NIFTY WEEKLY PREDICTION & NIFTY TIPS FOR 23 NOV TO 27 NOV 2020

WEEKLY RESISTANCE FOR NIFTY: 13000, 13100,13200

PIVOT POINT: 12800

WEEKLY SUPPORT FOR NIFTY:  12700, 12600, 12500

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 12900, 13000,13100

PIVOT POINT: 12850

DAILY SUPPORT FOR NIFTY:  12800, 12700, 12600

DAILY CHART FOR NIFTY

Nifty started the new Samvat & the new week with a gap up opening well above 12900 mark. It came off the opening high and then consolidated within a range of about 80 points throughout the day to end with gains of about three-fourth of a percent. Nifty started Wednesday on a flat note and witnessed a minor dip in the first couple of hours. The index managed to find support tad above the 12800 and then it witnessed upmove at the end to post gains of half a percent at close. Nifty started Thursday with a gap down following the negative global cues. However, the index recovered the losses post opening and even surpassed Wednesday’s high till noon. But then, the index again witnessed a gradual sell off and it breached the morning lows to end the day at the lowest point with a loss of more than 160 points. The market rebounded sharply on Friday, though could not recoup all its previous day's losses. The benchmark indices as well as broader markets participated in today's run up. On Friday Nifty closed at 12859, up 87 points and Sensex jumped 282 points to 43882

NIFTY: A STRONG SUPPORT WILL BE @ 12700; STRONG RESISTANCE LEVEL SEEN @13100

After respecting the short term support of 12750, the Nifty clawed back from negative territory in a jiffy. We notice inclining volumes when markets are rising which is testament to a strong upside momentum. There is every possibility that we will achieve 13100 next week.

TECHNICALLY SPEAKING.

We witnessed some swift recovery from its short-term support around the Nifty50 Index level of 12,750-12,730 in the market. The expected level should range between 12,750 and 12,950 and it’s going to be crucial for the short-term market scenario. Though, technical evidence is not supporting any bullish movement, however, the market may play in this range, eying on the possibilities for another round of stimulus in the US economy. The overall market momentum going forward will depend on the progress associated with the effectiveness of vaccine distribution, a major factor determining economic recovery.