NIFTY PREDICTION FOR NEXT WEEK 28 JUNE TO 2 JULY 2021

WEEKLY RESISTANCE FOR NIFTY: 15900, 16100, 16300

PIVOT POINT: 15800

WEEKLY SUPPORT FOR NIFTY:  15600, 15400, 15200

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15900, 15950, 16000

PIVOT POINT: 15850

DAILY SUPPORT FOR NIFTY:  15800, 15750, 15700

DAILY CHART FOR NIFTY

The U.S. markets ended with deep cuts on Friday and the Asian bourses too were trading in red ahead of our market opening. In line with the global cues, the SGX Nifty hinted at a negative opening and hence, Nifty started with a gap down of more than 150 points. However, indices recovered gradually throughout the day and ended the monday with gains of four-tenths of a percent around 15750. Our markets started the tuesday on a positive note and the index again approached the 15900 mark. However, around that recent swing high, we saw some tentativeness and a sell-off in the banking space in the last hour dragged the markets lower and Nifty ended the day marginally in the green. Nifty started the Wednesday marginally positive, but it consolidated in a range for most part of the day. However, we saw some sell-off in that last hour of the trade and Nifty ended the session with a loss of over half a percent. Nifty opened marginally higher and traded with a positive bias during the day. The index managed to end tad below 15800 with gains of over 100 points. Markets inched marginally higher in continuation to Thursday’s rise and settled around the day’s high on week ended Friday. After opening on a positive note, the benchmark witnessed profit taking and turned flat in no time. However, healthy buying in banking, metals and auto stocks supported the markets to regain some strength as the session progressed. Consequently, the Nifty closed at 15860 levels, up by 0.4%. 

NIFTY: A STRONG SUPPORT WILL BE @ 15400; STRONG RESISTANCE LEVEL SEEN @ 16000

Nifty looks set to hit fresh all-time highs and cross the 16000 levels in July series, The Nifty has been showing signs of exhaustion since a couple of days. As of now the bias remains on the upside and the index can still achieve 16100 as a potential target. Strong support lies at 15400 and until that does not break, any corrective wave can be utilized to accumulate long positions,

TECHNICALLY SPEAKING.

June series ended yesterday with rollover of near 84% in both Nifty and Bank Nifty. According to experts, this high percentage of roll over signals positive sentiment of the market and hence in July series that is beginning today, they have predicted Nifty to touch at least 16,200 levels while they expect Bank Nifty to test 36,000 mark — 3 % upside move for both indices. Throughout the June series, we have witnessed heavy counter attack by bulls after each profit-booking session, which includes last trade session of the June series. This reflects that the near term upside trend of the market is intact and hence in next one month, I am expecting Nifty to go up to 16200. However, if bulls counter attack again after the profit-booking trigger in metal sector, then the 50-stocks index may go up to 16500. IT, banking and metal stocks are expected to outperform other sector stocks citing, Bank Nifty is expected to regain 36000 levels as divestment trigger in the banking sector will fuel rally in the public sector banking stocks like SBI, Canara Bank, etc. He said that private sector banks like ICICI Bank and HDFC Bank will also aide Bank Nifty rally in the July series beginning today. On strategy to make money in July series. The rollover in Nifty from June to July series stood at 84.61 % against its 3-month average of 75.08 %. At Bank Nifty it is at 83.88 % against its 3-month average of 77.86 %. These figures clearly suggest that the long formed in Nifty in June series have been rolled over and it won’t be surprising to see Nifty entering the uncharted territory any time soon. Hence, we maintain our positive stance on market and would advise trader’s to adopt buy on dips strategy until we manage to sustain above 15300 to 15500 levels. On July being month of results, IT, FMCG and pharma sector i expected to give brilliant results and that will lead to further northward journey of Nifty. There will be a consolidation in markets till first week of July and later earning season and monsoon arrival will give a boost to the Markets. Highlighting the hurdle and support for the market amid beginning of the July series The daily chart of Nifty signal a broader range movement over the last 8-10 sessions. On the upside the area of 15950 is acting as a hurdle and the lows of around 15500 to 15400 level is offering a strong support and resulting in a sharp upside bounce from the lows. Hence, on further upside, the market is expected to find resistance around 15900-16000 and any decline from here could offer support at 15600 levels.