NIFTY PREDICTION FOR NEXT WEEK 2 AUG TO 6 AUG 2021

WEEKLY RESISTANCE FOR NIFTY: 15800, 15900, 16000

PIVOT POINT: 15700

WEEKLY SUPPORT FOR NIFTY:  15600, 15500, 15400

WEEKLY CHART FOR NIFTY

DAILY RESISTANE FOR NIFTY: 15750, 15800, 15850

PIVOT POINT: 15700

DAILY SUPPORT FOR NIFTY:  15650, 15600, 15550

DAILY CHART FOR NIF

The recent trend continues as we once again had rough global cues to start the expiry week on a negative note. At the pre-opening, levels indicated flat start but immediately in few initial trades, Nifty was slightly below 15800. Fortunately there was no further aberration seen in our markets as we saw a range bound action thereafter to conclude the session with a negligible loss. Despite sluggish global cues, our markets started the Tuesday on a positive note. It seemed as if we are completely ignoring the global sell off; but around the mid-session, we finally succumbed to it and as a result, Nifty started correcting to test the 15700 mark. A modest recovery towards the end trimmed some part of losses to conclude at 15750. We started the Wednesday marginally higher but it was merely a formality as we saw gains disappearing in a blink of an eye. The benchmark index first breached the 15700 mark and then due to aggravated selling, went on to breach key intraday supports one after another. At one point, things looked extremely bleak when Nifty was trading with nearly 250 points cut. Fortunately, the mighty bulls grabbed this opportunity with both hands. Our markets had a v-shaped recovery thereafter to reclaim 15700 at the close with nominal losses. Wednesday’s spectacular recovery was followed by a pleasant start Thursday in line with the global peers. During the remaining part of the session, we witnessed consolidation in a slender range in key indices. During the final hour, Nifty made an attempt to go beyond 15800 but due to lack of support from heavyweight constituents, Nifty concluded the session as well as the July series tad below the 15800 mark.

NIFTY: A STRONG SUPPORT WILL BE @ 15500; STRONG RESISTANCE LEVEL SEEN @ 16000

The market witnessed some positive movements and an attempt to hold the support level around the Nifty 50 Index level of 15800. The market is going to be crucial for the short-term scenario to sustain above the 15800. Sustaining above 15800, the market expects to gain momentum, leading to an upside projection till 15900-15950 level. Technical indicators suggest, a volatile movement in the market in a small range.

TECHNICALLY SPEAKING.

This has been one of the most boring series for our market and it can easily be seen if we compare the vis-a-vis performance. In fact, if we take a glance at the intra-month movement as well, we can see Nifty trapped in a slender range of 500 points. Now with last two days’ of expiry, Nifty is almost at the midpoint of the range and hence, it’s advisable not to take any directional view here. With a broader view, the trend remains sideways to positive till the time we do not slide below the crucial support of 15450. At the higher range of 15900 – 15950, one needs to stay light as we have witnessed surprising down move on multiple occasions after reaching this zone. So whether we will reach the millstone of 16000 and beyond in the August series or not, only time will tell us. Since last couple of days, the global markets have again become nervous, especially HANG SENG which tumbled more than 7% in such a short span. This certainly is having some kind of rub off effect on our market; but fortunately, the damage is not big. Also, yesterday’s correction post the mid-session was hardly 1% but the velocity at which it came, was a bit intimidating. It would be interesting to see how we react going forward as we are approaching the monthly expiry. One thing is certain that unless we do not see any major relief across the globe, we are not likely to reach the milestone of 16000. Meanwhile let’s hope things do not get worsened from here. As far as levels are concerned, 15700 – 15650 – 15550 are to be seen as key supports; whereas on the flipside, 15800 – 15850 are to be considered as immediate hurdles.