NIFTY PREDICTION FOR NEXT WEEK 14 JUNE TO 18 JUNE 2021

WEEKLY RESISTANCE FOR NIFTY: 15900, 16000, 16100

PIVOT POINT: 15800

WEEKLY SUPPORT FOR NIFTY:  15700, 15600, 15500

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15850, 15900, 15950

PIVOT POINT: 15750

DAILY SUPPORT FOR NIFTY:  15700, 15650, 15600

DAILY CHART FOR NIFTY

Nifty started the week on a positive note and continued its exercise of making new records and marked a high of 15773 yesterday. The trading range for the day was not much large and the index posted gains of about half a percent and ended around 15750. Nifty started the Tuesday session marginally positive but it corrected from the opening level and entered sub 15700 in the first hour of the trade. However, the index then recovered from its lows and ended the day marginally in the red around 15740. Nifty started the Wednesday’s session marginally positive and inched higher towards the 15800 mark around noon. The market breadth was positive and just when it looked that the index is geared to surpass that hurdle, it took a U-turn and declined sharply. Before anyone could realize, Nifty corrected almost 200 points from the high and then even entered sub15600 level. With a mild recovery from intraday low, Nifty ended the day with a loss of over 100 points at 15635. Post the volatility ahead of the weekly expiry session on Wednesday, the indices showed some pullback in Thursday’s session and managed to end the day tad below 15750 with gains of over 100 points.

NIFTY BANKNIFTY: A STRONG SUPPORT WILL BE @ 15600; STRONG RESISTANCE LEVEL SEEN @ 16000

Markets have moved from resilience to exuberance as bulls continue to march towards mount 16,000 in Nifty with sector rotation and earnings keeping the momentum alive. Falling US bond Yields along with supportive global cues are ensuring Nifty doesn't break key support levels. Good monsoon, improving Covid situation and falling VIX should keep markets driving higher.

TECHNICALLY SPEAKING.

Markets have moved from resilience to exuberance as Bulls continue to march towards mount 16,000 in Nifty with sector rotation & earnings keeping the momentum alive. Falling US Bond Yields along with supportive global cues ensure Nifty didn’t break key support levels. Good monsoon, improving Covid situation & falling VIX should keep driving markets higher. The Nifty  was fine this week - it is heading towards 15900-16000. A buy on dips is a better strategy to adopt as opposed to buying at the current market level. This is because the risk is to reward ratio is more favorable when traders accumulate positions on dips. The risk is lower and the targets are higher. The index has good support at the 15600 levels and until we do not disrespect this level on a closing basis, the overall trend remains bullish.