NIFTY WEEKLY PREDICTION & NIFTY TIPS FOR 12-04-2021 TO 16-04-2021

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

We started proceedings for the week on a sluggish note yesterday morning as indicated by the SGX Nifty. The corrective move extended in the opening trades to test the 14800 mark. However this correction eventually turned into a sell off as we saw index literally falling like a pack of cards at the stroke of the first half an hour. Within a blink off any eye, we were considerately off highs to enter a sub-14500 territory. Fortunately, the fall arrested around the mid-session and there after we had a modest recovery to trim some part of early losses. At the end, Nifty managed to reclaim 14600 by concluding the session with more than one and half a percent cut. Tuesday  morning,  the  global  set  up  looked  a  bit  sluggish  and despite this, our benchmark managed to kick off the session with an upside  gap.  However,  these  gains  were  merely  a  formality,  as  we witnessed  key  indices  paring  down  all  gains  to  enter  a  negative territory in the initial trades. This was followed by a smart recovery in  the  subsequent  hour  after  entering  a  sub-14600  territory.  This process  got  repeated  as  we  witnessed  swings  on  both  sides throughout the remaining part of the  session. Eventually,  with the help of last hour gradual recovery, Nifty managed to secure three tenths of a percent gains. The Sensex and Nifty ended higher on 7 April 2021 led across the board gains after the RBI kept policy rates unchanged but committed to a massive government bond purchase program. Markets supported the rally with midcap and smallcap indices ending over 1 percent higher each. The Reserve Bank of India (RBI) stuck to its accommodative monetary policy stance amid concerns that rising infections could derail the country’s nascent economic recovery. The Sensex ended 460 points higher at 49662 while the Nifty rose 135 points to settle at 14819. Market indices, Sensex and Nifty closed off day's high on Thursday led by broad-based gains across sectors with metals and IT lifting the benchmarks the most. Asian markets mostly rose with traders keeping tabs on the progress of US President Joe Biden's huge infrastructure plan. At close, the Sensex was up 84 points at 49746, and the Nifty was up 54 points at 14873. Indian markets opened on a positive note following upbeat Asian market and positive overnight global cues as the US Federal Reserve released minutes from its March meeting during which it kept its accommodative policy in place. During the afternoon session, aggressive buying in metal, basic materials, IT, pharma and consumer durables stocks was seen. Traders took note of the World Bank president’s (David Malpass') statement that there is faster global growth driven primarily by the US, China and India. On sectoral front, metals and IT sector led the rally. Benchmark indices ended lower in the muted session on April 9 with selling seen in the metal, infra and auto sectors. At close, the Sensex was down 154 points at 49591, and the Nifty was down 38 points at 14834.

NIFTY: A STRONG SUPPORT WILL BE @ 14600; STRONG RESISTANCE LEVEL SEEN @ 15200

Index witnessed a strong volatile week and closed a week at 14837 with minimal loss on weekly front & formed a Doji candle pattern on weekly chart which represents indecision in the markets. The index failed to sustain above 14900 zone which means on the immediate basis index has good resistance at 14900-15000 zone and trading below said levels may show some pressure from every rise, good support is still placed at 14700-14600 zone.

TECHNICALLY SPEAKING.

The market witnessed a lackluster trend to continue and an attempt to overcome the resistance level around the Nifty 50 Index level of 14900. While a breakout above 14900 is the key factor from a short-term perspective. Anything above this level, market to gain momentum, that could lead to an upside projection till 15300 levels. The momentum indicators like RSI, MACD to further strengthen in favor of a positive outlook and advise the traders to consider a breakout above 14900 as an opportunity to build fresh long. While a breakout above 14,900 (Nifty50) is the key factor from a short-term perspective. Once it takes out this level, the index is expected to gain momentum to an upside projection till 15,300. Traders are advised to consider such a breakout as an opportunity to build fresh long positions.