NIFTY PREDICTION FOR TOMORROW 01 SEP 2021

Recording breaking august ended the nifty above 17000 mark. Market indices rose to the record high levels for the second consecutive day on August 31 supported by the IT, power, healthcare and metal stocks. At close, the Sensex was up 662 points at 57552, and the Nifty was up 201 points at 17132.

NIFTY PREDICTION FOR NEXT WEEK 30 AUG TO 03 SEP 2021

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WEEKLY RESISTANCE FOR NIFTY: 16800, 16900, 17000

PIVOT POINT: 16650

WEEKLY SUPPORT FOR NIFTY:  16550, 16450, 16350

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 16750, 16750, 16850

PIVOT POINT: 16700

DAILY SUPPORT FOR NIFTY:  16650, 16550, 16440

DAILY CHART FOR NIFTY

The global set up on Monday 23 aug 2021 early morning was quite impressive and very much in line with this, our markets started the week on a pleasant note. However, we failed to hold these gains and without wasting much of a time, our markets not only erased all gains but also slipped slightly below 16400 in the opening hour. Fortunately, this dip was bought into and thereafter market managed to recover fair bit of ground. The volatility subsided post the midsession to witness range bound action throughout the second half. Eventually, the Nifty ended the session with nearly three tenths of a percent gains. For the second straight session on Tuesday 24 aug 2021 , we had a gap up opening citing to favourable global cues. Similar to Monday, market witnessed an early dip to fill the gap area. Fortunately it stabilized precisely after filling the gap and thereafter had a steady up move throughout the remaining part to reclaim the 16600 mark on a closing basis. The major charioteer of yesterday’s rally was the high beta banking and financial space which was sulking of late. Markets opened higher for the third consecutive session on Wednesday and in the initial move, the Nifty even managed to clock fresh record high. However there was no enough strength to carry this momentum, this resulted in a sharp decline around the midsession. After this, market did stabilize but remained under pressure for the remaining part. Due to some modest recovery towards the end, the index closed marginally in the green. We had a quiet start on Thursday owing to muted global cues. In the initial hour, market showed some promising signs; but due to lack of follow up buying, the momentum disappeared all of a sudden. In fact, during the remaining part of the session, Nifty gyrated in a slender range of 80 points i.e. merely half a percent. Eventually, Nifty ended flat well above the 16600 mark.

NIFTY: A STRONG SUPPORT WILL BE @ 16400; STRONG RESISTANCE LEVEL SEEN @ 16800

As far as levels are concerned, the sacrosanct support is placed at 16550 – 16400 before which 16600 – 16700 are to be considered as immediate levels. On the upside, it’s hard to project any level as we have entered an uncharted territory. Still, every 100 points rally from hereon should be treated as the upside range.

TECHNICALLY SPEAKING.

Nifty formed a bullish candle on the daily scale with a long lower shadow while it continues to make higher highs higher lows from the last four weeks.  Now it has to continue to hold above 16700 to extend the move towards new lifetime high territory of 16800 and 17000. On the downside, support is seen at 16550 and 16350 levels.  India VIX fell by 1% from 13.54 to 13.34 level. Cooling down of volatility from recent swing highs has given a buy on decline stance to the market and now VIX needs to hold below 12 to get more buying interest in the broader market. The market witnessed a swift recovery after the initial fall. It seems 16550 will be an important support level in the short term. If the market breaches the level of 16725 -16755 and sustains above this level, it may gain momentum and may march towards 16850-17000 levels. Momentum indicators like RSI and MACD may stay positive and the market breadth may improve, further strengthening the short-term bullish outlook.

NIFTY PREDICTION FOR TOMORROW 27 AUG 2021

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Markets remained range bound for yet another session and ended almost unchanged. After the flat start, the benchmark hovered in a narrow band till the end however movement due to the scheduled monthly derivatives expiry kept the participants busy. Among the key indices, the Nifty index ended on a flat note at 16637 levels. The broader markets outperformed wherein both Midcap and Smallcap ended marginally higher. On the sectoral front, a mixed trend was witnessed wherein metal and auto ended with losses whereas capital goods, consumer goods and realty ended with gains.

NIFTY PREDICTION FOR TOMORROW 26 AUG 2021

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New day new high!!! The higher high and higher low setup in Nifty almost got distorted as Nifty tested 16400 on Friday but sector rotation ensured that Nifty bounced back to retest 16700 today on 25 August 2021. However, RSI has still not improved for Nifty as compared to 18th August high and we may see supply coming again at resistance zone of 16750 to 16850. The Nifty hit a fresh record high, but failed to close above the 16700 mark due to profit booking at higher levels. Technically, post the strong pullback rally, the index has formed a double top kind of reversal formation near the 16700 resistance level, which is broadly negative for the market. 

