the  banking  sector continues to gain strength, then it would provide impetus to Nifty as well  which should lead to  further up move in the near  term. However, since the market has entered uncharted  territory, it is better  to take  one  step  at a  time  and focus on  pockets  which  are gaining strength. As far as index levels are concerned, 16300-16500 are the next levels to watch on the higher side, while the support base now shifts higher to 16100-15800

TECHNICALLY SPEAKING.

RBI has maintained the accommodative stance indicating that the primary focus area remains growth and economic recovery is more critical than inflation. This was on expected lines as RBI has been demonstrating sustained commitment to growth. The September and December quarters are critical given the risk of third wave of COVID-19 and RBI has implemented proactive measures to maintain adequate liquidity in the system.  The markets are in strong bull phase indicating significant confidence on India’s growth prospects and RBI’s policy stance extends a strong support to it. The expected levels of the market are likely to be in the range of 16200 and 16500, and it is going to be crucial for the short-term market scenario to sustain above the 16200 Nifty50 Index level. The momentum indicators like RSI and MACD indicating a positive outlook to continue. The Nifty took a breather today which is possibly due to the weekend knocking on the doors. The overall trend of the market continues to remain bullish and any dip or correction should be utilized to go long. 16300 is the short term resistance which was crossed yesterday and today as well. If we can keep above that level, the index should zoom to 16500-16600.

NIFTY PREDICTION FOR TOMORROW 3 AUG 2021

Indian markets started on a positive note following upbeat Asian market peers as China’s official manufacturing PMI released over the weekend also showed factory activity growth in July. During the afternoon session the markets maintained their upward momentum following gains in Realty, Energy and Consumer Durables stocks. Healthy buying was also observed in blue-chip stocks. . Domestic benchmark indices closed with gains on Monday as bulls returned to Dalal Street. S&P BSE Sensex gained 363 points to end at 52950 while the Nifty jumped 122 points to close at 15885.

NIFTY PREDICTION FOR NEXT WEEK 2 AUG TO 6 AUG 2021

WEEKLY RESISTANCE FOR NIFTY: 15800, 15900, 16000

PIVOT POINT: 15700

WEEKLY SUPPORT FOR NIFTY:  15600, 15500, 15400

WEEKLY CHART FOR NIFTY

DAILY RESISTANE FOR NIFTY: 15750, 15800, 15850

PIVOT POINT: 15700

DAILY SUPPORT FOR NIFTY:  15650, 15600, 15550

DAILY CHART FOR NIF

The recent trend continues as we once again had rough global cues to start the expiry week on a negative note. At the pre-opening, levels indicated flat start but immediately in few initial trades, Nifty was slightly below 15800. Fortunately there was no further aberration seen in our markets as we saw a range bound action thereafter to conclude the session with a negligible loss. Despite sluggish global cues, our markets started the Tuesday on a positive note. It seemed as if we are completely ignoring the global sell off; but around the mid-session, we finally succumbed to it and as a result, Nifty started correcting to test the 15700 mark. A modest recovery towards the end trimmed some part of losses to conclude at 15750. We started the Wednesday marginally higher but it was merely a formality as we saw gains disappearing in a blink of an eye. The benchmark index first breached the 15700 mark and then due to aggravated selling, went on to breach key intraday supports one after another. At one point, things looked extremely bleak when Nifty was trading with nearly 250 points cut. Fortunately, the mighty bulls grabbed this opportunity with both hands. Our markets had a v-shaped recovery thereafter to reclaim 15700 at the close with nominal losses. Wednesday’s spectacular recovery was followed by a pleasant start Thursday in line with the global peers. During the remaining part of the session, we witnessed consolidation in a slender range in key indices. During the final hour, Nifty made an attempt to go beyond 15800 but due to lack of support from heavyweight constituents, Nifty concluded the session as well as the July series tad below the 15800 mark.

NIFTY: A STRONG SUPPORT WILL BE @ 15500; STRONG RESISTANCE LEVEL SEEN @ 16000

The market witnessed some positive movements and an attempt to hold the support level around the Nifty 50 Index level of 15800. The market is going to be crucial for the short-term scenario to sustain above the 15800. Sustaining above 15800, the market expects to gain momentum, leading to an upside projection till 15900-15950 level. Technical indicators suggest, a volatile movement in the market in a small range.

TECHNICALLY SPEAKING.

