NIFTY PREDICTION FOR TOMORROW 13 JULY 2021

The market witnessed a volatile movement and failed to breach the resistance level of Nifty level of 15800. At close, the Sensex was down 13 points at 52372, and the Nifty was up 2 points at 15692. Market is waiting for one big reason to go upside. it is filled with fear of correction as monsoons have been delayed, crude oil prices are at highest levels and the dollar is getting stronger. Overvalued stocks are witnessing profit booking and the same money is getting shifted to undervalued stocks. Financial stocks received a boost from the Reserve Bank of India's decision to allow reverse mergers of banks older than five years with their holding companies.

NIFTY PREDICTION FOR NEXT WEEK 12 JULY TO 16 JULY 2021

WEEKLY RESISTANCE FOR NIFTY: 15800, 15900, 16000

PIVOT POINT: 15700

WEEKLY SUPPORT FOR NIFTY:  15600, 15500, 15400

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15750, 15800, 15850

PIVOT POINT: 15700

DAILY SUPPORT FOR NIFTY:  15650, 15600, 15550

DAILY CHART FOR NIFTYLast Friday’s tail end recovery was followed by a gap up opening on Monday to kick-start the new trading week. We clearly shrugged off mixed global cues early in the morning and traded firmly post the opening as well. Although we did not add significant gains after the opening hour, the Nifty maintained its positive posture throughout the session to close tad below the 15850 mark. Amongst the sectoral movers, the overall strength in financial and metal counters propelled the Nifty higher. Our markets started the Tuesday on a flat note as there was no major trigger from the global peers. Subsequently, the buying momentum accelerated in some of the financial stocks, which pushed the index higher towards the record high. There were couple of attempts made post the midsession to register a new high; but this again failed as we saw a complete nosedive at the stroke of the penultimate hour. This sudden profit booking pared down all gains to conclude the session with nominal loss. Nifty started the Wednesday on a flat note and consolidated within a range in the first half of the day. However, it gathered momentum in the last couple of hours and ended the day tad below 15900 with gains of less than half a percent. Nifty started the weekly expiry Thursday marginally negative on back of soft global cues. Post some consolidation in the first hour, the indices witnessed selling pressure and it crept lower throughout the day to end with a loss of about a percent. Nifty ends below 15700 on Friday.

INFORMATION ABOUT INFLATION AND ECONOMIC GROWTH IN JULY 2021

A new month offers a new round of economic reports, so mark your calendar for the following closely watched releases:

 2 July 2021: The labor report for June will detail how many employees were added to payrolls as well as the unemployment rate.

7 July 2021: Data in the monthly JOLTS (short for: job openings and labor turnover summary) report is lagging, but the job openings data for May could be a leading indicator of future hiring plans.

13 July 2021: The consumer price index (CPI) report for June is due and is one of the key measures of inflation.

29 July 2021: The advance estimate (the first of three) for gross domestic product (GDP) for the second quarter is scheduled for release.

30 July 2021: The personal consumption expenditures (PCE) report for June is scheduled for release. This is the Federal Reserve’s preferred measure of inflation.

NIFTY PREDICTION FOR NEXT WEEK 5 JULY TO 9 JULY 2021

WEEKLY RESISTANCE FOR NIFTY: 15800, 15900, 16000

PIVOT POINT: 15700

WEEKLY SUPPORT FOR NIFTY:  15600, 15500, 15400

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15750, 15800, 15850

PIVOT POINT: 15700

DAILY SUPPORT FOR NIFTY:  15650, 15600, 15550

DAILY CHART FOR NIFTY

Trading for the week started with an upside gap at new record high. However, since there was follow up buying missing in the heavyweight constituents, the Nifty kept correcting gradually after registering a high of 15915 in the opening trade. For the major part of the day, index consolidated with a mild negative bias to eventually conclude tad above the 15800 mark by shedding nearly three tenths of percent. We had a flat start on Tuesday since there was no major trigger on the global front. In the initial trade, market slid lower and within no time, Nifty was back to 15750. Around the mid-session, bulls made a valiant attempt to recover but the selling reappeared after reaching the 15800 mark. Eventually, Nifty ended the session tad below 15750 by losing more than four tenths of a percent. Our markets opened slightly higher on Wednesday as indicated by the SGX Nifty.  During the  first  half,  Nifty  continued  its  northward march  to  surpass  the  15800  comfortably.  However  the  weaker banking  space dragged  the benchmark index lower  once again and as a result, Nifty kept sliding in the latter half to not only erase all gains but also concluded marginally in the red. For the second straight session, we started the proceedings marginally higher on Thursday as indicated by the Nifty. However, the buying interest is still missing and as a result, markets are finding it extremely difficult to sustain at higher levels. Barring one attempt of recovery at the mid-session, the index remained under a bit of pressure throughout the session. However the damage is not big though and hence, the weekly expiry ended tad below 15700 with nominal losses.