NIFTY PREDICTION FOR TOMORROW 25 AUG 2021

Market has given strong closing on Tuesday on the back of positive global cues and optimism over economic growth amid the easing of COVID-19 related restrictions by the states. The unlocking in the country has manifested itself in improving performance across various high frequency industrial and service sector indicators, mobility and toll collections in July 2021. Benchmark indices ended higher with Nifty above 16600 led by the metal, pharma, banks and power stocks. At close, the Sensex was up 403 points at 55958, and the Nifty was up 128 points at 16624.

NIFTY PREDICTION FOR TOMORROW 24 AUG 2021

Market ended on bullish note in the volatile session on August 23 led by the IT stocks. Indian markets started on a positive note following positive Asian markets cues after as Hong Kong’s Hang Seng edges out of bear territory seen in last week. During the afternoon session markets recovered from lows seen post opening session led by buying in TECK, IT and Energy stocks. Gains in frontline blue chip stocks such as HCL Tech and TCS also helped lift the markets.  At close, the Sensex was up 226 points at 55555, and the Nifty was up 46 points at 16496. Index opened a day with gap up but showed selling pressure since the start of the session and closed a day at 16496 with minimal gains forming a bearish candle on the daily chart.

NIFTY PREDICTION FOR NEXT WEEK 23 AUG TO 20 AUG 2021

WEEKLY RESISTANCE FOR NIFTY: 16300, 16400, 16500

PIVOT POINT: 16200

WEEKLY SUPPORT FOR NIFTY:  16100, 16000, 15900

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 16300, 16350, 16400

PIVOT POINT: 16250

DAILY SUPPORT FOR NIFTY:  16200, 16150, 16100

DAILY CHART FOR NIFTY

The Asian markets were trading mildly negative yesterday but still our markets managed to start on a flat note. Nifty traded within a narrow  range  throughout  the  day  and  ended  with  marginal  gains above 16560.Nifty started Tuesday’s session  almost flat and  traded  within  a  narrow range till noon. It then gradually corrected and breached the 16500 mark due to weakness seen in Banking space and the broader markets. However, it was not done yet, we saw a sharp upmove in the last hour of the trade which propelled the index to a new milestone and ended above 16600. In spite of sluggish cues from the U.S. bourses, Nifty started the day on a positive note on Wednesday and hit a new milestone of 16700. However, post the initial hour of the positive activity, the index gradually corrected from the highs for rest of the session and ended with a loss of over a quarter of a percent below 16600. The market was closed for trading on Thursday  August 19 on account of Muharram. Market ended deep in the red on August 20 but Nifty managed to defend 16,400. At close, Sensex was down 300 points at 55329, and the Nifty down 118 points at 16450.

NIFTY: A STRONG SUPPORT WILL BE @ 16200; STRONG RESISTANCE LEVEL SEEN @ 16700

Index opened Friday with a strong gap down on weak global cues and closed a day at 16400 with loss of nearly 1%. The index reached to its previous breakout zone & going forwards it will act as good support zone 16300-16200, if managed to hold above-mentioned support zone then one can expect a good bounce towards immediate resistance zone of 16600-16700 zone where one can again lock their longs gains on immediate basis also on overall basis 16500 zone will act as make or break zone on the higher side.

TECHNICALLY SPEAKING.

