NIFTY WEEKLY PREDICTION & NIFTY TIPS FOR 1 MARCH TO 5 MARCH 2021

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WEEKLY RESISTANCE FOR NIFTY: 14800, 15000,15200

PIVOT POINT: 14600

WEEKLY SUPPORT FOR NIFTY:  14400, 14200, 14000

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 14600, 14700, 14800

PIVOT POINT: 14500

DAILY SUPPORT FOR NIFTY:  14400, 14300, 14200

DAILY CHART FOR NIFTY

Trading for the week started on a flat note owing to muted global cues. However, without wasting much of a time, Nifty slid into the negative terrain.  The selling pressure augmented as  the  day Progressed and all attempts of a rebound were comfortably getting Sold into. Due to tail end correction, Nifty ended the session with a cut  over  couple  of  percent,  marking  biggest  loss  in  the  February month. The global picture changed a bit between Monday’s close and Tuesday’s  open.  The  Dow  future  was trading  deeply in  red on  Monday  while  we  closed;  but  after  this  there  was  a  v-shaped recovery seen in their market and the optimism continued yesterday early  morning  as  well.  Taking such strong cues  into  the consideration, our markets had a surprising bump up at the opening convincingly beyond 14700. After the initial hiccup, the Nifty started rebounding sharply to test the 14850 mark.  However, since the market is in a profit booking mode , it failed to sustain  at  higher levels.  As  a result,  the  Nifty  gave  up  major  chunk  of  its  gains  to conclude with nominal gains above 14700. We had a flat to positive start Wednesday and despite global cues were unfavorable in the morning, our markets managed to extend gains towards  14800  in  the  initial  hour.  However,  all  of  a  sudden,  the trading halted on NSE at 11.40 am due to some technical snag. It was very unusual and things worsened when it lasted for few hours without  any  clear  intimation  on  further  proceedings.  This  created havoc among the traders’ fraternity because everyone was clueless about their outstanding intraday positions. Fortunately, the trading resumed around 3.45 pm as an exceptional case for a short period. Although it almost opened around the same levels, we witnessed a complete gush in the second half of the truncated session. Before anyone could realise, Nifty just hastened towards the 15000 mark. On Thursday market ended on bullish note on February 25 with Nifty ending the February series near 15100 level supported by the metal and energy stocks. At close, the Sensex was up 257 points at 51039, and the Nifty was up 115 points at 15097. Market opened with a gap up after positive global cues. Positive cues from other Asian markets helped key indices to maintain gaining momentum. Domestic sentiments were positive, as the Central government has lifted the embargo placed granting businesses to private banks, which is expected to enhance customer convenience, spur competition and higher efficiency in standards of customer services.  On the global front, Asian markets were trading in green. Finance Minister Nirmala Sitharaman, in her budget speech, had stated that more public sector lenders would be privatized in the upcoming fiscal. As per a report, the government has filtered out four state-run banks - Central Bank of India, Bank of India, Bank of Maharashtra, and Indian Overseas Bank for privatization. After three straight sessions of gains, share market indices slipped majorly to bearish territory on week ended Friday, amid weak global equities. Sensex was trading 1939 points lower at 49099 and Nifty fell by 568 points to 14529.

NIFTY: A STRONG SUPPORT WILL BE @ 14300; STRONG RESISTANCE LEVEL SEEN @ 15000

Throughout this week, we  maintained  our  cautious  stance  on  the market and suggested exiting longs in the zone of 15000 – 152000. In last couple of sessions, we had seen a glimpse of profit booking which eventually turned into a decent correction today to break some key supports. The Nifty has now reached to our first target of 14500 and the way its placed now, 14300 – 14000 is very much on cards. As of now, these levels should be considered a key support zone. the coming week  would be quite  crucial, especially for  banking  stocks.  As far  as  Nifty  is  concerned it  has broken below ’20-day EMA’ and hence, any bounce towards 14500- 14300 is likely to get sold into.

TECHNICALLY SPEAKING.

The market recorded a choppy session during the week. The Sensex failed to move The market witnessed a strong downward trend and a decisive breakdown below the support level of 14500. While a recovery above 14800 is the key to change the short-term bearish outlook, sustaining below this level, the market will gain downside momentum and open the gate for a movement until 14300. The momentum indicators like RSI, MACD may turn negative and market breadth may deteriorate significantly, further strengthening the view of a short-term bearish outlook.