NIFTY: A STRONG SUPPORT WILL BE @ 15500; STRONG RESISTANCE LEVEL SEEN @ 15900

It was yet another dull week for our markets and the financial space once again disappoints. After a significant rally we tend to see  such  consolidation  in  key  indices,  but  generally  the  action continues in individual themes. This time, the stock specific action is also missing and that has been the real frustration for traders. For the coming session, 15600 – 15500 is to be seen as crucial support zone. If any recovery has to happen on the weekly expiry session, it should come from the mentioned supports only and for this, the banking index needs to contribute significantly. On the flipside, the immediate hurdle remains at 15800 – 15900.

TECHNICALLY SPEAKING ON NIFTY BANKNIFTY FUTURE/OPTION 

Nifty has continued to move in a range for successive trading sessions this week and is likely to continue the trend in the coming week. Overall the Nifty has fallen 1.5% so far this week sliding from all-time highs. For the coming week Nifty is unlikely to move past the 15700-15750 zone. A move below 15500 could attract bears. Nifty entered the July series after gaining consecutively for previous three Futures & Options series.

The outlook for Nifty and Bank Nifty for the upcoming expiry weekly expiry session is much identical and on similar lines. Nifty had seen the highest CALL OI concentration at 16000; however this has drifted lower to 15700 followed by the second highest CALL OI at 15800. For the coming week Nifty is unlikely to move past the 15700-15750 Zone. The same is the case with Bank Nifty. Bank Nifty has maximum CALL OI at 35000 and the highest PUT OI at 34500. The index is likely to stay capped with any major move unlikely on any side. Nifty and Bank Nifty saw their highest rollovers in a decade at 80% and 79% respectively. This was fueled by massive retail participation. Now the major point to observe is that retail participants are classified as non-commercial/non-professional investors and they are wrong at major market tops as history shows it. This is one sentiment indicator and reading of this data also hints at a formation of a likely top in the market unless the 16000 points is taken out convincingly. It is a complete range-bound market where option writers are making money. Although the premiums are on the lower side the decay that we are seeing is pretty fast. As long as 15500 is not broken on the downside and 15900 is not broken on the upside the consolidation may continue. The reason for consolidation is the rising dollar index while rupee is getting weaker and FII are still not in the buy mode in the cash segment. Broadly till we are trading in the said range it is an option writer’s market and once the breakout happens that is where the momentum comes in. 

Global cues are fine; only the emerging market kitty is not attracting fresh flows. We saw a bullish engulfing candle last week which has not repeated this week. Best thing to do is stick to strength stock.  Nifty Open Interest Put Call Ratio fell to 1.12 levels from 1.30 levels. Amongst the Nifty options of 8 july 2021 expiry Call writing was seen at 15800-15900 levels Indicating resistance is seen around 15900 levels. On the lower side support is seen in the vicinity of 15600-15700 levels where we have seen Put writing.

To sum it up short build up in Nifty futures Long unwinding in the Bank Nifty Futures Call writing at 15800-15900 levels and short build up by FIIs’ in the Index Futures segment Indicates that one should remain cautious for the markets. Therefore our advice is to remain cautious and wait for the Nifty to cross 15900 levels for going long aggressively. On the lower side 15600-15700 level will act as an immediate support where Puts have been written. In the Bank Nifty our advice is to remain cautious till it closes above 35000 levels. On the lower side support is seen in the vicinity of 34500-34700 levels. Despite all the volatility IVs continued to remain choppy and no major hedging positions were formed which is pointing towards more upsides in coming days. For the July series highest Call base is placed at 16000 followed by 16200. However in case of any profit booking June series major support of 15600 should provide cushion. We feel short covering should trigger in private banks which should push the Bank Nifty towards 36500. For a major part of the June series Bank Nifty remained laggard and from expiry to expiry bases apart from HDFC bank most of them ended negative. We feel the July series should be the month for banking and outperformance could be possible from the banking space which should push the Nifty towards 16200. No sizable OI additions were seen on the Call side. However Put writing block of almost 15 lakh shares was visible in 35000 strike option for the coming weekly expiry. This level should act as a major support for the coming weekly expiry. Nifty weekly contracts have highest open interest at 15800 for Calls and 15700 for Puts while monthly contracts have highest OI at 16000 for Calls and 15500 for Puts. Highest new OI addition was seen at 15700 for both Calls and Puts in weekly and at 16000 for Calls and 15000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 1.94% and their future index short position by 17.83%. FIIs cut their position in index options by 32.33% in Call longs 46.08% in Call shorts 14.11% in Put longs and 28.49% in Put shorts.