Indian benchmark had a cautious start on 20 aug 2021 with slight negativity in the market around level of 16500 as there is a fall in crude oil price in Asian markets. The recent weakness in Asian equity markets is also partly driven by the strengthening of the US dollar as the market prepares for the gradual reduction of monetary stimulus. A Wall Street brokerage has warned of a 9 % near-term correction for the equity market, saying the “street has only limited runway to continue the rally” that began in the second half of last year. The benchmark index Sensex has added a whopping 6,000 points since January and touched 56,000 on Wednesday. Following the pandemic mayhem, the stock market tanked over 35 % in March 2020. It has rallied over 118 % since then and after scaling 50,000 in January, the Sensex has peaked the 56000-mount earlier this week. We expect the markets to correct near-term to the tune of 9% . Our Nifty target is 15,000 by December implying a 9% potential downside near-term. Market looked a bit tentative in the first half of the week, especially the broader market as we witnessed a healthy correction in NIFTY MIDCAP 50 index. At one point, it was on the cusp of violating recent swing lows but fortunately it got its mojo back slightly and managed to recover fair bit of ground towards the end. Going ahead, things are going to get tougher because from hereon we are likely to see lot sector churning every now and then. Nifty has reached 16400  without the participation of banking space, which is hard to believe. So it would be interesting to see how things pan out going ahead. Also, it would be unfair to expect the similar pace from Nifty to reach new millstones. Since there is no sign of weakness, we are not advising to go against the trend but we reiterate when things start to look hunky dory everywhere, wise traders choose to take some money off the table. The  immediate supports for Nifty are placed around 16300 and 16000 while levels around  16700  and  16900  are  to  be  considered  as  immediate resistances.  Since there are no reversal signs  on the index, one should  avoid  taking  contra  calls  on  the  index  and  rather  be  very selective in picking stocks for trading. Also, since we are witnessing such divergence in broader markets, traders should avoid leveraged positions and also book timely profits on long positions. In terms of technical, the stock is trading well above the short- and long-term moving averages. Pricewise, the stock has formed an inverted head and shoulders pattern, which projects a bearish-to-bullish trend reversal. The reversal pattern is formed after a downtrend and its completion marks a trend reversal to the uptrend. Inverse Head and Shoulders is a bullish bottoming out pattern. For the last couple of weeks stock has been consolidating at breakout level and closed at a new high above the breakout level. Moving average convergence and divergence (MACD) indicator has given positive crossover with its average on the monthly chart indicating long term shift in trend. Technically, the Nifty index has confirmed a breakdown of the Dark Cloud Cover Candlestick pattern, which indicates some correction in the counter. A momentum indicator turned lower from the overbought zone while Stochastic has suggested negative crossover. However, on the four hourly charts, the index has settled above 21-EMA, which acts as immediate support for the counter. At present, the nifty index is finding the key resistance at 16700 levels while immediate support is at 16200 levels.

NIFTY & BANKNIFTY PREDICTION FOR TOMORROW 20 AUG 2021

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On Wednesday trade session, the Sensex climbed new life-time high of 56118 levels while Nifty touched it new all-time high of 16701 mark. The rally was well supported by inflows in large-cap stocks especially in IT sector. On Wednesday, August 18, the Sensex snapped its four-day record-breaking run to end lower by 162 points at 55629 and the Nifty declined 45 points, to close at 16568. The Sensex and Nifty are closed for trading today i.e. August 19 on account of Muharram. The currency markets will also be shut for the day. However, the MCX will be closed only in the morning session from 9 am to 5 pm. Normal trading will resume on Friday i.e. August 19. Markets traded highly volatile on account of weekly F&O expiry session and ended in the red. After opening in positive, the benchmark continued to trade on an optimistic note and touched new highs in the first half. However, as the day progressed markets pared all its gains and turned negative as investors’ choose to book profit in metals, financials and realty stocks. The market are awaiting the US Fed meeting minutes to provide some direction on future policy, which is expected to showcase its current accommodative policy in-line with the latest policy statement. The index faced some selling pressure and gave up its gains. However, the trend continues to remain positive and traders should use corrections like these to accumulate long positions. The Nifty has a good support at 16500 and until we do not close below this level, the momentum continues to be strong and bullish. On the upside 16700 will act as resistance. Banknifty which underperformed Nifty which lost more than 400 points and closed at 35554 on Wednesday 18 August 2021, has immediate support at 35350 & if it breaks this level then 35000- 34800 will be the next support level. On the upside 35700 will be the hurdle above which 35900 -36250 will act as a resistance level.

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Resistance: 16400, 16450, 16500

