NIFTY WEEKLY PREDICTION & TRADING TIPS FOR 2 MAY TO 6 MAY 2022

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REUSLT AHEAD 

2 MAY 2022 Housing Development Finance Corporation Ltd,Jindal Stainles,M&M Financial

3 MAY  2022 Adani Enterprises Ltd,Godrej Properties Ltd,Hero MotoCorp Ltd,Tata Steel,Titan Company

4 MAY 2022 Deepak Nitrite,Havells India,Kotak Mahindra,TATA Cons. Prod,

5 MAY 2022 Dabur India,Exide Ind,INDUS TOWERS,Marico,TVS Motor,Voltas

6 MAY 2022 Canara Bank,Federal Bank,Tata Power

9 MAY 2022 SRF

10 MAY 2022 Cipla, Asian Paints, Gujarat Gas

11 MAY  2022 CholaFin 

12 MAY 2022 AB Capital,Tata Motors , Avanti Feeds

13 MAY 2022 Escorts , Tech Mahindra,Coromandel Engg

WEEKLY RESISTANCE FOR NIFTY: 17506, 17689, 18025

PIVOT POINT: 17565

WEEKLY SUPPORT FOR NIFTY:  17444, 17357, 17015

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17410, 17429, 17447

PIVOT POINT: 17340

DAILY SUPPORT FOR NIFTY:  17374, 17356, 17337

DAILY CHART FOR NIFTY

The week started weak as indicated by SGX Nifty and in the opening trades themselves Nifty was below the psychological 17k level. The sell-off extended to test levels below 16,900 and saw a choppy intraday move within a 100 point range. Nifty eventually ended down 1.27% at 16954. US markets staged a notable overnight rebound from lower levels and continued to close well within positive territory. This lifted general sentiment on Asian stock markets On Tuesday morning. This led to a decent surge when our markets opened, which was then followed by a long consolidation. However, buying momentum picked up again in some of the heavyweight constituents towards the end of the session. As a result, Nifty rushed towards the 17200 level at the close. Wednesday’s session open was a re-creation of 22 April session, where markets had given us many promising signs the previous day, but started the day on a soft note due to global uncertainty. The correction extended in the following hours to almost test the 16950 level around mid-session. Fortunately, the bulls are not ready to give up as they pulled the markets higher again in the second half. Although there has not been a full recovery; At least Nifty managed to hold 17,000 on a closing basis. Indian equity benchmarks Sensex and Nifty rose sharply on Thursday amid broad-based buying, tracking a recovery in global markets. Financials, FMCG, IT and oil & gas stocks were the largest contributors to the gains in both benchmark indices. Broader markets also rallied, with the Nifty Midcap 100 and Nifty Smallcap 100 indices each up about half a percent. Globally, the war between Russia and Ukraine, Beijing's fight against rising COVID infections and the Fed's dovish tone remained in focus. Both leading indices ended the day 1.2%higher. Market ended on negative note with Nifty around 17100 on April 29 amid selling across the sectors. At close, the Sensex was down 460 points at 57060, and the Nifty was down 142 points at 17102.

NIFTY: A STRONG SUPPORT WILL BE @ 17400; STRONG RESISTANCE LEVEL SEEN @ 17800

One day up, one day down is a clear sign of a directionless market. The general sentiment is somewhat cautious and in this environment we are fortunate not to repeat the corrective moves we are seeing in global markets. We reiterate that we remain hopeful until 16800 is successfully defended and there is some possibility of recovery in the coming days if nothing escalates on the global front. For the upcoming session, 17200  followed by 16,900 should be considered sacrosanct support and an attempt can be made by walking around it for a long time. On the other hand, 17500- 17700 are seen as immediate hurdles.

TECHNICALLY SPEAKING

Participants, particularly traders, had a really tough time in the April series as the benchmark oscillated in a broader range and eventually settled with a drop of over a percent. Global factors such as the possibility of faster-than-expected Fed tightening, geopolitical tensions between Russia and Ukraine and the resurgence of COVID in China etc. continue to weigh on sentiment, however buying in select index majors limited the downside in the finals weeks. While the global narrative hasn't changed much yet and the start of the earnings season paints a mixed picture on the domestic front as well. Let's try to gauge what the month of May has in store for the Nifty 50 and Bank Nifty and some of the stocks that look promising for position trades. It has been trading in an expanding bearish formation for the past six months and is currently hovering around the key long-term moving average support zone (200 EMA) after testing the upper band of the range around 18,150 in early April. We believe the 16,800 level would act as a make or break zone. A decisive breakdown would strengthen the bears and could result in a gradual decline towards 16,400 or below in the coming weeks. In the event of a recovery, the 18,000 zone would act as a stiff resistance. The banking index traded broadly in sync with the benchmark in April, eventually stabilizing at flat levels. It is currently trading in a congestion zone around the moving average band on the daily chart. To regain strength, the banking index should decisively retake the 37k zone, which could fuel the recovery to 38k-39500 in the following weeks. In the event of a failure below the 35,500 zone, pressure may resume, which may result in a retest of the 34,000 level.