NIFTY PREDICTION FOR NEXT WEEK 28 JUNE TO 2 JULY 2021

WEEKLY RESISTANCE FOR NIFTY: 15900, 16100, 16300

PIVOT POINT: 15800

WEEKLY SUPPORT FOR NIFTY:  15600, 15400, 15200

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15900, 15950, 16000

PIVOT POINT: 15850

DAILY SUPPORT FOR NIFTY:  15800, 15750, 15700

DAILY CHART FOR NIFTY

The U.S. markets ended with deep cuts on Friday and the Asian bourses too were trading in red ahead of our market opening. In line with the global cues, the SGX Nifty hinted at a negative opening and hence, Nifty started with a gap down of more than 150 points. However, indices recovered gradually throughout the day and ended the monday with gains of four-tenths of a percent around 15750. Our markets started the tuesday on a positive note and the index again approached the 15900 mark. However, around that recent swing high, we saw some tentativeness and a sell-off in the banking space in the last hour dragged the markets lower and Nifty ended the day marginally in the green. Nifty started the Wednesday marginally positive, but it consolidated in a range for most part of the day. However, we saw some sell-off in that last hour of the trade and Nifty ended the session with a loss of over half a percent. Nifty opened marginally higher and traded with a positive bias during the day. The index managed to end tad below 15800 with gains of over 100 points. Markets inched marginally higher in continuation to Thursday’s rise and settled around the day’s high on week ended Friday. After opening on a positive note, the benchmark witnessed profit taking and turned flat in no time. However, healthy buying in banking, metals and auto stocks supported the markets to regain some strength as the session progressed. Consequently, the Nifty closed at 15860 levels, up by 0.4%. 

NIFTY PREDICTION FOR TOMORROW 22 JUNE 2021

The market clawed back above day’s low and closed in the green as the market expects a faster economic recovery owing to the PM's announcement on free inoculation for all citizens. PSU Bank was the top sectoral performer on reports of the government finalizing Central Bank of India and IOB for privatization.

NIFTY PREDICTION FOR NEXT WEEK 21 JUNE TO 25 JUNE 2021

WEEKLY RESISTANCE FOR NIFTY: 15800, 15900, 16000

PIVOT POINT: 15700

WEEKLY SUPPORT FOR NIFTY:  15600, 15500, 15400

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15750, 15800, 15900

PIVOT POINT: 15715

DAILY SUPPORT FOR NIFTY:  15675, 15625, 15575

DAILY CHART FOR NIFTY

Our markets started the fresh week on a flat note; however, before anyone could realize Nifty was down around 200 points within the first half an hour to test the levels of 15600. This was followed by a bounce back and then consolidation for the major part of the first half. Subsequently, in the second half bulls again picked up momentum to erase all the morning losses and ended marginally in the green tad above 15800 levels. We had a gap up opening on Tuesday despite SGX was indicating a flat start. In the initial hour, Nifty reached yet another milestone of 15900; courtesy to banking space. During the remaining part of the day, Nifty remained in a slender range by maintaining its positive posture. Due to minor profit taking towards the end, Nifty ended around the midrange by adding nearly four tenths of a percent to the previous close. Markets had a nervous start Wednesday owing to sluggish cues from the global bourses. In the initial trade, it attempted to move higher but failed to sustain as it approached the 15900 mark. This led to a decent profit booking in the subsequent hour. The corrective move seemed to have arrested around the midsession and in fact, market made one more attempt to rebound in the latter half. However, a tail end correction across the board dragged Nifty at its lowest point of the day. Eventually, Nifty ended the session with more than half a percent cut to close tad above 15750. Market ended lower for the second consecutive day on June 17 amid weak global cues after US Fed signaled higher rates in 2023 in its policy outcome on Wednesday. At close, the Sensex was down 178 points at 52323, and the Nifty was down 76 points at 15691. On Friday markets fell sharply today with financials and metal stock leading the losses. The Sensex was down over 700 points when it hit 51601 at day's low while Nifty breached 15500 levels. This fall in the market can be attributed to the combination of these two reasons — Fed changing its stance on interest rate earlier this week and China announcing to use its metal reserves to check metal price rise

