NIFTY WEEKLY PREDICTION & NIFTY TIPS FOR 30 MARCH TO 1 APRIL 2021

WEEKLY RESISTANCE FOR NIFTY: 14600, 14800,15000

PIVOT POINT: 14450

WEEKLY SUPPORT FOR NIFTY:  14350, 14150, 14000

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 14550, 14650, 14750

PIVOT POINT: 14500

DAILY SUPPORT FOR NIFTY:  14400, 14300, 14200

DAILY CHART FOR NIFTY

The week started yesterday on a flat note as indicated by the SGX Nifty owing to slightly sluggish cues from the global peers. The index started skidding in the initial trades, which was mainly led by the financial space. The selling aggravated immediately post the midsession to enter sub-14600 territory. Fortunately, after some volatile swings, some of the other heavyweight spaces like IT and FMCG came for a rescue. Eventually, Nifty managed to recoup all losses to conclude the session on a flat note. Despite SGX Nifty was indicating a sluggish start, our market surprisingly opened in the green. The initial lead got sold into in the subsequent hour, however once again index managed to march higher post the Supreme Court verdict on loan moratorium. The roller coaster was not done yet as we once again saw this rally getting fizzled out around the mid-session. Market came off sharply to test the 14700 mark and once again the down move was bought into. In the midst of all this confusion, the Nifty eventually settled tad above 14800 with modest gains of half a percent.Wednesday morning, all Asian bourses were trading nervous which eventually resulted in a decent gap down opening in our market as well. The weakness extended as the day progressed to initially enter a sub-14700 territory. Around 14600 – 14650, the Nifty spent a lot of time before cracking down in the final hour. At the end, the Nifty concluded the session with nearly two percent cut to mark lowest close in the March month.The global cues were slightly positive in the Thursday morning and as a result, our markets too opened marginally in the green. However, the opening lead just disappeared within a blink of an eye to sneak below the 14500 mark. In fact, as the day progressed, things became worst as we went on to first breach the recent swing low of 14350.10 and then even enter a sub14300 territory for the first time after the ‘Budget day’. The action was not done yet because the real beast ‘Volatility’ was yet to show its existence on the expiry day. At the stroke of the mid-session, market started rebounding sharply, especially the banking space as it had recouped all gains to trade in the green. But again the pendulum swung in favour of the bears as Nifty once again corrected back to morning lows and BANKINIFTY trimmed half of its recovery. Eventually, the last series of the Financial Year ended at two month’s low tad above 14300.

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

After the recent consolidation, the market has finally started feeling some heat in last couple of sessions. Fortunately we remained a bit adamant and did not get carried away by the in between upswings. We continue to remain cautious and the way we are placed on the charts, further correction cannot be ruled out. As far as levels are concerned, the next key support is visible in the zone of 14300 – 14000 as it coincides with the daily ’89 EMA’ and the 78.6% retracement of the up move from 13596.75 to record high of 15431.75. On the upside, 14700 followed by 15000 would be seen as immediate hurdles.

TECHNICALLY SPEAKING.

The index opened the new series with a gap-up opening. That is because it bounced from a strong support of 14300-14350. This should not be considered as a reversal in the trend. The market might be taking a breather. The short-medium trend will turn positive only after closure of 14750-14800. Until then, any rally up can be assessed to go short on Nifty. If we manage to break the lows of yesterday, we could slide down to levels closer to 14000.