NIFTY PREDICTION FOR 09 MARCH 2021

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Market returned to positive territory after falling for the previous two sessions. The Sensex ended 544 points down from its intra-day highs and Nifty failed to hold above 15000 after having breached the levels earlier in the day. After fighting multiple bouts of volatility during the session, the sensex gauge sensex settled 35 points higher at 50441. the Nifty settled at 14956; up by 0.12%.

Markets are currently dancing to the global tunes, so a breakout/breakdown in the world markets might trigger the next directional move here. Meanwhile, participants should restrict naked leveraged positions and focus more on selection of stocks. Crude oil prices and bond yields would continue to remain on their radar for cues. On the domestic front, COVID-19 cases, macro data like IIP, CPI would also be actively tracked. We can see further fall in the market until indices cross 15300 /51550 levels. On Tuesday, Nifty/Sensex would find the support between 14850 /14900 (50000 /50200) levels, however, on the dismissal of 14850/50000, indices could fall to 14750 /49500 or 14500 /49000 levels. The focus should be on the Oil & Gas related stocks.

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Resistance: 15000, 15200, 15500

Support: 14800, 14600, 14500