NIFTY PREDICTION FOR NEXT WEEK 21 JUNE TO 25 JUNE 2021

WEEKLY RESISTANCE FOR NIFTY: 15800, 15900, 16000

PIVOT POINT: 15700

WEEKLY SUPPORT FOR NIFTY:  15600, 15500, 15400

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15750, 15800, 15900

PIVOT POINT: 15715

DAILY SUPPORT FOR NIFTY:  15675, 15625, 15575

DAILY CHART FOR NIFTY

Our markets started the fresh week on a flat note; however, before anyone could realize Nifty was down around 200 points within the first half an hour to test the levels of 15600. This was followed by a bounce back and then consolidation for the major part of the first half. Subsequently, in the second half bulls again picked up momentum to erase all the morning losses and ended marginally in the green tad above 15800 levels. We had a gap up opening on Tuesday despite SGX was indicating a flat start. In the initial hour, Nifty reached yet another milestone of 15900; courtesy to banking space. During the remaining part of the day, Nifty remained in a slender range by maintaining its positive posture. Due to minor profit taking towards the end, Nifty ended around the midrange by adding nearly four tenths of a percent to the previous close. Markets had a nervous start Wednesday owing to sluggish cues from the global bourses. In the initial trade, it attempted to move higher but failed to sustain as it approached the 15900 mark. This led to a decent profit booking in the subsequent hour. The corrective move seemed to have arrested around the midsession and in fact, market made one more attempt to rebound in the latter half. However, a tail end correction across the board dragged Nifty at its lowest point of the day. Eventually, Nifty ended the session with more than half a percent cut to close tad above 15750. Market ended lower for the second consecutive day on June 17 amid weak global cues after US Fed signaled higher rates in 2023 in its policy outcome on Wednesday. At close, the Sensex was down 178 points at 52323, and the Nifty was down 76 points at 15691. On Friday markets fell sharply today with financials and metal stock leading the losses. The Sensex was down over 700 points when it hit 51601 at day's low while Nifty breached 15500 levels. This fall in the market can be attributed to the combination of these two reasons — Fed changing its stance on interest rate earlier this week and China announcing to use its metal reserves to check metal price rise

NIFTY: A STRONG SUPPORT WILL BE @ 15700; STRONG RESISTANCE LEVEL SEEN @ 16000

15700 was a crucial support for the index which on a closing basis was disrespected yesterday. This definitely affects the short-term trend of the Nifty. It is also important to note that this break of 15700 has happened on the back of high volumes. There is every possibility the markets correct till 15200-15300. We would need to evaluate the medium-term trend thereafter. The resistance is now at 15800 and any bounce can be used to short the market.

TECHNICALLY SPEAKING.

Technically, not much has changed from Friday’s close and in fact, the Nifty has been hovering around the 15800 mark for the last one week. If we observe the intraday hourly chart, the Nifty is gyrating within a range where 15600 is acting as strong support whereas on the higher side some tentativeness is seen around the 15800 levels. The bulls are still adamant as one or another sector is holding the markets up and dips are getting bought. However, we continue to have a view that if the benchmark has to test the levels of 16000 and beyond then the banking space needs to participate which has been an underperformer recently. However, if it fails then we may continue to see lethargic moves in the Nifty. Technically too, the trend remains intact till Nifty holds above 15,700 for an up move towards 16k mark. Globally, investors would cautiously track what action does other Central Banks take following Fed hawkish announcement. Domestically, monsoon, opening up of the economy in a phased manner and the pace of vaccination going forward would decide the further direction of the market. Most of the positives (easing of COVID-19 restrictions due to fall in daily infections) are already factored in by the market. It still looks to be a buy-on-dips kind of market. So, at lower levels, we might see some buying coming in and that could give a support to the market,