NIFTY WEEKLY PREDICTION & NIFTY TIPS FOR 22 MARCH TO 26 MARCH 2021

WEEKLY RESISTANCE FOR NIFTY: 14800, 15200,15500

PIVOT POINT: 14500

WEEKLY SUPPORT FOR NIFTY:  14400, 14200, 14000

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 14800, 14900, 15000PIVOT POINT: 14750DAILY SUPPORT FOR NIFTY:  14650, 14550, 14450DAILY CHART FOR NIFTY

Post the sharp sell off on Friday, our markets started the week on a flat note above the 15000 mark. However, we saw selling pressure right from the word go and nifty corrected sharply to breach 14750 level during the day. The banking index was reeling under pressure and it seemed that bears had complete control. However, the index started recovering gradually in the last couple of hours and managed to trim much of the intraday losses and end well above 14900.Monday’s last hour recovery was followed by a positive opening on Tuesday in our indices. However, post some upmove in the first hour of the trade, the index started correcting gradually and Nifty ended the day tad above 14900 with a marginal loss.The Nifty started Wednesday session around 14950 mark. Post some correction in the first hour of trade, it witnessed a pullback towards the opening level. However, the bounce got sold into and the index then corrected till the end of the session to post a loss of about 200 points and end tad above 14700 mark.After Wednesday’s tail end surge, it was really difficult to digest a surprising gap up in our market on Thursday. It was on the back of strong cues from the global peers after the US Fed meet. However, once again market failed to hold on to its gains as we saw a sudden nosedive post the midsession to conclude the penultimate weekly expiry with over a percent cut.  The Sensex and Nifty traded volatile on Friday but managed to close with gains. The Sensex closed 641 points higher at 49858 points and the Nifty ended at 14744.

NIFTY: A STRONG SUPPORT WILL BE @ 14000; STRONG RESISTANCE LEVEL SEEN @ 15000

Nifty has ended around 14700 which is a crucial point now and a breach of this could then lead to a continuation of price wise correction towards 14500. On the flipside, 14900 - 15000 becomes the immediate hurdle now.

TECHNICALLY SPEAKING.

It was a difficult week for momentum traders because the moment markets tried to decide its direction; we tend to have some surprises. Although, we did manage to recover well from previous Friday’s level, market left us with some doubts. As far as levels are concerned, 14900 and 15200 are to be seen as immediate hurdles; whereas on the lower side, 14500 – 14300 are to be seen as key supports. If we take a glance at the weekly chart, we are still unsure whether market has enough strength to go beyond recent highs around 15000 – 15200 without seeing any decent price or time wise correction. But at the same time, they are just refusing to fall as well. Hence, it would be interesting to see how markets behave in the first half of the forthcoming week. It should then ideally give us some fair idea where markets are heading in the short term. Traders are advised to focus on stock specific moves but should ideally avoid aggressive leveraged positions overnight.