NIFTY WEEKLY PREDICTION & TRADING TIPS FOR 04 JULY TO 8 JULY 2022

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WEEKLY RESISTANCE FOR NIFTY: 15800, 16200, 16500

PIVOT POINT: 15500

WEEKLY SUPPORT FOR NIFTY:  15300, 15100, 14800

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15750, 15850, 15950

PIVOT POINT: 15650

DAILY SUPPORT FOR NIFTY:  15500, 15400, 14950

DAILY CHART FOR NIFTY

We had a great start to the week as global markets looked jubilant in the absence of any unfavorable development. After opening at 15900, the markets failed to maintain the same momentum throughout the session. In fact, towards the end of the session, the Nifty came down a bit, eventually ending near the bottom of the day. Despite this, the leading index managed to close above the 15800 level, gaining more than eight tenths of a percent. On Tuesday morning, global clues were a little sluggish and as a result our markets started the session on a soft note. In early trading, the Nifty tested the key support around 15700. This was followed by a gradual recovery in the first half, eventually picking up some momentum towards the fag end of the session. As a result, Nifty ended the session with a negligible gain right at 15850. On Wednesday, US markets remained under pressure again and due to overnight weakness, our markets started the session nervously. Similar to the previous session, the Nifty tested 15700 in the initial trade and then rallied slightly during the remaining portion of the session. Eventually the Nifty continued to rush towards the 15850 level but with some profit taking towards the end it finally ended the session right at 15800. We had a flat start to the monthly expiry session on Thursday, June 30, 2022 amid mixed global clues. In the first hour the market rose a bit to challenge the 15900 level. However, at higher levels, the bulls got nervous again, leading to some profit booking to erase gains. During the remainder of the session, the Nifty consolidated in a small range to finally complete the June run convincingly above 15700. The Reserve Bank of India is keeping an eye on the rupee's exchange rate, Finance Minister Nirmala Sitharaman said on July 1 after the rupee hit a new record low against the dollar. The government is in constant discussions with the RBI over the exchange rate, Sitharaman told reporters in New Delhi on the sidelines of an event, adding that she is aware that a weaker currency translates into higher import costs. As of Friday, July 1, 2022, the Sensex was down 260 points to 52758 and the Nifty was down 78 points to 15702. Unfavorable signals from the domestic market led to a weak start to Friday on weakness in the rupee and sales at oil refineries as the government imposed an additional export tariff on petrol and diesel. Adding to the weakness, Indian factory output growth slowed in June as high inflation continued to dampen demand. However, the FMCG sector saw strong buying supported by falling commodity prices as prices were believed to have peaked.

NIFTY: A STRONG SUPPORT WILL BE @ 15500; STRONG RESISTANCE LEVEL SEEN @ 16200

During this week we have seen lethargic moves in major indices as we can see the trading range for Nifty shrink to just 180,200 points. Meanwhile, despite several attempts, the bulls have managed to successfully defend the key 15500-15300 support. On the other hand, 15900 16000 remains a stable wall. Now that we are entering a new range, 15900-16200 would be seen as the immediate range and a decisive breakout on either side should set the short-term direction.

TECHNICALLY SPEAKING

The Nifty started the week on a strong note but failed to build on gains. It has been consolidating throughout the week and in the last session it had strong swings in both directions. Short term support zone was placed around 15700-15650 which the index broke on July 1st but found support near 15500. The overall structure shows that the index is likely to see a consolidation in the 15500-15900 range in the coming sessions. It is expected to face selling pressure as it approaches the 15900-16000 zone. On the other hand, dips towards 15600-15500 can be used as buying opportunities.