Support: 16300, 16250, 16200

NIFTY PREDICTION FOR NEXT WEEK 16 AUG TO 20 AUG 2021

WEEKLY RESISTANCE FOR NIFTY: 16600, 16700, 16800

PIVOT POINT: 16475

WEEKLY SUPPORT FOR NIFTY:  16375, 16275, 16175

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 16550, 16600, 16650

PIVOT POINT: 16500

DAILY SUPPORT FOR NIFTY:  16450, 16400, 16350

DAILY CHART FOR NIFTY

The journey of Sensex from 50,000 to 55,000 has been a remarkable feat due to the fact that it took only 7 months for the Sensex to rise 5,000 points.Sensex topped 50,000 mark for the first time on January 21, 2021, in intraday trade. After that it took just 10 sessions to hit 51,000 mark on February 5, and 6 sessions to hit 52,000 mark on February 15.It took slightly longer to rise for another 1,000 mark as that was the time when India was witnessing the devastating second wave of the coronavirus pandemic.Sensex took 85 session to rise from 52,000 to 53,000 on June 22, 2021. After another 30 seesions, Sensex was at 54,000 mark on August 4 and after just 7 sessions, on August 13, Sensex hit the milestone of 55,000.As many as 31 stocks from the BSE 500 index more than doubled during Sensex's journey from 50k to 55k while three stocks - Happiest Minds Technologies, JSW Energy and Balaji Amines surged between 207-281 %. Despite SGX Nifty was indicating a sluggish start, our markets started the week on a positive note. On the moday Nifty extended the lead by surpassing the 16300 mark. On Tuesday The Nifty was indicating a sluggish start early in the morning; but once again we shrugged off these cues and opened with a small upside gap. As the day progressed, the buying in some of the heavyweights picked up, resulting in marking a new high of 16359 in Nifty. On Wednesday session was a replica of Tuesday’s price action as we saw a positive opening first which was then followed by some profit booking around the midsession. However the latter half once again becomes the savior for the bulls. Market saw a smart recovery. On Thursday the weekly expiry day, we kick started marginally higher owing to favorable global cues. In the initial trades, market saw some mild corrective move; but within few following minutes, things stabilized as the market resumed it northward trajectory. In the remaining part of the session, Nifty continued its gradual up move to register new all.  Market rallied 1% hitting fresh record levels led by the IT, metal and FMCG names. At close, the Sensex was up 593 points at 55437, and the Nifty was up 164 points at 16529. 

NIFTY: A STRONG SUPPORT WILL BE @ 16300; STRONG RESISTANCE LEVEL SEEN @ 16800

We can expect the next level of the Nifty to be 16600-16700. Since the undercurrent is bullish and the momentum is fierce, a buy-on dips approach can be implemented for higher targets

TECHNICALLY SPEAKING.

The bulls continued to dominate as the benchmark indices scaled to new highs led by strength in IT majors. The mood was upbeat from the beginning, thanks to favourable global cues and supportive macroeconomic data viz. IIP and CPI inflation.. Amongst the sectors, except Realty and Healthcare, all the other indices ended with gains. The broader indices underperformed as both midcap and smallcap ended in the red. Markets are taking comfort from the upbeat global markets and supportive domestic cues amid the fear of a third COVID wave. However, we’re now seeing restricted participation and expect the same trend to continue, at least in the near future. We thus advise continuing with the “buy on dips” approach but focus largely on index majors and select midcaps for long trades. The market witnessed the continuation of the positive trend, after sustaining above the level of 16350. The market has breached an important resistance level of 16550. If the market sustains above the level of 16550, the market expects to gain momentum, leading to an upside projection till 16750-16850 level. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.

NIFTY F&O VIEW FOR EXPIRY 12-08-21

Market continues to trade in a small range between 16200-16350. After a positive start in the market on Wednesday, we witnessed a correction and the gains got wiped off in the early morning session. Sentiments remain intact and poised towards positivity as government data shows a very small impact of the second wave on the businesses and that suggests the signs of economic recovery. The market witnessed the continuation of trading within a small range and a reversal from the support level around the Nifty level of 16200. Market is going to be crucial for the short-term scenario to sustain above the 16200. At Close, the Sensex was down 28 points at 54525, and the Nifty was up 2 points at 16282. The market continues to respect the support level of 16200. We can expect the recovery in the market near the level of 16300 and gain momentum, leading to an upside projection till the level of 16400-16500.

NIFTY F&O & BANKNFITY FUTURE VIEW FOR EXPIRY 12-08-21

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Two months’ of boredom finally came to an end as the market kicked off the August month with a bang. There were several attempts made recently to reach the millstone of 16000 but every time global markets became a spoil sport. This time it was certainly not the case. We had complete support from the global peers which provided impetus to reach the magical figure of 16000. The moment we surpassed and sustained above it, there was no looking back. In the last four trading sessions, Nifty added more than 3% to the bulls’ kitty to hasten towards the 16,284.88 mark. During last week, the Nifty had a smart recovery from the lower range; but the banking index kept sulking throughout. As everyone knew, if the Nifty has to reach new highs, it wouldn’t have been possible without the contribution of this heavyweight space. Fortunately, it didn’t disappoint this time; courtesy to initial charge from the ICICI Bank and then it was all SBI and HDFC Bank’s show to reach the higher boundary of Bank Nifty around 36,256.93– 36,813.4.