This has been one of the most boring series for our market and it can easily be seen if we compare the vis-a-vis performance. In fact, if we take a glance at the intra-month movement as well, we can see Nifty trapped in a slender range of 500 points. Now with last two days’ of expiry, Nifty is almost at the midpoint of the range and hence, it’s advisable not to take any directional view here. With a broader view, the trend remains sideways to positive till the time we do not slide below the crucial support of 15450. At the higher range of 15900 – 15950, one needs to stay light as we have witnessed surprising down move on multiple occasions after reaching this zone. So whether we will reach the millstone of 16000 and beyond in the August series or not, only time will tell us. Since last couple of days, the global markets have again become nervous, especially HANG SENG which tumbled more than 7% in such a short span. This certainly is having some kind of rub off effect on our market; but fortunately, the damage is not big. Also, yesterday’s correction post the mid-session was hardly 1% but the velocity at which it came, was a bit intimidating. It would be interesting to see how we react going forward as we are approaching the monthly expiry. One thing is certain that unless we do not see any major relief across the globe, we are not likely to reach the milestone of 16000. Meanwhile let’s hope things do not get worsened from here. As far as levels are concerned, 15700 – 15650 – 15550 are to be seen as key supports; whereas on the flipside, 15800 – 15850 are to be considered as immediate hurdles.

NIFTY PREDICTION FOR NEXT WEEK 26 JULY TO 30 JULY 2021

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WEEKLY RESISTANCE FOR NIFTY: 15900, 16000, 16200

PIVOT POINT: 15750

WEEKLY SUPPORT FOR NIFTY:  15650, 15500, 15350

WEEKLY CHART FOR NIFTY

DAILREISTANCE FOR NIFTY: 15850, 15950, 16050

PIVOT POINT: 15800

DAILY SUPPORT FOR NIFTY:  15750, 15700, 15600

DAILY CHART FOR NIFTY

Nifty started the week with a gap down owing to negative global cues. The banking heavyweights corrected sharply which led to negative biasness in both Nifty and Bank Nifty throughout the day. The benchmark ultimately ended the session around 15750 with a loss of over a percent. Post Monday’s correction, we started another session of Tuesday on a weak note due to continued negative cues from the global markets. The index corrected and even sneaked below the 15600 mark around noon. Later, it recovered from the lows but clearly the strength was missing to lift the benchmark much and ultimately Nifty ended the day around 15630, with a loss of about three fourth of a percent. Wednesday market was closed on occasion of Eid. Our markets had corrected ahead of the mid-week holiday owing to negative global cues. However, the global markets recovered from their lows which led to a positive sentiment, and hence we started Thursday’s session with a gap up. The benchmark index traded with a positive bias throughout the day and ended the weekly expiry session well above 15800, with gains of almost 200 points. Market ended higher for the second consecutive day on July 23 led by the financial names. At close, the Sensex was up 138 points at 52975, and the Nifty was up 32 points at 15856. 

NIFTY: A STRONG SUPPORT WILL BE @ 15600; STRONG RESISTANCE LEVEL SEEN @ 16200

Our markets had closed firmly on Friday and it seemed that the index was all set to march towards the 16000 mark. However, the global markets spoiled the sentiment and thus we had a gap down opening. To add to this, the banking space traded with a negative bias led by the heavyweight HDFC Bank post its quarterly numbers. However, although the indices were under pressure, the focus was on the broader markets where stock specific momentum was seen. With yesterday’s move, we are back into the consolidation phase with supports for Nifty placed at 15750 and 15630. On the flipside, 15850-15900 would be seen as immediate resistance which needs to be surpassed for a resumption of the momentum.

TECHNICALLY SPEAKING.

The market witnessed a swift recovery after the initial fall, 15800 will be an important support level in the short-term perspective. If the market breaches the level of 15900 and is able to sustain above this level, the market expects to gain momentum, leading to an upside projection of 16200 levels.  The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook Now, 16000 is merely a formality and if there is no aberration on the global front, we would see market reaching the millstone in the first half of this week itself. After this, 16200 is the next level to watch out for. We reiterate that if this assumption has to turn into reality, the banking needs to contribute and hence, all eyes on BANKNIFTY. The moment it traverses the 36000 mark, we would see NIFTY hastening beyond the magical figure of 16000. On the flipside, 15800 followed by 15630 are to be seen as key supports. The global markets have clearly dented the bullish sentiment and thus, we continued with the nervousness for the F&O 29 july 2021 expiry  session of the week. Infact, the broader markets also felt the heat and thus profit booking was seen there too. Although we are in an uptrend, if we look at recent data then it is seen that the index has not moved much since the start of June and still, we continue to be in a corrective phase within an uptrend. Given the correction in the last couple sessions is more due to the effect of overseas markets, the short term trend will depend a lot on how they move in the next few days.

