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PIVOT POINT: 14500
WEEKLY SUPPORT FOR NIFTY: 14300, 14100, 13800
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 14650, 15000, 15100
PIVOT POINT: 14600
DAILY SUPPORT FOR NIFTY: 14500, 14400, 14300
DAILY CHART FOR NIFTY
Our markets started the week with a gap down on back of worries over rising cases of Covid-19 in our country in this second wave. Our markets completely ignored the global cues yesterday and post the gap down, we witnessed a sell-off across and ended the day tad above 14300, with a deep cut of over three and a half percent. On Tuesday, Nifty started marginally positive and approached the level of 14450 in the first hour of the trade. This level coincided around the previous support which now was the immediate resistance. The index hesitated there and pared the gains before noon itself to sneak below 14300. The index consolidated for a while in a range and when it looked that the market was unable to sustain at higher level, the index once again made an attempt to surpass the morning highs. With the help of the Banking and Financial space, Nifty rallied sharply in last couple of hours and ended the day tad above 14500, marking gains of almost 200 points. Wednesday market was closed due to baba ambedkar jayanti. Nifty started the weekly expiry day Thursday marginally positive as the IT giant Infy opened with a gap down post its results. Nifty then corrected for the initial couple of hours to mark a low around 14350. Market witnessed volatile session but manages to end near the day's high level on April 15 despite rising covid cases and wholesale inflation data. At clsoe, the Sensex was up 259 points at 48803, and the Nifty was up 76 points at 14581. The benchmark indices ended marginally higher on Friday amid positive cues from global markets. At the end of today's session, the Sensex was hovering around 48800 while Nifty 50 closed above 14600.
NIFTY:
A STRONG SUPPORT WILL BE @ 14300; STRONG RESISTANCE LEVEL SEEN @ 14900
We
have already seen a week full of action in a couple of sessions with indices
showing sharp swings on both the days.
Nifty breached its short term
support on Monday, but it reclaimed the 14500 mark next day. The sharp recovery
certainly seems enticing, but still we advise not to get
carried away as
we may still
not be out of
the woods. The bearish gap area and
the ‘20-day exponential
moving average’ at 14700-14900 remains a sturdy wall which
could be difficult to surpass.
TECHNICALLY SPEAKING.
A continued surge in the second wave of COVID-19 cases in the country, which already crossed 2 lakh daily cases, has certainly posed a risk to the sustainability of the rebound of earnings momentum. While the government's strong effort to expedite vaccination progress and absence of complete lockdown in Maharashtra and Delhi offered some comfort to equities, the risk of other states taking steps of wider economic restrictions continues to persist, which may continue to weigh on investors' sentiments in the near term. Overall if we see, major indices have gone nowhere as it was a week of boredom and consolidation for them. There were one or two odd days when we witnessed some action in index heavyweights; but didn’t last too long as breakout attempts on either sides were turned unsuccessful. In the upward direction, we were seeing 14900 as a crucial hurdle on a closing basis and after nearly twelve trading sessions, bulls attempted to break this barrier on an intraday basis; but failed to maintain at the close. So 14800 – 15000 continues to remain a sturdy wall and till the time we do not surpass it, major heavyweights are not going to give any sustainable up move. Yes, at the same time, it’s not falling either; in fact the undertone remained bullish for the major part of the week. On the lower side, 14400 followed by 14200 are to be seen as immediate supports.
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