NIFTY PREDICTION FOR NEXT WEEK 13 DEC TO 17 DEC 2021

WEEKLY RESISTANCE FOR NIFTY: 17600, 17800, 18000

PIVOT POINT: 17400

WEEKLY SUPPORT FOR NIFTY:  17200, 17000, 16800

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17550, 17650, 17750

PIVOT POINT: 17450

DAILY SUPPORT FOR NIFTY:  17350, 17250, 17150

DAILY CHART FOR NIFTY

In the midst of the mixed global cues, our markets started the week on a flat note. After the initial volatility, Nifty managed to find a clear direction; but unfortunately it was southwards. As the day progressed, the selling aggrandized across the broader market to break all intraday supports one after another. Eventually, bulls surrendered the psychological level of 17000 convincingly to mark lowest daily close in last three months. Despite positive global cues, our markets had a terrible session on Monday as Nifty marked the lowest close in last three months. But we could not neglect the extended recovery in global peers on Tuesday. All key indices started the session with a decent upside gap and as the day progressed, the upward move kept accelerating to recoup all previous day’s losses. Eventually, Nifty ended the session tad below 17200 with over one and half a percent gains. Tuesday’s smart recovery was followed by a decent bump up at the opening on Wednesday and cheerful mood across the globe provided impetus for this head start. This gap up might have caught so many overnight traders on the wrong foot and hence, there was a complete gush seen in the initial hour to cover shorts. As a result, all key indices extended their relief rally and remained steady post the RBI monetary policy, which turned out to be a non-event.In last couple of sessions, our markets have witnessed a remarkable recovery from sub-17000 territory. This positivity was carried over Thursday at the start as we witnessed a gap up opening with a small margin above 17500. However, in the initial hour, we witnessed a strong bout of profit booking to not only erase opening gains but also went on to slide below 17400. Fortunately the initial nerves settled down immediately which resulted in a complete recovery during the remaining part of the day to conclude the weekly expiry on a positive note tad above the 17500 mark. Indian market traded with cuts to close flat following weak sentiments in the global market as the market awaits the release of Indian and US November inflation numbers.  market ended on flat note in the highly volatile session on 10 dec 2021 friday. At close, the Sensex was down 20 points at 58786, and the Nifty was down 5 points at 17511.

NIFTY: A STRONG SUPPORT WILL BE @ 16800; STRONG RESISTANCE LEVEL SEEN @ 17800

If we take a glance at the overall price movement in last 7 – 8 sessions, markets has been gyrating in a slightly wider range where both ends got tested with immense volatility. So market has decided to take some breather after nearing the cluster of resistance i.e. 17500 – 17600 – 17700.  For the coming session, 17200 followed by 17000 are to be seen as immediate supports.

TECHNICALLY SPEAKING

Overall this week our market managed to close in the positive terrain; but it was certainly a challenging week for both counterparties. Market was clearly unsure of its direction for the most part of the week. If we look at it from a technical point of view, market is respecting the levels precisely. At the beginning, the Nifty started rebounding after reaching the price target of ‘Head and Shoulder’ pattern of 16800 and on Friday, it became nervous after nearing a stiff resistance zone of 17500 – 17600. Direction wise, we continue to remain cautious and there is no doubt we are still in a ‘Sell on rise’ kind of market. This view will remain intact as long as Nifty does not surpass 17900 which is the confluence point of two key trend lines. Also sooner or later we expect the recent low around 16800 is to be breached soon; but it will happen immediately or after some more consolidation in the range of 16800 – 17500; we need to assess the situation in the coming week. Meanwhile, traders can continue with a stock specific approach and we may see trades on both sides if Nifty remains in a consolidation mode. But it would be a prudent strategy to keep booking timely profits and considering the volatile nature of global markets, carrying aggressive bets overnight should be strictly avoided. As far as levels are concerned, 17350 – 17500 – 17600 are to be considered as immediate hurdles; whereas on the flipside, 17000 – 16800 should be treated as a cluster of support.