NIFTY PREDICTION FOR TOMORROW 23 JULY 2021

Indian markets have made a smart pull-back, supported by the positive global set-up and a decent start to the Q1FY22 earnings season. Markets are clearly rewarding the stocks/sectors where the earnings momentum is strong (such as IT - especially midcap IT, Cement, Metals) or where growth visibility remains good (such as Chemicals, Healthcare, etc.). At close, the Sensex was up 638 points at 52837, and the Nifty was up 191 points at 15824.  

NIFTY PREDICTION FOR TOMORROW 22 JULY 2021

Market plunged for the third straight session on Tuesday with the sensex falling over 350 points, dragged by metal, banking and financial stocks amid weak global cues. The index fell 355 points to close at 52199; while the Nifty settled 120 points lower at 15632.nDifferent reasons are attributed to this correction: The rising Covid cases in the US and the UK due to the delta variant, inflation concerns, and concerns about growth coming below consensus expectations. It may be all these. The fact is that at high valuations when investors are sitting on big profits, trigger profit booking and correction.

If the market has run up from 7500 to close to 16000 with just one or two minor corrections, I would keep my powder dry to buy during a correction. The fall may last for a couple of months. I will use my buying power to make use of the fall because it will be a deep correction. It is a long due bull market correction. It will be a healthy one. I do not see any prudence in putting money at the moment.
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Resistance: 15700, 15800, 15900

Support: 15600, 15500, 15400

NIFTY PREDICTION FOR TOMORROW 20 JULY 2021

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Tracking weak global cues, the Indian equity market benchmarks the Sensex and the Nifty50 fell over a percent each on July 19. The Sensex fell 734 points while Nifty plunged to 15707 in intraday trade as investors fretted about rising inflation and incessant global spread of Delta variant of coronavirus. At close, Sensex was 587 points, down at 52553 while the Nifty settled 171 points, lower at 15752.

NIFTY PREDICTION FOR NEXT WEEK 19 JULY TO 23 JULY 2021

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WEEKLY RESISTANCE FOR NIFTY: 16000, 16150, 16300

PIVOT POINT: 15900

WEEKLY SUPPORT FOR NIFTY:  15750, 15600, 15450

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 16000, 16050, 16100

PIVOT POINT: 15950

DAILY SUPPORT FOR NIFTY:  15900, 15850, 15800

DAILY CHART FOR NIFTY

The proceedings for this week started on a pleasant note owing to slightly cheerful mood across the globe. The index then slipped into a consolidation mode in the following hours. Benchmark index was quiet and the broader market was doing well; but all of a sudden post the midsession, market certainly took a nosedive and before anyone could realise, Nifty not only erased all gains but also entered a negative territory in a flash. Fortunately 15650 once again acted as a sheet anchor to restrict the sudden hiccup. Since last few days global markets have become a spoilsport and Tuesday, the gap up opening in our market was provided by the global optimism only to compensate the recent damage. After some initial pause, Nifty continued its northward march to first challenge the 15800 mark and then eventually to conquer it successfully. With this, Nifty reclaimed the first bullish territory beyond 15800 to make it a bit interesting for the forthcoming session. We had a sluggish start on Wednesday on the back of muted global cues. In the initial hour, Nifty corrected a bit to enter the sub-15800 territory. However, the intraday sheet anchor of 15750 provided solid support to the benchmark, which resulted in a sustained up move for the remaining part of the session. A smart surge in heavyweight IT counters had the lion share in lifting the market higher from important supports. Eventually Nifty managed to reclaim the 15850 mark on a closing basis. The Thursday started slightly higher despite mixed global cues. In the initial trades, market had some tentativeness which resulted in a small downtick. However this didn’t last too long as the buyers latched on to this opportunity to not only reclaim the positive territory but also went on to surpass the sturdy wall of 15910 with some authority. There was no bigger extended move after this but Nifty managed to close at record highs by adding nearly half a percent to the bulls’ kitty. Market benchmarks the Sensex and the Nifty ended flat after a choppy trade. Sensex closed 19 points lower at 53140 while the Nifty finished flat at 15923.