NIFTY: A STRONG SUPPORT WILL BE @ 15700; STRONG RESISTANCE LEVEL SEEN @ 16000

15700 was a crucial support for the index which on a closing basis was disrespected yesterday. This definitely affects the short-term trend of the Nifty. It is also important to note that this break of 15700 has happened on the back of high volumes. There is every possibility the markets correct till 15200-15300. We would need to evaluate the medium-term trend thereafter. The resistance is now at 15800 and any bounce can be used to short the market.

TECHNICALLY SPEAKING.

Technically, not much has changed from Friday’s close and in fact, the Nifty has been hovering around the 15800 mark for the last one week. If we observe the intraday hourly chart, the Nifty is gyrating within a range where 15600 is acting as strong support whereas on the higher side some tentativeness is seen around the 15800 levels. The bulls are still adamant as one or another sector is holding the markets up and dips are getting bought. However, we continue to have a view that if the benchmark has to test the levels of 16000 and beyond then the banking space needs to participate which has been an underperformer recently. However, if it fails then we may continue to see lethargic moves in the Nifty. Technically too, the trend remains intact till Nifty holds above 15,700 for an up move towards 16k mark. Globally, investors would cautiously track what action does other Central Banks take following Fed hawkish announcement. Domestically, monsoon, opening up of the economy in a phased manner and the pace of vaccination going forward would decide the further direction of the market. Most of the positives (easing of COVID-19 restrictions due to fall in daily infections) are already factored in by the market. It still looks to be a buy-on-dips kind of market. So, at lower levels, we might see some buying coming in and that could give a support to the market,

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 15 JUNE 2021

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After a volatile session, Nifty formed a hanging man sort of candle pattern on the daily chart. Strong strength has been seen in Nifty from lower levels, which suggest bulls managed to grab the opportunity from lower levels. Going forward, immediate base is coming near 15750-15700 zone. Any dip near the said levels will be a buying opportunity for the overall targets of 16000 mark. The immediate hurdle is coming near 15900-16,000 mark; the said levels will be profit booking levels on the higher side.

NIFTY PREDICTION FOR NEXT WEEK 14 JUNE TO 18 JUNE 2021

WEEKLY RESISTANCE FOR NIFTY: 15900, 16000, 16100

PIVOT POINT: 15800

WEEKLY SUPPORT FOR NIFTY:  15700, 15600, 15500

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15850, 15900, 15950

PIVOT POINT: 15750

DAILY SUPPORT FOR NIFTY:  15700, 15650, 15600

DAILY CHART FOR NIFTY

Nifty started the week on a positive note and continued its exercise of making new records and marked a high of 15773 yesterday. The trading range for the day was not much large and the index posted gains of about half a percent and ended around 15750. Nifty started the Tuesday session marginally positive but it corrected from the opening level and entered sub 15700 in the first hour of the trade. However, the index then recovered from its lows and ended the day marginally in the red around 15740. Nifty started the Wednesday’s session marginally positive and inched higher towards the 15800 mark around noon. The market breadth was positive and just when it looked that the index is geared to surpass that hurdle, it took a U-turn and declined sharply. Before anyone could realize, Nifty corrected almost 200 points from the high and then even entered sub15600 level. With a mild recovery from intraday low, Nifty ended the day with a loss of over 100 points at 15635. Post the volatility ahead of the weekly expiry session on Wednesday, the indices showed some pullback in Thursday’s session and managed to end the day tad below 15750 with gains of over 100 points.