Now, all eyes are on this space, because any sustainable move beyond 36200 would result in an extension of its rally towards its record high. This will certainly bode well for the bulls as we may then see Nifty reaching or even moving beyond the next milestone of 16,459.92. In our sense, short term traders can start lightening up positions if the Nifty reaches the mentioned levels in the coming days.As far as supports are concerned, 16,233.02 followed by 16,173.86 are likely to be considered as strong support for the benchmark; whereas for Bank Nifty, the similar zone is visible around 34,805.1– 34,248.63.In F&O space, we have witnessed a strong buying in futures segment in last three out four trading sessions, which is clearly reflected in the price action. In the up move, the put writers added good amount of positions in 16200 – 16300 strikes; followed by decent open interest addition in 16350 – 16450 call options. Now with new weekly expiry to kick in, there is no major activity seen options segment and hence, it would be interesting to see the overall development on Friday.

 

NIFTY PREDICTION FOR NEXT WEEK 9 AUG TO 13 AUG 2021

WEEKLY RESISTANCE FOR NIFTY: 16300, 16400, 16500

PIVOT POINT: 16200

WEEKLY SUPPORT FOR NIFTY:  16100, 16000, 15900

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 16300, 16350, 16400

PIVOT POINT: 16250

DAILY SUPPORT FOR NIFTY:  16200, 16150, 16100

DAILY CHART FOR NIFTY

Nifty started the August month & new trading week with a gap up of over 100 points as indicated by the SGX Nifty. However, the index then consolidated within a range throughout the day and ended tad below the 15900 mark. Nifty started the Tuesday session on a positive note and surpassed the hurdle of 15970 after a long consolidation. It conquered the 16000 level and achieved a new milestone which led to a buying interest in the index heavyweights. The momentum continued throughout the day  and the index  ended  the  day  well above  16100 with  gains  of over one and a half percent.Post creating new records on Tuesday, Nifty started the Wednesday with a gap  up  around  16200  and  maintained  a  positive  bias  throughout the day. The upmove was mainly led by the banking heavyweights and Nifty managed to end the day above 16250 with gains of eight-tenths of a percent. Last couple of sessions before the weekly expiry turned out to be cheerful for the bulls, but the index consolidated within a narrow range on the expiry day and ended tad below 16300 with marginal gains.

NIFTY: A STRONG SUPPORT WILL BE @ 15900; STRONG RESISTANCE LEVEL SEEN @ 16500

Nifty finally came out of its consolidation phase and surpassed the 16300  mark which the market participants were awaiting for. As the index  breached  this  hurdle,  good  buying  interest  was  seen  in  the large  cap  stocks  which  pushed  the  index  higher  by  the  close.  The buying interest in the heavyweights certainly bodes well for the bulls and in the later part of the day, the banking space was buzzing and showed signs of  a  catch  up  move.  If  the  banking  sector continues to gain strength, then it would provide impetus to Nifty as well  which should lead to  further up move in the near  term. However, since the market has entered uncharted  territory, it is better  to take  one  step  at a  time  and focus on  pockets  which  are gaining strength. As far as index levels are concerned, 16300-16500 are the next levels to watch on the higher side, while the support base now shifts higher to 16100-15800

TECHNICALLY SPEAKING.

RBI has maintained the accommodative stance indicating that the primary focus area remains growth and economic recovery is more critical than inflation. This was on expected lines as RBI has been demonstrating sustained commitment to growth. The September and December quarters are critical given the risk of third wave of COVID-19 and RBI has implemented proactive measures to maintain adequate liquidity in the system.  The markets are in strong bull phase indicating significant confidence on India’s growth prospects and RBI’s policy stance extends a strong support to it. The expected levels of the market are likely to be in the range of 16200 and 16500, and it is going to be crucial for the short-term market scenario to sustain above the 16200 Nifty50 Index level. The momentum indicators like RSI and MACD indicating a positive outlook to continue. The Nifty took a breather today which is possibly due to the weekend knocking on the doors. The overall trend of the market continues to remain bullish and any dip or correction should be utilized to go long. 16300 is the short term resistance which was crossed yesterday and today as well. If we can keep above that level, the index should zoom to 16500-16600.

