NIFTY PREDICTION FOR NEXT WEEK 30 AUG TO 03 SEP 2021

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WEEKLY RESISTANCE FOR NIFTY: 16800, 16900, 17000

PIVOT POINT: 16650

WEEKLY SUPPORT FOR NIFTY:  16550, 16450, 16350

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 16750, 16750, 16850

PIVOT POINT: 16700

DAILY SUPPORT FOR NIFTY:  16650, 16550, 16440

DAILY CHART FOR NIFTY

The global set up on Monday 23 aug 2021 early morning was quite impressive and very much in line with this, our markets started the week on a pleasant note. However, we failed to hold these gains and without wasting much of a time, our markets not only erased all gains but also slipped slightly below 16400 in the opening hour. Fortunately, this dip was bought into and thereafter market managed to recover fair bit of ground. The volatility subsided post the midsession to witness range bound action throughout the second half. Eventually, the Nifty ended the session with nearly three tenths of a percent gains. For the second straight session on Tuesday 24 aug 2021 , we had a gap up opening citing to favourable global cues. Similar to Monday, market witnessed an early dip to fill the gap area. Fortunately it stabilized precisely after filling the gap and thereafter had a steady up move throughout the remaining part to reclaim the 16600 mark on a closing basis. The major charioteer of yesterday’s rally was the high beta banking and financial space which was sulking of late. Markets opened higher for the third consecutive session on Wednesday and in the initial move, the Nifty even managed to clock fresh record high. However there was no enough strength to carry this momentum, this resulted in a sharp decline around the midsession. After this, market did stabilize but remained under pressure for the remaining part. Due to some modest recovery towards the end, the index closed marginally in the green. We had a quiet start on Thursday owing to muted global cues. In the initial hour, market showed some promising signs; but due to lack of follow up buying, the momentum disappeared all of a sudden. In fact, during the remaining part of the session, Nifty gyrated in a slender range of 80 points i.e. merely half a percent. Eventually, Nifty ended flat well above the 16600 mark.

NIFTY: A STRONG SUPPORT WILL BE @ 16400; STRONG RESISTANCE LEVEL SEEN @ 16800

As far as levels are concerned, the sacrosanct support is placed at 16550 – 16400 before which 16600 – 16700 are to be considered as immediate levels. On the upside, it’s hard to project any level as we have entered an uncharted territory. Still, every 100 points rally from hereon should be treated as the upside range.

TECHNICALLY SPEAKING.

Nifty formed a bullish candle on the daily scale with a long lower shadow while it continues to make higher highs higher lows from the last four weeks.  Now it has to continue to hold above 16700 to extend the move towards new lifetime high territory of 16800 and 17000. On the downside, support is seen at 16550 and 16350 levels.  India VIX fell by 1% from 13.54 to 13.34 level. Cooling down of volatility from recent swing highs has given a buy on decline stance to the market and now VIX needs to hold below 12 to get more buying interest in the broader market. The market witnessed a swift recovery after the initial fall. It seems 16550 will be an important support level in the short term. If the market breaches the level of 16725 -16755 and sustains above this level, it may gain momentum and may march towards 16850-17000 levels. Momentum indicators like RSI and MACD may stay positive and the market breadth may improve, further strengthening the short-term bullish outlook.