NIFTY BANKNIFTY: A STRONG SUPPORT WILL BE @ 15600; STRONG RESISTANCE LEVEL SEEN @ 16000

Markets have moved from resilience to exuberance as bulls continue to march towards mount 16,000 in Nifty with sector rotation and earnings keeping the momentum alive. Falling US bond Yields along with supportive global cues are ensuring Nifty doesn't break key support levels. Good monsoon, improving Covid situation and falling VIX should keep markets driving higher.

TECHNICALLY SPEAKING.

Markets have moved from resilience to exuberance as Bulls continue to march towards mount 16,000 in Nifty with sector rotation & earnings keeping the momentum alive. Falling US Bond Yields along with supportive global cues ensure Nifty didn’t break key support levels. Good monsoon, improving Covid situation & falling VIX should keep driving markets higher. The Nifty  was fine this week - it is heading towards 15900-16000. A buy on dips is a better strategy to adopt as opposed to buying at the current market level. This is because the risk is to reward ratio is more favorable when traders accumulate positions on dips. The risk is lower and the targets are higher. The index has good support at the 15600 levels and until we do not disrespect this level on a closing basis, the overall trend remains bullish.

NIFTY PREDICTION FOR NEXT WEEK 10 JUNE 2021👇

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Market Slips From Record High To Close In The Red Amid Volatility.Nifty Slips 105 Points To 15635 After A Trading Range Of 233 Points. The Sensex Falls 405 Points To 51871 & Banknfity 285 Points To 34801. Nifty declined sharply for the day as Nifty was not able to hold on to the gains seen in last couple of weeks. Nifty saw a long red candle and the way Nifty has declined it bears to reason that one must take precautions to at least reduce some open trades. 

WHAT WILL HAPPENED IN STOCK MARKET ON MONDAY 07 JUNE 2021 ???

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On the week ended Friday 04 June 2021 nifty formed a small bearish candle on the daily chart. The candle had a long lower wick, similar to the ones seen in the last couple of sessions, suggesting buying at lower levels. On the weekly scale, the index formed a bullish candle, third in a row. This was the fourth week when the index formed a higher high-low candle. Some indicators are sending out overbought signals and suggesting a lack of strength in this case index could face strong resistance at around 15750-15850 levels. Yesterday’s candle resembled a 'Hanging Man' pattern, which suggests the market is stretched on the upside. Some of the momentum oscillators on the weekly charts are in the overbought zone. Indicators like weekly RSI have failed to maintain a pace in line with the price chart, indicating negative divergence and a lack of strength in upward momentum. Even if the bulls managed to get past 15750, it can hardly add 150-200 points, as critical resistance seems to be placed around 15850 level. On Friday, the index closed at 15,670, down 20 points. On the weekly time frame, an MACD 'Hook' occurred. RSI has also moved above 60 and this underlying trend is strong. Weekly charts point out towards trend continuation to the 15750-15850 zone on the way towards 16200 as an achievable target. A MACD Hook occurs when the signal line attempts to penetrate or penetrate the MACD line and turns at the last movement. The level of 15650-15550 will act as good support. Any dip near the range will be buying opportunity for the immediate bounce towards the 15850 level, which will pose as an immediate hurdle zone. Any decisive close above that can quickly push the index towards the 16,000 mark.

NIFTY PREDICTION FOR NEXT WEEK 7 JUNE TO 11 JUNE 2021👇

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WEEKLY RESISTANCE FOR NIFTY: 15700, 15850, 16000

