NIFTY WEEKLY PREDICTION & NIFTY TIPS FOR 05-04-2021 TO 09-04-2021

WEEKLY RESISTANCE FOR NIFTY: 15000, 15200,15500

PIVOT POINT: 14800

WEEKLY SUPPORT FOR NIFTY:  14600, 14400, 14200

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 14900, 15000, 15100

PIVOT POINT: 14850

DAILY SUPPORT FOR NIFTY:  14750, 14650, 14550

DAILY CHART FOR NIFTY

Once again the Index has nudged closer to the important level of 14950. Due to a trading holiday tomorrow, we would need to evaluate this next week. Post the extended weekend, our markets started the session on an optimistic note with a gap up above 14600 mark. The momentum continued throughout the day supported by participation from index heavyweights and Nifty ended the session around 14850, with gains of over a couple of percent. Post Tuesday’s sharp upmove, we had a gap down opening yesterday around the 14800 mark. The index corrected in the first hour of the trade and then consolidated for the rest of the session to end the financial year tad below 14700. Markets started the new financial year on a robust note led by optimism in the global markets. Announcement by US President Joe Biden to invest USD 2.3 trillion in infrastructure boosted sentiments. Initially the benchmark opened gap up but gains fizzled out gradually as the day progressed. However, in the second half healthy buying amongst the sectors such as metals, banks, auto supported markets to steadily inch higher. Consequently, the Nifty ended near day’s high at 14867 levels, with gains of 1.2%. Markets are likely to take cues from global peers as stimulus package announcement in the US last night led to renewed buying interest in the global markets. In the near term, positive bias is expected to continue however, rising COVID cases in India would remain a key concern. As Q4 earning season is approaching, investors focus will shift to earnings announcements and management commentary.

NIFTY: A STRONG SUPPORT WILL BE @ 14500; STRONG RESISTANCE LEVEL SEEN @ 15200

Once again the Index has nudged closer to the important level of 14950. Due to a trading holiday tomorrow, we would need to evaluate this next week. If we can cross 14950, we should be able to resume the uptrend and head towards 15300.  If we resist and take a U turn again, we will be sideways and if we break 14500, we will revisit the recent lows of 14200-14250. Hence, we are at a crucial juncture from where a trading opportunity on the upside or downside may emerge.

TECHNICALLY SPEAKING.

The market witnessed a positive trend in today's activity. Recovery from the support level around the Nifty50 Index level of 14,700 is positive from a short-term perspective. Sustaining above 14700 levels, it is expected the market to gain momentum to increase the odds of fresh breakouts above 14900, leading to an upside projection till the 15300 levels.  The momentum indicators like RSI and MACD support the upside move indicating that a fresh breakout's potential is exceptionally high.\