NIFTY WEEKLY PREDICTION & TRADING TIPS FOR 11 JULY TO 15 JULY 2022

STOCKS QUARTER RESULT AHEAD

12 JULY 2022 DELTACORP , HCLTECH

13 JULY 2022 Mindtree Ltd

14 JULY 2022 ACC Ltd,Larsen & Toubro Infotech Ltd,Tata Elxsi Ltd

15 JULY 2022  L&T Technology Services Ltd

16 JULY HDFC 2022  HDFCBank Ltd,Bharat Electronics Ltd,ICICI Prudential Life Insurance Company Ltd

WEEKLY RESISTANCE FOR NIFTY: 16300, 16500, 16700

PIVOT POINT: 16100

WEEKLY SUPPORT FOR NIFTY:  15900, 15700, 15500

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 16275, 16375, 16475

PIVOT POINT: 16175

DAILY SUPPORT FOR NIFTY:  16075, 15975, 15875

DAILY CHART FOR NIFTY

The Indian stock market enjoyed a strong trading day on the 1st day of the week in July, 4th July 2022, during which the initial hiccup that dogged the weak Asian markets resulted in a significant recovery. The benchmark Nifty index initially fell to 15660 sub-levels from where the bulls took charge and floated the index to settle near the daily high, gaining over half a% to end the day well above the level of 15800 to finish. The Indian stock market got off to a bullish start on July 5, 2022 as the benchmark index, the Nifty50, gaped up decently and surged above the psychological 16000 mark in the first half of the session. Although supply was a challenge in the higher spots, the bears showed their resilience in not letting the psychological mark be taken anytime soon and tightened their grip to reduce any gains from the session. With all the action, the index ended the day in red down just 0.15% and settled slightly above the 15800 level. The Indian equities sector had a subdued opening on July 6, 2022 despite weakness in Asian stock markets and continued volatility in the first hour of trading. Soon after, the benchmark index regained some stability and gradually marched higher towards the 16000 sub-zone. The general buying has lifted the general sentiment, resulting in a positive close of our market. The Nifty50 ended the day just below the psychological 16000 mark with gains of over 1.12%. The positive global cues had led to a promising start for our market at the July 7, 2022 weekly expiry meeting. The initial bullish gap in the benchmark index continued throughout the day, suggesting an encouraging sign for market participants. The attrition effect of positivity was visible across the board as the index decisively jumped the psychological mark. At the end of the session, the Nifty maintained gains and ended the day on a positive note at the 16133 level, raising nearly 1%. Market ended on positive note on July 8 with Nifty above 16,200. At close, the Sensex was up 303 points at 54481, and the Nifty was up 87 points at 16220.

NIFTY: A STRONG SUPPORT WILL BE @ 16000; STRONG RESISTANCE LEVEL SEEN @ 16500

The short-term structure appears bullish as the index has significantly recaptured the psychological 16200 level. Buying interest towards the end also bodes well for market participants as the Nifty closed near the high for the month. From here, the unfilled gap on the downside of the 16,000-15,800 odd level should act as a demand zone and cushion any minor blips. On the upside, the 16300-16400 sub level should be viewed as immediate resistance, a break of which could result in the next potential hurdle around the 16500-16800 zone.

TECHNICALLY SPEAKING

Sensex and Nifty 50 have raised past their key near-term resistance levels of 54000 and 16200 respectively. This is bullish for the Indian benchmark indices going forward. Sensex can rise 55000 while it sustains above 54000. Nifty can test 16300 and even 16400 as long as it trades above 16150.  The Nifty have formed a small positive candle on the daily chart with a long lower shadow, in a sign it is headed towards its next hurdle at 16300. A sustainable move above 16300 could open a sharp upmove with immediate support at 16100. index has crossed its 40-day exponential moving average in an attempt to fill up a gap created on the daily chart last month. We can see levels of 16300 -16400 from a short-term perspective. The maximum call open interest is accumulated at the strike price of 16300 , with 1.9 lakh contracts, and the next highest at 16400 , with 1.7 lakh contracts, according to exchange data. The maximum put open interest is at 16100 and 15500 with 1.6 lakh and 1.5 lakh contracts respectively. This suggests a strong hurdle after the immediate resistance level of 16300 at 16500 , and a strong cushion at 15500.