NIFTY WEEKLY PREDICTION & NIFTY TIPS FOR 15 FEB TO 19 FEB 2021

WEEKLY RESISTANCE FOR NIFTY: 15300, 15500,15800

PIVOT POINT: 15000

WEEKLY SUPPORT FOR NIFTY:  14800, 14600, 14400

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15200, 15300, 15400

PIVOT POINT: 15100

DAILY SUPPORT FOR NIFTY:  15500, 15400, 15300

DAILY CHART FOR NIFTY

Index managed to hold the bullish stream throughout the week and closed a week at 1563 with gains 1.60 % The positive global sentiment aided to a gap up opening for the week and the Nifty continued to march higher to end the first day of the week above the 15100 mark. Nifty started Tuesday marginally positive and crept higher to surpass 15250 level. However, we witnessed some profit booking in the last hour of the day due to which Nifty gave up its intraday gains and ended the day on a flat note. Nifty started the Wednesday on a flat note, but corrected in the first hour of the trade to mark a low tad above the 15000 mark. We witnessed some pullback before noon towards 15125 but again some profit booking emerged and the index sneaked below the 15000 level. But it was not over yet, we again saw a recovery at the end and the index managed to recover the losses and end this roller coaster day on a flat note. The Thursday weekly expiry session turned out to be a day of consolidation as the Nifty traded with a narrow range and ended the day with gains of less than half a percent. Markets ended a tumultuous week on a flat note amid subdued trade in Asia and bleak UK economic data. The Office for National Statistics said on Friday that the UK's gross domestic product shrank 9.9% in 2020, its biggest decline on record.

NIFTY: A STRONG SUPPORT WILL BE @ 14800; STRONG RESISTANCE LEVEL SEEN @ 15300

Nifty again closed the week with gains. Moves in the Nifty are becoming choppier in a narrow range. Institutional flows have come back to normal levels after remaining high over the last few weeks. Nifty could take support at 14800 in the coming week, while on rises 15300 could offer resistance. A breach of this level could result in continued bullish moves. 

TECHNICALLY SPEAKING.

The market recorded a choppy session during the week. The Sensex failed to move beyond 51800 and refused to close below 51300 levels. However, during the week we saw maximum activity in medium-sized and small-sized companies that could hurt the market if they failed to break the 51800 levels. This is a strong market, but recent levels where the Indian stocks are trading are far from recent lower levels, although if we look at the previous data, whenever the Nifty recorded more than 5500 to 6500 points, it got corrected by 1500 to 2500 points. Based on the chart of large-cap companies, the weakness is increasing in the short term and it would probably lead to a quick correction to the level of 50500 or 50600. If the Sensex crosses 52000 for the 52800 levels, it would be advisable to buy. Below the level of 51000 would lead to further weakness. During the week, FIIS invested over Rs. 6,000 crore in the cash market. The dollar index fell to 90 from 91 levels and crude prices have started to cool off from highs. In the coming week, the focus should again be on infra, cement, CV and technology companies.The market's short-term technical conditions favoring a sideways correction are in the process. While it is subject to further price action evolution, we retain our cautious stance and advise the traders to refrain from building a new buying position until we see further improvement and breakout above 15250. The momentum indicators like RSI, MACD continue showing divergence, the market is likely to take a pause around this level and stay in a range. We expect the 15230-15250 level to act as short-term resistance. The market's short-term technical conditions favoring a sideways correction is in the process. While it is subject to further price action evolution, we retain our cautious stance and advise the traders to refrain from building a new buying position until we see further improvement and breakout above 15250 (Nifty 50 Index). The momentum indicators like RSI, MACD continue showing divergence, the market is likely to take a pause around this level and stay in a range. We expect the 15230-15250 level to act as short-term resistance.