NIFTY PREDICTION FOR NEXT WEEK 19 JULY TO 23 JULY 2021

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WEEKLY RESISTANCE FOR NIFTY: 16000, 16150, 16300

PIVOT POINT: 15900

WEEKLY SUPPORT FOR NIFTY:  15750, 15600, 15450

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 16000, 16050, 16100

PIVOT POINT: 15950

DAILY SUPPORT FOR NIFTY:  15900, 15850, 15800

DAILY CHART FOR NIFTY

The proceedings for this week started on a pleasant note owing to slightly cheerful mood across the globe. The index then slipped into a consolidation mode in the following hours. Benchmark index was quiet and the broader market was doing well; but all of a sudden post the midsession, market certainly took a nosedive and before anyone could realise, Nifty not only erased all gains but also entered a negative territory in a flash. Fortunately 15650 once again acted as a sheet anchor to restrict the sudden hiccup. Since last few days global markets have become a spoilsport and Tuesday, the gap up opening in our market was provided by the global optimism only to compensate the recent damage. After some initial pause, Nifty continued its northward march to first challenge the 15800 mark and then eventually to conquer it successfully. With this, Nifty reclaimed the first bullish territory beyond 15800 to make it a bit interesting for the forthcoming session. We had a sluggish start on Wednesday on the back of muted global cues. In the initial hour, Nifty corrected a bit to enter the sub-15800 territory. However, the intraday sheet anchor of 15750 provided solid support to the benchmark, which resulted in a sustained up move for the remaining part of the session. A smart surge in heavyweight IT counters had the lion share in lifting the market higher from important supports. Eventually Nifty managed to reclaim the 15850 mark on a closing basis. The Thursday started slightly higher despite mixed global cues. In the initial trades, market had some tentativeness which resulted in a small downtick. However this didn’t last too long as the buyers latched on to this opportunity to not only reclaim the positive territory but also went on to surpass the sturdy wall of 15910 with some authority. There was no bigger extended move after this but Nifty managed to close at record highs by adding nearly half a percent to the bulls’ kitty. Market benchmarks the Sensex and the Nifty ended flat after a choppy trade. Sensex closed 19 points lower at 53140 while the Nifty finished flat at 15923.

NIFTY: A STRONG SUPPORT WILL BE @ 15600; STRONG RESISTANCE LEVEL SEEN @ 16200

The market witnessed some lackluster movement and an attempt to hold the support level around the Nifty 50 Index level of 15650 While sustaining above 15900 is the key factor from a short-term perspective, maintaining above this level is important for the market to gain momentum and extend the rally until 16200.

TECHNICALLY SPEAKING.

It appears to be the week  of consolidation on the bourses as Nifty remained in a narrow range of 100 points everyday by depicting a Hanging Man kind of candle where as a small bullish candle with 318 point range is registered on the Weekly charts. Despite this kind of lackluster move it still looks advantageous to the  bulls at this point in time as Nifty managed to sustain above 15900 levels where as current breakout can be deemed to fail if Nifty closes below 15850 levels. In that scenario again the indices may slip into consolidation phase with negative bias. Contrary to this sustaining above 15900 levels a higher target into the zone of 16200 – 16300 can be expected. Though price chart is bullishly biased technical oscillator/indicator set up has not yet improved in favor of bulls. Hence, index traders are advised to remain cautiously optimistic by maintaining a stop below 15700 levels.  The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.