NIFTY WEEKLY PREDICTION & NIFTY TIPS FOR 25 JAN TO 29 JAN 2021

WEEKLY RESISTANCE FOR NIFTY: 14500, 14800,15000

PIVOT POINT: 14300

WEEKLY SUPPORT FOR NIFTY:  14200, 14000, 13800

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 14450, 14550, 14650

PIVOT POINT: 14350

DAILY SUPPORT FOR NIFTY:  14300, 14200, 14100

DAILY CHART FOR NIFTY

Nifty started the week around the previous week’s close but right from the word go, Nifty witnessed some selling pressure and by Monday noon it breached the 14300 mark. The index then recovered from the low but that intraday pullback got sold into, and it marked a low of 14222 during closing. The Nifty index registered a loss of over a percent at close while the Bank Nifty corrected by over 400 points after showing some resilience in the first hour of trade. The Asian markets were trading with a positive bias and this led to a gap up opening in Nifty around 14370 on Tuesday. The minor dip in the first half an hour got bought into and then it was no looking back for the index. It crept higher throughout the day and ended the session above 14500.Wednesday the Nifty index opened on a flat note and gradually moved higher during the day to register new highs. In just a couple of sessions, the index recovered all its losses of the recent correction and has ended the day tad below 14650. Thursday the Nifty index opened on a positive note and surpassed the 14750 mark for the first time. It consolidated at higher level for most part of the session, however, the indices corrected sharply after 2 pm and Nifty ended the day tad below 14600. The Indian benchmark equity indices, Sensex and Nifty ended sharply lower Friday dragged by heavy selling in metals and banking stocks. The Sensex ended 746 points at 48878 while the Nifty plunged 218 points to close at 14371. 

NIFTY: A STRONG SUPPORT WILL BE @ 14000; STRONG RESISTANCE LEVEL SEEN @14800

The mighty bulls remain in the dominant position and they are in no mood to loosen up their grip on the market. For the coming week, 14500-14800 remain to be an immediate resistance; whereas on the lower side, 14300 - 14000 are to be seen as crucial supports.

TECHNICALLY SPEAKING.

The market witnessed a correction for the second consecutive session after reaching a record high on 21 jan 2021. Market might witness the sluggish movement for the next few sessions. 14200-14000 will be an important support, if Nifty breaks below the support zone decisively, there will be correction till the levels of 13800. The momentum indicators like RSI, MACD indicating a small correction in the markets.