NIFTY PREDICTION FOR NEXT WEEK 12 JULY TO 16 JULY 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, 15850

PIVOT POINT: 15700

DAILY SUPPORT FOR NIFTY:  15650, 15600, 15550

DAILY CHART FOR NIFTYLast Friday’s tail end recovery was followed by a gap up opening on Monday to kick-start the new trading week. We clearly shrugged off mixed global cues early in the morning and traded firmly post the opening as well. Although we did not add significant gains after the opening hour, the Nifty maintained its positive posture throughout the session to close tad below the 15850 mark. Amongst the sectoral movers, the overall strength in financial and metal counters propelled the Nifty higher. Our markets started the Tuesday on a flat note as there was no major trigger from the global peers. Subsequently, the buying momentum accelerated in some of the financial stocks, which pushed the index higher towards the record high. There were couple of attempts made post the midsession to register a new high; but this again failed as we saw a complete nosedive at the stroke of the penultimate hour. This sudden profit booking pared down all gains to conclude the session with nominal loss. Nifty started the Wednesday on a flat note and consolidated within a range in the first half of the day. However, it gathered momentum in the last couple of hours and ended the day tad below 15900 with gains of less than half a percent. Nifty started the weekly expiry Thursday marginally negative on back of soft global cues. Post some consolidation in the first hour, the indices witnessed selling pressure and it crept lower throughout the day to end with a loss of about a percent. Nifty ends below 15700 on Friday.

NIFTY: A STRONG SUPPORT WILL BE @ 15500; STRONG RESISTANCE LEVEL SEEN @ 15900

It is evident that the Nifty is getting nervous closer to the 15,900 levels. We have attempted to cross that level multiple times but have failed to do so. If we are successful in doing so, we should be headed to 16100. On the flip side, good support lies at 15,400 and if that breaks on a closing basis, the short-term bullish trend might enter into a "pause" zone. Until either level (15900 or 15400) is triggered, the index will trade sideways.

TECHNICALLY SPEAKING.

After Weak opening market witnessed consistent selling pressure at higher levels. In the second half of the week, the Nifty broke the important support level of 15650 and post breakdown the selling pressure was increased which is broadly negative for the Nifty. Among sectors, profit booking was seen in the metal and PSU banks stocks.  Technically, on charts, the Nifty has formed a lower top formation which indicates further weakness from the current level. For the next few trading sessions, 15900 should act as an important resistance level for the traders, below the same correction wave likely to continue up to 15650-15600. On the other side,, the immediate hurdle would be 15800 trading above the same. We can expect a continuation of the uptrend up to 15850-15900 levels. The uncertainty of bulls at the crucial hurdle of 15900 continued, as the market tumbled down sharply from near the hurdle. Although Nifty placed at the minor support of 15700-15650 levels, a sharp follow-through weakness could open decline towards 15450 in the near term. Any pullback rally from here could initially find resistance at 15800 levels. Pessimistic global cues dented the morale of Dalal Street with selling pressure seen across the sectors amid high volatility. Global markets were deep in the red, shadowing a weakness in the Asian markets following the widening Chinese tech crackdown and concerns over the country’s economic recovery. As we kickstart Q1FY22 results season, initial releases of the IT sector and a good number of lucrative IPOs will be in focus for the coming weeks. Markets traded under pressure and lost nearly a per cent, pressurized by weak global cues. After the flat start, the benchmark gradually drifted lower and settled closer to the day’s low to close at 15728 levels on the weekly expiry day. We suggest keeping a check on naked leveraged positions and wait for clarity. Investors, on the other hand, should not read much into the intermediate correction and continue with the “buy on dips” approach in fundamentally sound counters with a long term view.