PIVOT POINT: 15500

WEEKLY SUPPORT FOR NIFTY:  15350, 15200, 15000

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15650, 15750, 15850

PIVOT POINT: 15600

DAILY SUPPORT FOR NIFTY:  15500, 15400, 15300

DAILY CHART FOR NIFTY

We had a flat start to the week on Monday morning and in fact, in the initial trade, there was some mild negativity seen in the market. But similar to the recent trend, market absorbed the pressure and then resumed its upward momentum, once again led by the giant RELIANCE. As the day progressed, the buying momentum continued to first reach the new milestone of 15500 and in the final hour 15600 became the reality as well. Eventually, the Nifty ended the session with nearly a percent gains. Tuesday session started higher to post a new high beyond 15600. However in the absence of few heavyweights’ contribution, market could not extend the lead; in fact, we saw some minor profit taking in the first half. This was followed by a complete lull for the remaining part of the session. Eventually Nifty ended the session slightly below 15600 with negligible losses. Wednesday’s session started on a sluggish note owing to mixed global cues. As the day progressed, the index extended its losses a bit due to some profit booking in the few heavyweights. However post the mid-session, the sudden buying emerged at lower levels which pulled the index higher to conclude the session with a negligible gain in Nifty. Markets opened higher on Thursday at new highs as suggested by the SGX Nifty early in the morning. During the first half, market came off marginally but reversed from midway after partially filling up the opening gap. The buying momentum accelerated in the final hour of the session to reach yet another milestone of 15700. Eventually the weekly expiry panned out tad below this by marking daily gains over seven tenths of a percent.Market ended lower Friday after the RBI kept the key policy rates unchanged while maintaining an accommodative stance. The Sensex fell 132 points, to close at 52100, while the Nifty settled 20 points, lower at 15670. 

JUNE 2021 AN ACTION PACKED MONTH 🎬🎬

2 June 2021 MPC Will Start A 3-Day Conference, Sundaram Finance Holdings Close The Rights Issue.  

4 June 2021 RBI Will Announce Its Credit Policy.

11 June 2021 April IIP Numbers Are Expected. On The Same Date, The Supreme Court Will Hear On The Term Loan For The Interest-Free Moratorium.  

14 June 2021, The CPI And WPI Numbers Will Be Released

15 June 2021, Mandatory Hallmarking On Gold Jewelry Will Be Applied 

18 June 2021, The Changes In Closing On FTSE Global Index Will Take Place 

18 June-1 July 2021 Emphasis To Start The Open Offer. 

21 June 2021 the Sensex, To Implement The Rebalancing. In A Major Reshuffle, Gunjan Shah Will Take The Charges As CEO In Bata India From 21 June.

24 June 2021 the June series will expire and from the July series, F&O will make the changes in the Nifty lot size. Instead of 75, the new lot will be 50 from July 2021.

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NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 1 JUNE 2021

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Fresh breakouts, fresh highs and fresh closing seen in today’s session as index managed to closed a day at 15575 with gains of nearly one percent. Benchmark indices continued the gaining momentum on May 31 with Nifty hitting fresh record high of 15606. intraday session supported by the metal, energy and banking stocks. The Nifty50 hit a fresh record high on Friday but the Sensex is still 1000-point away from its last high of 52516, recorded on February 16, 2021.

NIFTY PREDICTION FOR NEXT WEEK 31 MAY TO 04 JUNE 2021👇

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WEEKLY RESISTANCE FOR NIFTY: 15550, 15750, 15950

PIVOT POINT: 15000

WEEKLY SUPPORT FOR NIFTY:  15350, 15150, 15000

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15500, 15600, 15700

PIVOT POINT: 15450

DAILY SUPPORT FOR NIFTY:  15400, 15300, 15200

DAILY CHART FOR NIFTY

Nifty today finally managed to breach its previous all-time high of 15,431 made in Jan’20 - touched new all-time high of 15455. On Monday staring of the week market ended marginally up, after trading flat for the most part of the session. The Sensex gained 111 points at 50652, while the Nifty settled just below 15200 on fag-end buying. On Tuesday Market witnessed a positive opening following reports of next set of stimulus measures and declining covid cases while a selling streak in banking stocks forced the market to shed its morning gains and close flat. As per the reports, the central government is preparing the next set of support measures to minimize the second wave's economic impact, especially for worst-hit sectors. Double rejections at 15250 yesterday, one each at the opening hour and the closing hour, had raised the possibility of a pullback today. So, even though, opening burst took Nifty shortly past 15250, it could not sustain, lending a weak bias through the first half of the day. This was mostly led by banks. However, positive global cues, as well as expectations of sectoral stimulus, held Nifty together, with metals as well as IT leading the charge. Market ended with little change on May 25 in the highly volatile session with selling seen in the financial names. At close, the Sensex was down 14 points at 50637, and the Nifty was up 10 points at 15208. Market ended higher Wednesday boosted by IT, auto and financial stocks as continued fall in domestic COVID-19 cases improved investor risk appetite. Positive Asian market also lifted sentiment. The Sensex gained 380 points to end at 51017, while the Nifty settled 93 points higher at 15301. Nifty started the day on a positive note and maintained a bullish bias throughout the day. Although it did not post any huge gains, the broader market was buzzing amidst which Nifty managed to end tad above 15,300 with gains of six-tenths of a percent.