NIFTY: A STRONG SUPPORT WILL BE @ 15600; STRONG RESISTANCE LEVEL SEEN @ 16200

The market witnessed some lackluster movement and an attempt to hold the support level around the Nifty 50 Index level of 15650 While sustaining above 15900 is the key factor from a short-term perspective, maintaining above this level is important for the market to gain momentum and extend the rally until 16200.

TECHNICALLY SPEAKING.

It appears to be the week  of consolidation on the bourses as Nifty remained in a narrow range of 100 points everyday by depicting a Hanging Man kind of candle where as a small bullish candle with 318 point range is registered on the Weekly charts. Despite this kind of lackluster move it still looks advantageous to the  bulls at this point in time as Nifty managed to sustain above 15900 levels where as current breakout can be deemed to fail if Nifty closes below 15850 levels. In that scenario again the indices may slip into consolidation phase with negative bias. Contrary to this sustaining above 15900 levels a higher target into the zone of 16200 – 16300 can be expected. Though price chart is bullishly biased technical oscillator/indicator set up has not yet improved in favor of bulls. Hence, index traders are advised to remain cautiously optimistic by maintaining a stop below 15700 levels.  The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.

NIFTY PREDICTION FOR TOMORROW 14 JULY 2021

Markets traded upbeat and gained over half a percent, tracking favorable global cues. After the gap-up start, it hovered in a narrow range in the first half and inched marginally higher as the day progressed. We witnessed a lackluster movement in the market in the range 15750-15800. Global cues are upbeat however support from the banking pack is critical for any sustainable up move in the Nifty index. Besides, participants will also be eyeing the results of the IT major, Infosys Ltd, scheduled on Wednesday i.e. July 14. Amid all, we feel it’s prudent to maintain focus on the selection of stocks and managing overnight risk until we see the resumption of the uptrend. 15800 will be a keep resistance level. If the market breaches and sustains above the level, we can witness a positive movement in the market till the level of 16100-16150. On the sectoral front, all the major sectors have been trading in a positive zone. Sun Pharma and ICICI Bank are the top gainers while Adani Ports and HCL Tech are the top losers on Nifty. The Sensex closed 397 points higher at 52769 while the Nifty ended with a gain of 120 points, at 15812.

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Resistance: 15700, 15800, 15900

Support: 15600, 15500, 15400

NIFTY PREDICTION FOR TOMORROW 13 JULY 2021

The market witnessed a volatile movement and failed to breach the resistance level of Nifty level of 15800. At close, the Sensex was down 13 points at 52372, and the Nifty was up 2 points at 15692. Market is waiting for one big reason to go upside. it is filled with fear of correction as monsoons have been delayed, crude oil prices are at highest levels and the dollar is getting stronger. Overvalued stocks are witnessing profit booking and the same money is getting shifted to undervalued stocks. Financial stocks received a boost from the Reserve Bank of India's decision to allow reverse mergers of banks older than five years with their holding companies.

NIFTY PREDICTION FOR NEXT WEEK 12 JULY TO 16 JULY 2021

WEEKLY RESISTANCE FOR NIFTY: 15800, 15900, 16000

PIVOT POINT: 15700

WEEKLY SUPPORT FOR NIFTY:  15600, 15500, 15400

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15750, 15800, 15850

PIVOT POINT: 15700

DAILY SUPPORT FOR NIFTY:  15650, 15600, 15550

DAILY CHART FOR NIFTYLast Friday’s tail end recovery was followed by a gap up opening on Monday to kick-start the new trading week. We clearly shrugged off mixed global cues early in the morning and traded firmly post the opening as well. Although we did not add significant gains after the opening hour, the Nifty maintained its positive posture throughout the session to close tad below the 15850 mark. Amongst the sectoral movers, the overall strength in financial and metal counters propelled the Nifty higher. Our markets started the Tuesday on a flat note as there was no major trigger from the global peers. Subsequently, the buying momentum accelerated in some of the financial stocks, which pushed the index higher towards the record high. There were couple of attempts made post the midsession to register a new high; but this again failed as we saw a complete nosedive at the stroke of the penultimate hour. This sudden profit booking pared down all gains to conclude the session with nominal loss. Nifty started the Wednesday on a flat note and consolidated within a range in the first half of the day. However, it gathered momentum in the last couple of hours and ended the day tad below 15900 with gains of less than half a percent. Nifty started the weekly expiry Thursday marginally negative on back of soft global cues. Post some consolidation in the first hour, the indices witnessed selling pressure and it crept lower throughout the day to end with a loss of about a percent. Nifty ends below 15700 on Friday.

