NIFTY PREDICTION FOR NEXT WEEK 6 SEP TO 10 SEP 2021

WEEKLY RESISTANCE FOR NIFTY: 17400, 17500, 17600

PIVOT POINT: 17250

WEEKLY SUPPORT FOR NIFTY:  17150, 17050, 16950

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17350, 17400, 17450

PIVOT POINT: 17300

DAILY SUPPORT FOR NIFTY:  17250, 17200, 17150

DAILY CHART FOR NIFTY

Sensex achieved another milestone of 58k . Finally 17000 is now a reality and it has been a remarkable journey for the benchmark to achieve this milestone. The move from 16000 to 17000 took just 19 sessions and the momentum has accelerated this week as we have seen back to back days with index posting gains of over 200 points.

Nifty started the week on an optimistic note and marched higher to claim new record levels  .The positive cues from the global markets led to a gap up opening for our benchmark index. The Nifty then continued to inch higher throughout the Monday’s session and overwhelmed the bulls as it ended the day of 30 aug 2021 with gains of about 225 points at 16931. Nifty started the last day of August on a flat note but continued with the momentum and surpassed the 17000 mark for the first time. Minor intraday dips in Nifty were getting bought and it witnessed a sharp surge in the last hour of the trade to post gains of over 200 points and close well above 17100. The August month proved its historical significance and Nifty has posted gains of 8.69% in august month only.  The first day of the September month on Wednesday started marginally higher and Nifty surpassed 17200 mark in the first hour of the trade. However, we saw a gradual correction in Nifty for rest of the session and it ended the day below 17100 with a loss of one-third of a percent. On 2 September 2021 Thursday Nifty started the session marginally positive and it then crept higher throughout the day to post its highest close at 17234 with gains of almost 1%. Despite mixed global cues, domestic equities continued to raise its bar, recording fresh highs as India continued reporting strong economic numbers. European stocks traded mixed ahead of US jobs data while concerns over economic slowdown in China fanned investor worries. The Indian Service PMI data rose to 56.7 in August from 45.4 in July on account of reopening of several establishments and improving demand that boosted sales. enchmark indices ended at fresh record closing high levels on September 3 led by the Reliance Industries.  At close, the Sensex was up 277 points at 58129, and the Nifty was up 89 points at 17323. Except FMCG, all other sectoral indices ended in the green with Nifty Auto, Metal and Energy indices up 1-2 percent. BSE midcap and smallcap indices gained 0.3-0.4%.

NIFTY: A STRONG SUPPORT WILL BE @ 17000; STRONG RESISTANCE LEVEL SEEN @ 17500

The bulls continue with their relentless run and with a broad market participation, Nifty has ended comfortably above 17300. The index heavyweights have seen a good buying interest this week which has led to the acceleration of the momentum. As of now, there’s no sign of weakness and hence, we may see the index moving towards its next resistances of 17370 and 17450. The near term support zone is now placed around 17170-17050 for Nifty. Traders are advised to look for sectors/stocks which are in momentum on a given day and trade with the trend in such counters. Also, at higher levels one should look to book timely profits on their trading positions.

TECHNICALLY SPEAKING.

Sensex achieved another milestone of 58k and it is surprising the street by its ferocious move and creating new history almost every day. This bull run has more legs to go and it is just a matter of time when Sensex will cross the 60000 mark because we are in a roaring bull market that may continue for the next 2-3 years. Technically, 58800 is an immediate target level while 57500 is immediate support whereas 56300-56000 will be a strong demand zone at any correction. The market witnessed some volatile movements and an attempt to hold the level around the Nifty 50 Index level of 17300. It is suggested that the market sustains above the level of 17150-17250, the market to gain momentum, leading to an upside projection till 17300-17400 level. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook. Buying action continued as positive global markets are helping the sentiment to remain bullish in local markets. Technically, the index has formed a strong bullish candle on weekly charts which is broadly positive.  On daily and intraday charts, it also maintains a breakout continuation formation indicating further uptrend from current levels.  While the short-term trend remains positive, some profit booking could be in the offing as traders may prefer to book some profits near the 17500 resistance level. For the trend following traders, 17200 and 17100 could be the important support level, while on the flip side, 17400 and 17600 could act as an important resistance level for the market. In the meantime, on weekly charts, the Bank Nifty has formed a range breakout formation, suggesting further upside if the index succeeds to trade above 36500.