NIFTY PREDICTION FOR NEXT WEEK 10 MAY TO 14 MAY '2021 👇

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WEEKLY RESISTANCE FOR NIFTY: 14900, 15100,15300

PIVOT POINT: 14700

WEEKLY SUPPORT FOR NIFTY:  14500, 14300, 14100

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 14850, 14900, 15000

PIVOT POINT: 14820

DAILY SUPPORT FOR NIFTY:  14750, 14700, 14650

DAILY CHART FOR NIFTY

On Monday market recovered from the early losses and ended on flat note in the highly volatile market on 3 may 2021 at close, the Sensex was down 63 points at 48718. Index opened a day with a strong gap down but managed to recover all day loses in the second half and closed a day at 14,634 with minimal loss & formed a bullish candle on daily chart. Market fell for the second times in three days on 4 May 2021 , following concerns over FPI selling in the recent past and further action expected to combat the Covid situation. Asian stocks were largely lukewarm on Tuesday as a continuous surge in COVID-19 cases kept investors on the sidelines amid holiday-thinned trade. .Nifty has come under pressure as India’s official tally of coronavirus infections surged past 20 million, IPL cricket tournament has been suspended with immediate effect and corporate management commentary remained cautious on Q1 performance due to lockdowns. Fears of stricter lockdowns also brought caution amongst traders. The indices erased all intra-day gains to end in the negative territory on Tuesday. The sensex ended at 48253, down 465 points while the nifty   closed just shy of 14,500. Indian market rose on 05 may 2021 after the RBI announced measures to further support the economy as coronavirus cases continue to surge. Volumes on the NSE were in line with recent averages. Among sectors, Healthcare, Banks and Metals were the main gainers while Realty was the loser. Nifty formed an inside day on Wednesday, meaning that the high low range for the day was within the high low range of the previous day. However the Nifty closed near its intraday high. Advance decline ratio too became positive.  Benchmark indices and broader markets closed with gains for the first time this week. The sensex closed at 48677 up 424 points. nifty  managed to end at 14617. The indices Sensex and Nifty have been witnessing volatility amid the second COVID-19 wave. Due to this, foreign institutional investors (FIIs) turned net sellers in the month of April, after being net buyers for six consecutive months. The US and other developed markets outperformed in the previous month, which encouraged near term shift of money. Sensex was just shy fo 4900 & Nifty was already above 14700 on the weekly expiry day Thursday 06 may 2021. Monsoon rains that mark the start of the four-month rainy season are likely to enter India through the southern coast around June 1, in line with typical patterns, a top government official said on Thursday. India’s weather office will issue its official forecast for this year's monsoon onset on 15 may 2021, Madhavan Rajeevan, secretary of the Ministry of Earth Sciences, said in a tweet. Indian benchmark indices rose for the third consecutive session on May 07. Nifty gained 1.3% over the week, gaining for the second consecutive week. Equity markets continued their upward march on Friday and closed the week’s last trading session with gains. The Sensex ended just above 49200 while the Nifty closed at 14823.

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

The markets have held 14800 smartly! We need to see if these levels can hold on Monday; if it can, we should be headed to 15000. If we do not hold, we will retrace back to the support levels of 14500. Holding 14400 is imperative for the Nifty.

TECHNICALLY SPEAKING.

Nifty closed the week with a marginal gain of 1.74%. The candle for the week is a bullish green candle that closed at the high of the week. Though we have not seen a range expansion. A candle with no lower shadow closing at the high of the week can be considered to be a bullish development. Nifty needs to break above 15000-15050 if the rally has to continue. From the weekly time frame, we can deduce that buyers have gain traction during the week. But the last point of resistance remains at 15000-15200 zones. The consolidation in Nifty is significant and if break above 15100-12000  materializes we should see a sharp rally in the weeks to come. If Nifty slips below 14600 expect some decline to the 14300-14200 zone.