Markets traded volatile and settled marginally in the green on the day of monthly expiry of May month contracts on Thursday. The benchmark indices witnessed a firm start but profit taking at higher levels capped the upside as the day progressed. Meanwhile, volatile swings witnessed across the board wherein banking showed tremendous resilience while oil & gas and realty traded subdued and ended lower. The Nifty closed at a record high, while the Sensex closed above the 51000-mark on Thursday. Asian markets witnessed mixed close, with shares indices Japan hovering near Wednesday's close. US GDP and jobless claims data are expected later in the day.

NIFTY BANKNIFTY: A STRONG SUPPORT WILL BE @ 15200; STRONG RESISTANCE LEVEL SEEN @ 15600

We are expecting the Nifty to move towards 15800-16000 zone in the coming weeks. While major support is now placed at 14900 and 14600 zone. Crucial support for the banking index is placed at 33200 and then 32000 zone. On the flipside, immediate resistance can be seen around 36500 and 37700 zone.

TECHNICALLY SPEAKING.

The overall structure of the market remains positive as investors are upbeat about unlocking of economy in June which will help revive commercial activities. Technically, Nifty is poised towards an up move to life time high of 15431 and 15500 zones while on the downside support exists at 15200- 151000 zones. Hopes of further stimulus by government is bolstering investor confidence. As the 2nd Covid-19 wave continues to recede in India and pace of vaccination expected to pick up from next month, we expect the long term fundamentals to remain intact. Rising global inflation is a worry but is unlikely to hurt India, unless energy prices start picking up. 

NIFTY PREDICTION FOR NEXT WEEK 24 MAY TO 28 MAY 2021👇

WEEKLY RESISTANCE FOR NIFTY: 15200, 15350, 15500

PIVOT POINT: 15000

WEEKLY SUPPORT FOR NIFTY:  14800, 14650, 14500

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15175, 15275, 15375

PIVOT POINT: 15100

DAILY SUPPORT FOR NIFTY:  15050, 15000, 14950

DAILY CHART FOR NIFTY

Markets continues with its recent trend where the opening on Monday happens with either upside or a downside gap. For the second straight week markets started the week on a pleasant note owing to some of the cooling off across the globe. Subsequently there was a brief period of consolidation being witnessed in our market as we immediately saw the momentum picking up in the upward direction. Throughout the remaining part of the session, the Nifty went on to post handsome gains over one and half a percent to reclaim the 14900 mark with some authority. . Very much on expected lines, we kick-started the tuesday with a bang beyond the psychological barrier of 15000 and then extended the lead in the initial hour. After cementing its position above 15050, we witnessed some consolidation for the major part of the day. Eventually the index managed to reclaim 15100 on a closing basis by adding another percent to the bulls’ kitty. The global uncertainty reappeared Tuesday night and the way other global peers were trading Wednesday morning, the gap down was eminent in our market as well. Fortunately, we did not start as lower as the SGX was indicating. In fact post the weak opening, our markets recovered completely in the initial trades. However at higher levels, there wasn’t enough strength to go beyond 15150 – 15200 levels. Hence for the remaining part of the day, we remained in a negative territory and kept flirting with the 15050 mark. Eventually, the dull session ended below this point by shedding nearly half a percent to the previous close. Markets witnessed profit taking for the second day in a row and lost nearly a percent. After opening on a flat note, the benchmark traded lackluster however selling pressure in the latter half pushed the index lower. On the sector front, Metal, Banking & Oil & Gas were the top losers wherein Consumer Durables and Capital Goods ended with gains. At close on Thursday, the Sensex was down 337 points at 49564, and the Nifty was down 124 points at 14906. on Friday market built on gains clocked through the day and ended nearly 2 per cent higher on Friday after India's largest public sector bank, State Bank of India, reported a healthy quarterly show. The lender's net profit zoomed over 80 per cent to Rs 6,451 crore in Q4FY21 as it set aside lower provisions and expected asset quality to improve going forward.  Supported by rally in other financial stocks, the BSE barometer of 30-shares ended at 50,540 levels, up 976 points or 1.9 %. Both the indices hit their respective highs of 50,591 and 15,190. 

