NIFTY PREDICTION FOR NEXT WEEK 17 MAY TO 21 MAY 2021👇

WEEKLY RESISTANCE FOR NIFTY: 14800, 15000,15200

PIVOT POINT: 14600

WEEKLY SUPPORT FOR NIFTY:  14400, 14200, 14000

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 14750, 14850, 14950

PIVOT POINT: 14650

DAILY SUPPORT FOR NIFTY:  14550, 14450, 14350

DAILY CHART FOR NIFTY

Nifty started this week on a gap up, but it then consolidated within a range throughout the day with a positive bias. Amongst a good stock specific action, Nifty managed to end with gains of eighteenths of a percent around 14950. The SGX Nifty hinted at a negative opening for our market on Tuesday and in line with that, we started the tuesday gap down below 14800. However, we did not slip much from the opening levels and the index recovered much of the losses around noon. But since the participation was missing from the index heavyweights, Nifty again corrected and ended the day at 14850. On Wednesday, our markets corrected in the first couple of hours on the back of weak global cues and tested the 14700 support. We witnessed some intraday pullback from there, but again indices corrected sharply as we approached the close and Nifty ended the day tad below 14700 with a loss of over a percent. Thursday market was closed on accounts on Eid. : Friday nifty opened lower and remained in a falling trajectory for the most part of the session. The Sensex ended at 48732 up 42 points while the Nifty settled at 14678, down 19 points. Indian equity markets remained largely range bound over the last week. The Covid situation in India is no doubt grim and hence the health issue is something that could keep markets volatile in the near term. Corporate earnings season for Q4FY21 is underway. So far the earnings reported have been largely in line with consensus expectation. Earnings have been led by strong performance in the banking and commodities sector. Going forward, market will likely track the pace of vaccinations, trajectory of active cases curve and management commentary of companies. Roll-back of localised lockdown and trend of inflation in many global commodities like crude oil and steel will be other key factors to watch-out by investors.

NIFTY: A STRONG SUPPORT WILL BE @ 14500; STRONG RESISTANCE LEVEL SEEN @ 14950

Nifty’s price structure since its April low shows ascending lows and descending tops. It represents that Nifty is stuck in a congestion phase. Immediate trading band is seen between 14,500-14,950 zone.

TECHNICALLY SPEAKING.

The markets have been range-bound between 14400 and 15000. In the short term, 14700 is good support for the index and we are hovering around that level. If we close below this level today, it might prove to be a bearish signal and we will have to review the charts on Monday when the new trading week commences. The Nifty will lose its upside edge if we break 14700 on a closing basis as that might take the index down to 14400.