INFORMATION ABOUT INFLATION AND ECONOMIC GROWTH IN JULY 2021

A new month offers a new round of economic reports, so mark your calendar for the following closely watched releases:

 2 July 2021: The labor report for June will detail how many employees were added to payrolls as well as the unemployment rate.

7 July 2021: Data in the monthly JOLTS (short for: job openings and labor turnover summary) report is lagging, but the job openings data for May could be a leading indicator of future hiring plans.

13 July 2021: The consumer price index (CPI) report for June is due and is one of the key measures of inflation.

29 July 2021: The advance estimate (the first of three) for gross domestic product (GDP) for the second quarter is scheduled for release.

30 July 2021: The personal consumption expenditures (PCE) report for June is scheduled for release. This is the Federal Reserve’s preferred measure of inflation.

NIFTY PREDICTION FOR NEXT WEEK 5 JULY TO 9 JULY 2021

WEEKLY RESISTANCE FOR NIFTY: 15800, 15900, 16000

PIVOT POINT: 15700

WEEKLY SUPPORT FOR NIFTY:  15600, 15500, 15400

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15750, 15800, 15850

PIVOT POINT: 15700

DAILY SUPPORT FOR NIFTY:  15650, 15600, 15550

DAILY CHART FOR NIFTY

Trading for the week started with an upside gap at new record high. However, since there was follow up buying missing in the heavyweight constituents, the Nifty kept correcting gradually after registering a high of 15915 in the opening trade. For the major part of the day, index consolidated with a mild negative bias to eventually conclude tad above the 15800 mark by shedding nearly three tenths of percent. We had a flat start on Tuesday since there was no major trigger on the global front. In the initial trade, market slid lower and within no time, Nifty was back to 15750. Around the mid-session, bulls made a valiant attempt to recover but the selling reappeared after reaching the 15800 mark. Eventually, Nifty ended the session tad below 15750 by losing more than four tenths of a percent. Our markets opened slightly higher on Wednesday as indicated by the SGX Nifty.  During the  first  half,  Nifty  continued  its  northward march  to  surpass  the  15800  comfortably.  However  the  weaker banking  space dragged  the benchmark index lower  once again and as a result, Nifty kept sliding in the latter half to not only erase all gains but also concluded marginally in the red. For the second straight session, we started the proceedings marginally higher on Thursday as indicated by the Nifty. However, the buying interest is still missing and as a result, markets are finding it extremely difficult to sustain at higher levels. Barring one attempt of recovery at the mid-session, the index remained under a bit of pressure throughout the session. However the damage is not big though and hence, the weekly expiry ended tad below 15700 with nominal losses.

NIFTY: A STRONG SUPPORT WILL BE @ 15500; STRONG RESISTANCE LEVEL SEEN @ 15900

It was yet another dull week for our markets and the financial space once again disappoints. After a significant rally we tend to see  such  consolidation  in  key  indices,  but  generally  the  action continues in individual themes. This time, the stock specific action is also missing and that has been the real frustration for traders. For the coming session, 15600 – 15500 is to be seen as crucial support zone. If any recovery has to happen on the weekly expiry session, it should come from the mentioned supports only and for this, the banking index needs to contribute significantly. On the flipside, the immediate hurdle remains at 15800 – 15900.

TECHNICALLY SPEAKING ON NIFTY BANKNIFTY FUTURE/OPTION 

Nifty has continued to move in a range for successive trading sessions this week and is likely to continue the trend in the coming week. Overall the Nifty has fallen 1.5% so far this week sliding from all-time highs. For the coming week Nifty is unlikely to move past the 15700-15750 zone. A move below 15500 could attract bears. Nifty entered the July series after gaining consecutively for previous three Futures & Options series.

The outlook for Nifty and Bank Nifty for the upcoming expiry weekly expiry session is much identical and on similar lines. Nifty had seen the highest CALL OI concentration at 16000; however this has drifted lower to 15700 followed by the second highest CALL OI at 15800. For the coming week Nifty is unlikely to move past the 15700-15750 Zone. The same is the case with Bank Nifty. Bank Nifty has maximum CALL OI at 35000 and the highest PUT OI at 34500. The index is likely to stay capped with any major move unlikely on any side. Nifty and Bank Nifty saw their highest rollovers in a decade at 80% and 79% respectively. This was fueled by massive retail participation. Now the major point to observe is that retail participants are classified as non-commercial/non-professional investors and they are wrong at major market tops as history shows it. This is one sentiment indicator and reading of this data also hints at a formation of a likely top in the market unless the 16000 points is taken out convincingly. It is a complete range-bound market where option writers are making money. Although the premiums are on the lower side the decay that we are seeing is pretty fast. As long as 15500 is not broken on the downside and 15900 is not broken on the upside the consolidation may continue. The reason for consolidation is the rising dollar index while rupee is getting weaker and FII are still not in the buy mode in the cash segment. Broadly till we are trading in the said range it is an option writer’s market and once the breakout happens that is where the momentum comes in. 

