NIFTY BANKNIFTY OUTLOOK FOR BUDGET WEEK 31 JAN 2022 TO 4 FEB 2022

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WEEKLY RESISTANCE FOR NIFTY: 17300, 17650, 18000

PIVOT POINT: 16800

WEEKLY SUPPORT FOR NIFTY:  16600, 16450, 16200

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17200, 17300, 17400

PIVOT POINT: 17000

DAILY SUPPORT FOR NIFTY:  16900, 16800, 16700

DAILY CHART FOR NIFTY

Monday, we began the week on a flat note thanks to mixed global cues. After a few initial trades, the negative trend returned. In fact, as the day progressed, the sell off intensified to break all intraday support levels one after another. Due to minor recovery in the end, the Nifty eventually settled above 17100 by losing nearly 3%.DOW futures traded with a deep cut Tuesday morning, followed by a gap down and a sharp correction to almost reach the 16800 mark. Due to the oversold market, the Nifty rose towards 17300 by the close. Wednesday market was closed on occasion of republic day. Despite a one-day gap, our markets started the Thursday session on a weak note as global markets continue to sulk post-Fed. In fact, the selloff accelerated around mid-session to hasten towards Tuesday's low. Fortunately, the bulls are not to be intimidated as they continue to push higher. Banking sector strength contributed to a subsequent recovery and limited Nifty's losses to less than 1%.   Investors at the stock market breathed a sigh of relief on Friday, as the market stopped selling, and the focus shifted to the Nifty50's quarterly earnings. All sectors saw buying on Friday. IT and realty indices were the most resilient after heavy selling. The Sensex ends 77 points lower than its high; Nifty holds above 17,100; NTPC jumps 4%; Adani Wilmar's IPO is a success. A tug of war between improving corporate earnings and fundamentals in India and global tapering and rate hikes will keep markets more volatile in 2022, unlike 2021 when it was a trending market.

NIFTY: A STRONG SUPPORT WILL BE @ 17400; STRONG RESISTANCE LEVEL SEEN @ 18200

Until & unless, the worldwide vulnerability don't vanish, we are likely to have challenging markets where the instability remains on the higher side. Presently the budget is around the corner and hence, we don't anticipate any conclusive move (on either side) for next couple of days. In fact talking, 16800 is considered to be a significant level since it coincides with the 78.6% retracement of the later up move as well as the drift line support. Showcase has not as it were overseen to hold it in final couple of sessions but too had an amazing recuperation to recover 17000 with a few specialists. Thus, as long as this back holds, we remain confident for a few recuperation from hereon.

TECHNICALLY SPEAKING

Taking a look at the day by day time outline chart, ready to see Clever following nearly by 50% of the later rally and saw a few relief after nearing the ’89-day EMA’. Thus, for the coming week, 17500 – 17400 should be considered as vital bolsters. In spite of the fact that the global picture isn't great, we still would like to back our slant towards a few alleviation move. On the off chance that any recuperation should happen there would not be better levels than this. On the upside, to begin with sign of quality would begin over 17800 and after that we will recover the 18000 terrain ahead of the budget itself. To begin with couple of sessions would be imperative for advertise because it will set the tone ahead of the mega event. As distant as our understanding is concerned, one ought to center on Monetary and Auto space since in case of a recuperation, they are the ones to be the frontrunners..