NIFTY WEEKLY PREDICTION & NIFTY TIPS FOR 8 FEB TO 12 FEB 2021

WEEKLY RESISTANCE FOR NIFTY: 15200, 15500

PIVOT POINT: 15000

WEEKLY SUPPORT FOR NIFTY:  15800,15500

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15000, 15200

PIVOT POINT: 14900

DAILY SUPPORT FOR NIFTY:  14800,14700

DAILY CHART FOR NIFTY

Nifty reaches 15000 with fast and furious rally… Post the last week’s collapse, our markets started the new February month & new week on a positive note with optimistic expectations from the Union Budget. The indices traded with a positive bias as the Finance Minster announced the budget and then, we had a one way upmove post the budget speech to conclude the day tad below 14300, with whopping gains of almost 5 %. After Monday’s gigantic run up, market participants continued with the cheerful mood and thus the index started the Tuesday’s session with a decent gap up. The index continued its momentum with buying seen on intraday dips and Nifty ended the day around 14650, marking its highest close ever.  Following the positive global cues, we started the Wednesday on a positive note, but immediately the indices corrected from the opening level within five minutes. However, traders took this dip  as a buying  opportunity and the index marched higher to register a high of over 14850 mark. It gave up some of the gains in the last hour, but still managed to end the day at 14790 with gains of almost a 1%. Buying triggered by budget 2021 continued for the fourth straight session on Thursday as the domestic market cap crossed Rs 200 trillion market capitalisation mark during the day.Rallying for the fourth successive session, market closed at record highs on Thursday, in line with positive global equities. After a volatile session, Sensex ended 358 points higher at 50614 and Nifty gained 105 points to 14895. Sensex and Nifty hit fresh lifetime highs of 50678 and 14913 during the session.Nifty started the session on a flat note yesterday and consolidated within a narrow range for the first hour of trade. However, the index witnessed buying interest in this initial dip and then Nifty gradually moved higher for the rest of the day to end with gains of over 100 points.

NIFTY: A STRONG SUPPORT WILL BE @ 15500; STRONG RESISTANCE LEVEL SEEN @14500

Many would be claiming now but practically, there would be hardly anyone who could have anticipated this. Honestly, we expected Nifty to move towards 15200 – 15500 but not beyond considering the last week’s price action. But the way it conquered 15000 with some authority, there was no doubt left after Friday’s session, we are heading towards record highs.

TECHNICALLY SPEAKING.

The year 2020 was full of unprecedented things; but 2021 also seem to be following the similar footsteps. Fortunately, it surprised us pleasantly as Finance Minister stood by her words and really presented ‘Like never before’ Union Budget on Monday. Since the market had lightened up ahead of the event, market participants had all the reason to grab this opportunity with both hands and hence, we could see a gargantuan move to clock probably biggest gains ever on the budget day. Market was not done yet, in fact the exuberance level kept on rising as the week progressed to clock one of the biggest weekly gains to register new high tad above the magical figure of 15000. Who would have thought last weekend (especially after having a terrible week of trade), Nifty and other major indices would have such a mesmerizing rally to reach record highs so soon. The real charioteer of this spellbinding move was the financial space. Some of the banking giants took off this week as if there is no tomorrow. Now, markets have hastened towards their near term targets with this fast and furious rally so soon. Hence, it would be interesting to see how it behaves in the forthcoming week. As far as levels are concerned, 15100 – 15200 – 15500 are the important Fibonacci levels in the upward direction; whereas on the lower side, 14800 – 14500 are to be seen as key supports. Although, the banking stocks have seen rarest weekly spurt this week, some profit booking was witnessed on Friday after a marathon rally. This led to a formation of ‘Gravestone Doji’ pattern on the daily chart of BANKNIFTY. The said pattern needs confirmation of price trading below the low of the candle i.e. 35600  in this case. If this happens then we would probably see some profit booking in the forthcoming week. Traders should take a note of this and ideally it’s advisable to follow stock centric approach.