NIFTY WEEKLY PREDICTION & NIFTY TIPS FOR 28 DEC TO 1 JAN 2021

WEEKLY RESISTANCE FOR NIFTY: 13850, 14000,14200

PIVOT POINT: 13700

WEEKLY SUPPORT FOR NIFTY:  13600, 13400, 13200

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 13800, 13900, 14000

PIVOT POINT: 13750

DAILY SUPPORT FOR NIFTY:  13700, 13650, 13600

DAILY CHART FOR NIFTY

We threatened the lower end of the range by piercing 13300 on weekly basis but the Nifty was quick to bounce back to close above it 13700. Monday Bears took the charge Indian markets fell sharply today, snapping its recent record-breaking streak. The Sensex ended over 1400 points lower at 45553 after sliding over 2,000 points at day's low. The Nifty ended 3.2% lower at 13328. Tuesday Indian stock market rebound and ended with gains of ~1%, after the sharp decline in the previous session. It opened with an uptick amid mixed global cues and hovered in a range in the first half. However, healthy buying in the IT and pharma majors combined with some recovery in the other sectors helped the market to pare intraday losses and settle around the day’s high as well. Consequently, the Nifty ended around 13466 levels; up by 1%. The markets too witnessed recovery and both the midcap and smallcap index posted decent gains. Market continued to move higher on Wednesday. sensex closed the day’s trade with 46444 while nifty regained 13600 levels. : Domestic equity markets continued scaling higher on Thursday morning. Sensex zoomed to cross 46800 while the Nifty 50 was just above 13700.

NIFTY: A STRONG SUPPORT WILL BE @ 13000; STRONG RESISTANCE LEVEL SEEN @14000

Nifty has to hold above 13500 zones to witness a bullish bias towards life time high of 13750-13777 zones while on the downside major support exists at 13333 and 13131 levels. Overall trend is likely to be with buy on declines strategy. Option traders are suggested to be with positive bias for an up move towards 13700 zones. Buy nearby 13600 Call or Bull Call Ladder Spread.

Trading Range: Expected wider trading range: 13500 to 13700 zones.

TECHNICALLY SPEAKING.

 This has been a short but eventful week with wide gyration in stock prices. After the sharp correction seen on Monday prices have recovered in the last three days. Monthly expiry has also contributed to the higher volatility. Nifty’s closing near the previous week high indicates strong rollovers on the back of healthy FII flows seen this month. We can expect muted FII activity in the next week also due to year end phenomenon but expect activity to pick up sharply from the first week of January. Most probably Nifty should take support at 13000 levels with likely break out above the 14,000 level sometime in January.