NIFTY: A STRONG SUPPORT WILL BE @ 14800; STRONG RESISTANCE LEVEL SEEN @ 15500

We are very much poised to test the record highs soon or may even go beyond it. Before this, 15220 – 15340 are the levels to watch out for. On the flipside, the previous resistance zone of 15050 – 14970 is likely to act as a sheet anchor now. although the financial space did not move to the tune of last week  gigantic rally, it still has the lion’s share in pushing the Nifty beyond the sturdy wall of 15000.

TECHNICALLY SPEAKING.

The psychological level of 15200 has proved to be a stiff resistance for the index. We reacted quite sharply and fell over a 100 points. However since 15000 is held on a closing basis, the overall market trend remains bullish. If we break 15000 there will be a reason for concern as if we disrespect that, we could slide down to 14800. On the upside there is still room to achieve a target of 15300-15500. All dips or corrections can be utilized to enter long positions. India VIX moved up 1.72% from 19.31 to 19.65 levels. The fear gauge needs to hold below 20 level to extend the bullish market momentum. On the options front, maximum Put Open Interest stood at 14,000 level followed by 14,500 while maximum Call OI was seen at 15,000 level followed by 15,500. Call writing was seen at strike prices 15,000 and 15,500 while there was Put writing at 14,900 and 15,000 levels. Options data suggested a broader trading range between 14,700 and 15,200 levels.

NIFTY OUTLOOKOPTION TIPS FOR 18 MAY 2021

Dalal Street marched higher on the first trading session of the week. Bulls took control and pulled Sensex 1.7% higher to end at 49,580, while the Nifty closed at 14,923. Indian indices soared with solid gains led by banking, metal and auto stocks due to fall in infection cases. The market expects a rapid fall in daily reported Covid cases which helped to ease concerns over extended lockdowns and sharp correction in FY22 estimates. Banking stocks took a breather as it helped in soothing asset quality concerns.

NIFTY PREDICTION FOR NEXT WEEK 17 MAY TO 21 MAY 2021👇

WEEKLY RESISTANCE FOR NIFTY: 14800, 15000,15200

PIVOT POINT: 14600

WEEKLY SUPPORT FOR NIFTY:  14400, 14200, 14000

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 14750, 14850, 14950

PIVOT POINT: 14650

DAILY SUPPORT FOR NIFTY:  14550, 14450, 14350

DAILY CHART FOR NIFTY

Nifty started this week on a gap up, but it then consolidated within a range throughout the day with a positive bias. Amongst a good stock specific action, Nifty managed to end with gains of eighteenths of a percent around 14950. The SGX Nifty hinted at a negative opening for our market on Tuesday and in line with that, we started the tuesday gap down below 14800. However, we did not slip much from the opening levels and the index recovered much of the losses around noon. But since the participation was missing from the index heavyweights, Nifty again corrected and ended the day at 14850. On Wednesday, our markets corrected in the first couple of hours on the back of weak global cues and tested the 14700 support. We witnessed some intraday pullback from there, but again indices corrected sharply as we approached the close and Nifty ended the day tad below 14700 with a loss of over a percent. Thursday market was closed on accounts on Eid. : Friday nifty opened lower and remained in a falling trajectory for the most part of the session. The Sensex ended at 48732 up 42 points while the Nifty settled at 14678, down 19 points. Indian equity markets remained largely range bound over the last week. The Covid situation in India is no doubt grim and hence the health issue is something that could keep markets volatile in the near term. Corporate earnings season for Q4FY21 is underway. So far the earnings reported have been largely in line with consensus expectation. Earnings have been led by strong performance in the banking and commodities sector. Going forward, market will likely track the pace of vaccinations, trajectory of active cases curve and management commentary of companies. Roll-back of localised lockdown and trend of inflation in many global commodities like crude oil and steel will be other key factors to watch-out by investors.

NIFTY: A STRONG SUPPORT WILL BE @ 14500; STRONG RESISTANCE LEVEL SEEN @ 14950

Nifty’s price structure since its April low shows ascending lows and descending tops. It represents that Nifty is stuck in a congestion phase. Immediate trading band is seen between 14,500-14,950 zone.

TECHNICALLY SPEAKING.

The markets have been range-bound between 14400 and 15000. In the short term, 14700 is good support for the index and we are hovering around that level. If we close below this level today, it might prove to be a bearish signal and we will have to review the charts on Monday when the new trading week commences. The Nifty will lose its upside edge if we break 14700 on a closing basis as that might take the index down to 14400.