NIFTY PREDICTION FOR NEXT WEEK 24 MAY TO 28 MAY 2021👇

WEEKLY RESISTANCE FOR NIFTY: 15200, 15350, 15500

PIVOT POINT: 15000

WEEKLY SUPPORT FOR NIFTY:  14800, 14650, 14500

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15175, 15275, 15375

PIVOT POINT: 15100

DAILY SUPPORT FOR NIFTY:  15050, 15000, 14950

DAILY CHART FOR NIFTY

Markets continues with its recent trend where the opening on Monday happens with either upside or a downside gap. For the second straight week markets started the week on a pleasant note owing to some of the cooling off across the globe. Subsequently there was a brief period of consolidation being witnessed in our market as we immediately saw the momentum picking up in the upward direction. Throughout the remaining part of the session, the Nifty went on to post handsome gains over one and half a percent to reclaim the 14900 mark with some authority. . Very much on expected lines, we kick-started the tuesday with a bang beyond the psychological barrier of 15000 and then extended the lead in the initial hour. After cementing its position above 15050, we witnessed some consolidation for the major part of the day. Eventually the index managed to reclaim 15100 on a closing basis by adding another percent to the bulls’ kitty. The global uncertainty reappeared Tuesday night and the way other global peers were trading Wednesday morning, the gap down was eminent in our market as well. Fortunately, we did not start as lower as the SGX was indicating. In fact post the weak opening, our markets recovered completely in the initial trades. However at higher levels, there wasn’t enough strength to go beyond 15150 – 15200 levels. Hence for the remaining part of the day, we remained in a negative territory and kept flirting with the 15050 mark. Eventually, the dull session ended below this point by shedding nearly half a percent to the previous close. Markets witnessed profit taking for the second day in a row and lost nearly a percent. After opening on a flat note, the benchmark traded lackluster however selling pressure in the latter half pushed the index lower. On the sector front, Metal, Banking & Oil & Gas were the top losers wherein Consumer Durables and Capital Goods ended with gains. At close on Thursday, the Sensex was down 337 points at 49564, and the Nifty was down 124 points at 14906. on Friday market built on gains clocked through the day and ended nearly 2 per cent higher on Friday after India's largest public sector bank, State Bank of India, reported a healthy quarterly show. The lender's net profit zoomed over 80 per cent to Rs 6,451 crore in Q4FY21 as it set aside lower provisions and expected asset quality to improve going forward.  Supported by rally in other financial stocks, the BSE barometer of 30-shares ended at 50,540 levels, up 976 points or 1.9 %. Both the indices hit their respective highs of 50,591 and 15,190. 

NIFTY: A STRONG SUPPORT WILL BE @ 14800; STRONG RESISTANCE LEVEL SEEN @ 15500

We are very much poised to test the record highs soon or may even go beyond it. Before this, 15220 – 15340 are the levels to watch out for. On the flipside, the previous resistance zone of 15050 – 14970 is likely to act as a sheet anchor now. although the financial space did not move to the tune of last week  gigantic rally, it still has the lion’s share in pushing the Nifty beyond the sturdy wall of 15000.

TECHNICALLY SPEAKING.

The psychological level of 15200 has proved to be a stiff resistance for the index. We reacted quite sharply and fell over a 100 points. However since 15000 is held on a closing basis, the overall market trend remains bullish. If we break 15000 there will be a reason for concern as if we disrespect that, we could slide down to 14800. On the upside there is still room to achieve a target of 15300-15500. All dips or corrections can be utilized to enter long positions. India VIX moved up 1.72% from 19.31 to 19.65 levels. The fear gauge needs to hold below 20 level to extend the bullish market momentum. On the options front, maximum Put Open Interest stood at 14,000 level followed by 14,500 while maximum Call OI was seen at 15,000 level followed by 15,500. Call writing was seen at strike prices 15,000 and 15,500 while there was Put writing at 14,900 and 15,000 levels. Options data suggested a broader trading range between 14,700 and 15,200 levels.