NIFTY PREDICTION FOR NEXT WEEK 26 JULY TO 30 JULY 2021

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WEEKLY RESISTANCE FOR NIFTY: 15900, 16000, 16200

PIVOT POINT: 15750

WEEKLY SUPPORT FOR NIFTY:  15650, 15500, 15350

WEEKLY CHART FOR NIFTY

DAILREISTANCE FOR NIFTY: 15850, 15950, 16050

PIVOT POINT: 15800

DAILY SUPPORT FOR NIFTY:  15750, 15700, 15600

DAILY CHART FOR NIFTY

Nifty started the week with a gap down owing to negative global cues. The banking heavyweights corrected sharply which led to negative biasness in both Nifty and Bank Nifty throughout the day. The benchmark ultimately ended the session around 15750 with a loss of over a percent. Post Monday’s correction, we started another session of Tuesday on a weak note due to continued negative cues from the global markets. The index corrected and even sneaked below the 15600 mark around noon. Later, it recovered from the lows but clearly the strength was missing to lift the benchmark much and ultimately Nifty ended the day around 15630, with a loss of about three fourth of a percent. Wednesday market was closed on occasion of Eid. Our markets had corrected ahead of the mid-week holiday owing to negative global cues. However, the global markets recovered from their lows which led to a positive sentiment, and hence we started Thursday’s session with a gap up. The benchmark index traded with a positive bias throughout the day and ended the weekly expiry session well above 15800, with gains of almost 200 points. Market ended higher for the second consecutive day on July 23 led by the financial names. At close, the Sensex was up 138 points at 52975, and the Nifty was up 32 points at 15856. 

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

Our markets had closed firmly on Friday and it seemed that the index was all set to march towards the 16000 mark. However, the global markets spoiled the sentiment and thus we had a gap down opening. To add to this, the banking space traded with a negative bias led by the heavyweight HDFC Bank post its quarterly numbers. However, although the indices were under pressure, the focus was on the broader markets where stock specific momentum was seen. With yesterday’s move, we are back into the consolidation phase with supports for Nifty placed at 15750 and 15630. On the flipside, 15850-15900 would be seen as immediate resistance which needs to be surpassed for a resumption of the momentum.

TECHNICALLY SPEAKING.

The market witnessed a swift recovery after the initial fall, 15800 will be an important support level in the short-term perspective. If the market breaches the level of 15900 and is able to sustain above this level, the market expects to gain momentum, leading to an upside projection of 16200 levels.  The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook Now, 16000 is merely a formality and if there is no aberration on the global front, we would see market reaching the millstone in the first half of this week itself. After this, 16200 is the next level to watch out for. We reiterate that if this assumption has to turn into reality, the banking needs to contribute and hence, all eyes on BANKNIFTY. The moment it traverses the 36000 mark, we would see NIFTY hastening beyond the magical figure of 16000. On the flipside, 15800 followed by 15630 are to be seen as key supports. The global markets have clearly dented the bullish sentiment and thus, we continued with the nervousness for the F&O 29 july 2021 expiry  session of the week. Infact, the broader markets also felt the heat and thus profit booking was seen there too. Although we are in an uptrend, if we look at recent data then it is seen that the index has not moved much since the start of June and still, we continue to be in a corrective phase within an uptrend. Given the correction in the last couple sessions is more due to the effect of overseas markets, the short term trend will depend a lot on how they move in the next few days.