Global cues are fine; only the emerging market kitty is not attracting fresh flows. We saw a bullish engulfing candle last week which has not repeated this week. Best thing to do is stick to strength stock.  Nifty Open Interest Put Call Ratio fell to 1.12 levels from 1.30 levels. Amongst the Nifty options of 8 july 2021 expiry Call writing was seen at 15800-15900 levels Indicating resistance is seen around 15900 levels. On the lower side support is seen in the vicinity of 15600-15700 levels where we have seen Put writing.

To sum it up short build up in Nifty futures Long unwinding in the Bank Nifty Futures Call writing at 15800-15900 levels and short build up by FIIs’ in the Index Futures segment Indicates that one should remain cautious for the markets. Therefore our advice is to remain cautious and wait for the Nifty to cross 15900 levels for going long aggressively. On the lower side 15600-15700 level will act as an immediate support where Puts have been written. In the Bank Nifty our advice is to remain cautious till it closes above 35000 levels. On the lower side support is seen in the vicinity of 34500-34700 levels. Despite all the volatility IVs continued to remain choppy and no major hedging positions were formed which is pointing towards more upsides in coming days. For the July series highest Call base is placed at 16000 followed by 16200. However in case of any profit booking June series major support of 15600 should provide cushion. We feel short covering should trigger in private banks which should push the Bank Nifty towards 36500. For a major part of the June series Bank Nifty remained laggard and from expiry to expiry bases apart from HDFC bank most of them ended negative. We feel the July series should be the month for banking and outperformance could be possible from the banking space which should push the Nifty towards 16200. No sizable OI additions were seen on the Call side. However Put writing block of almost 15 lakh shares was visible in 35000 strike option for the coming weekly expiry. This level should act as a major support for the coming weekly expiry. Nifty weekly contracts have highest open interest at 15800 for Calls and 15700 for Puts while monthly contracts have highest OI at 16000 for Calls and 15500 for Puts. Highest new OI addition was seen at 15700 for both Calls and Puts in weekly and at 16000 for Calls and 15000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 1.94% and their future index short position by 17.83%. FIIs cut their position in index options by 32.33% in Call longs 46.08% in Call shorts 14.11% in Put longs and 28.49% in Put shorts.

NIFTY PREDICTION FOR NEXT WEEK 28 JUNE TO 2 JULY 2021

WEEKLY RESISTANCE FOR NIFTY: 15900, 16100, 16300

PIVOT POINT: 15800

WEEKLY SUPPORT FOR NIFTY:  15600, 15400, 15200

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15900, 15950, 16000

PIVOT POINT: 15850

DAILY SUPPORT FOR NIFTY:  15800, 15750, 15700

DAILY CHART FOR NIFTY

The U.S. markets ended with deep cuts on Friday and the Asian bourses too were trading in red ahead of our market opening. In line with the global cues, the SGX Nifty hinted at a negative opening and hence, Nifty started with a gap down of more than 150 points. However, indices recovered gradually throughout the day and ended the monday with gains of four-tenths of a percent around 15750. Our markets started the tuesday on a positive note and the index again approached the 15900 mark. However, around that recent swing high, we saw some tentativeness and a sell-off in the banking space in the last hour dragged the markets lower and Nifty ended the day marginally in the green. Nifty started the Wednesday marginally positive, but it consolidated in a range for most part of the day. However, we saw some sell-off in that last hour of the trade and Nifty ended the session with a loss of over half a percent. Nifty opened marginally higher and traded with a positive bias during the day. The index managed to end tad below 15800 with gains of over 100 points. Markets inched marginally higher in continuation to Thursday’s rise and settled around the day’s high on week ended Friday. After opening on a positive note, the benchmark witnessed profit taking and turned flat in no time. However, healthy buying in banking, metals and auto stocks supported the markets to regain some strength as the session progressed. Consequently, the Nifty closed at 15860 levels, up by 0.4%.