NIFTY PREDICTION FOR NEXT WEEK 31 MAY TO 04 JUNE 2021👇

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WEEKLY RESISTANCE FOR NIFTY: 15550, 15750, 15950

PIVOT POINT: 15000

WEEKLY SUPPORT FOR NIFTY:  15350, 15150, 15000

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15500, 15600, 15700

PIVOT POINT: 15450

DAILY SUPPORT FOR NIFTY:  15400, 15300, 15200

DAILY CHART FOR NIFTY

Nifty today finally managed to breach its previous all-time high of 15,431 made in Jan’20 - touched new all-time high of 15455. On Monday staring of the week market ended marginally up, after trading flat for the most part of the session. The Sensex gained 111 points at 50652, while the Nifty settled just below 15200 on fag-end buying. On Tuesday Market witnessed a positive opening following reports of next set of stimulus measures and declining covid cases while a selling streak in banking stocks forced the market to shed its morning gains and close flat. As per the reports, the central government is preparing the next set of support measures to minimize the second wave's economic impact, especially for worst-hit sectors. Double rejections at 15250 yesterday, one each at the opening hour and the closing hour, had raised the possibility of a pullback today. So, even though, opening burst took Nifty shortly past 15250, it could not sustain, lending a weak bias through the first half of the day. This was mostly led by banks. However, positive global cues, as well as expectations of sectoral stimulus, held Nifty together, with metals as well as IT leading the charge. Market ended with little change on May 25 in the highly volatile session with selling seen in the financial names. At close, the Sensex was down 14 points at 50637, and the Nifty was up 10 points at 15208. Market ended higher Wednesday boosted by IT, auto and financial stocks as continued fall in domestic COVID-19 cases improved investor risk appetite. Positive Asian market also lifted sentiment. The Sensex gained 380 points to end at 51017, while the Nifty settled 93 points higher at 15301. Nifty started the day on a positive note and maintained a bullish bias throughout the day. Although it did not post any huge gains, the broader market was buzzing amidst which Nifty managed to end tad above 15,300 with gains of six-tenths of a percent.

Markets traded volatile and settled marginally in the green on the day of monthly expiry of May month contracts on Thursday. The benchmark indices witnessed a firm start but profit taking at higher levels capped the upside as the day progressed. Meanwhile, volatile swings witnessed across the board wherein banking showed tremendous resilience while oil & gas and realty traded subdued and ended lower. The Nifty closed at a record high, while the Sensex closed above the 51000-mark on Thursday. Asian markets witnessed mixed close, with shares indices Japan hovering near Wednesday's close. US GDP and jobless claims data are expected later in the day.

NIFTY BANKNIFTY: A STRONG SUPPORT WILL BE @ 15200; STRONG RESISTANCE LEVEL SEEN @ 15600

We are expecting the Nifty to move towards 15800-16000 zone in the coming weeks. While major support is now placed at 14900 and 14600 zone. Crucial support for the banking index is placed at 33200 and then 32000 zone. On the flipside, immediate resistance can be seen around 36500 and 37700 zone.

TECHNICALLY SPEAKING.

The overall structure of the market remains positive as investors are upbeat about unlocking of economy in June which will help revive commercial activities. Technically, Nifty is poised towards an up move to life time high of 15431 and 15500 zones while on the downside support exists at 15200- 151000 zones. Hopes of further stimulus by government is bolstering investor confidence. As the 2nd Covid-19 wave continues to recede in India and pace of vaccination expected to pick up from next month, we expect the long term fundamentals to remain intact. Rising global inflation is a worry but is unlikely to hurt India, unless energy prices start picking up.