NIFTY PREDICTION FOR TOMORROW 3 AUG 2021

Indian markets started on a positive note following upbeat Asian market peers as China’s official manufacturing PMI released over the weekend also showed factory activity growth in July. During the afternoon session the markets maintained their upward momentum following gains in Realty, Energy and Consumer Durables stocks. Healthy buying was also observed in blue-chip stocks. . Domestic benchmark indices closed with gains on Monday as bulls returned to Dalal Street. S&P BSE Sensex gained 363 points to end at 52950 while the Nifty jumped 122 points to close at 15885.

NIFTY PREDICTION FOR NEXT WEEK 2 AUG TO 6 AUG 2021

WEEKLY RESISTANCE FOR NIFTY: 15800, 15900, 16000

PIVOT POINT: 15700

WEEKLY SUPPORT FOR NIFTY:  15600, 15500, 15400

WEEKLY CHART FOR NIFTY

DAILY RESISTANE FOR NIFTY: 15750, 15800, 15850

PIVOT POINT: 15700

DAILY SUPPORT FOR NIFTY:  15650, 15600, 15550

DAILY CHART FOR NIF

The recent trend continues as we once again had rough global cues to start the expiry week on a negative note. At the pre-opening, levels indicated flat start but immediately in few initial trades, Nifty was slightly below 15800. Fortunately there was no further aberration seen in our markets as we saw a range bound action thereafter to conclude the session with a negligible loss. Despite sluggish global cues, our markets started the Tuesday on a positive note. It seemed as if we are completely ignoring the global sell off; but around the mid-session, we finally succumbed to it and as a result, Nifty started correcting to test the 15700 mark. A modest recovery towards the end trimmed some part of losses to conclude at 15750. We started the Wednesday marginally higher but it was merely a formality as we saw gains disappearing in a blink of an eye. The benchmark index first breached the 15700 mark and then due to aggravated selling, went on to breach key intraday supports one after another. At one point, things looked extremely bleak when Nifty was trading with nearly 250 points cut. Fortunately, the mighty bulls grabbed this opportunity with both hands. Our markets had a v-shaped recovery thereafter to reclaim 15700 at the close with nominal losses. Wednesday’s spectacular recovery was followed by a pleasant start Thursday in line with the global peers. During the remaining part of the session, we witnessed consolidation in a slender range in key indices. During the final hour, Nifty made an attempt to go beyond 15800 but due to lack of support from heavyweight constituents, Nifty concluded the session as well as the July series tad below the 15800 mark.

NIFTY: A STRONG SUPPORT WILL BE @ 15500; STRONG RESISTANCE LEVEL SEEN @ 16000

The market witnessed some positive movements and an attempt to hold the support level around the Nifty 50 Index level of 15800. The market is going to be crucial for the short-term scenario to sustain above the 15800. Sustaining above 15800, the market expects to gain momentum, leading to an upside projection till 15900-15950 level. Technical indicators suggest, a volatile movement in the market in a small range.

TECHNICALLY SPEAKING.

This has been one of the most boring series for our market and it can easily be seen if we compare the vis-a-vis performance. In fact, if we take a glance at the intra-month movement as well, we can see Nifty trapped in a slender range of 500 points. Now with last two days’ of expiry, Nifty is almost at the midpoint of the range and hence, it’s advisable not to take any directional view here. With a broader view, the trend remains sideways to positive till the time we do not slide below the crucial support of 15450. At the higher range of 15900 – 15950, one needs to stay light as we have witnessed surprising down move on multiple occasions after reaching this zone. So whether we will reach the millstone of 16000 and beyond in the August series or not, only time will tell us. Since last couple of days, the global markets have again become nervous, especially HANG SENG which tumbled more than 7% in such a short span. This certainly is having some kind of rub off effect on our market; but fortunately, the damage is not big. Also, yesterday’s correction post the mid-session was hardly 1% but the velocity at which it came, was a bit intimidating. It would be interesting to see how we react going forward as we are approaching the monthly expiry. One thing is certain that unless we do not see any major relief across the globe, we are not likely to reach the milestone of 16000. Meanwhile let’s hope things do not get worsened from here. As far as levels are concerned, 15700 – 15650 – 15550 are to be seen as key supports; whereas on the flipside, 15800 – 15850 are to be considered as immediate hurdles.

NIFTY PREDICTION FOR NEXT WEEK 26 JULY TO 30 JULY 2021

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WEEKLY RESISTANCE FOR NIFTY: 15900, 16000, 16200

PIVOT POINT: 15750

WEEKLY SUPPORT FOR NIFTY:  15650, 15500, 15350

WEEKLY CHART FOR NIFTY

DAILREISTANCE FOR NIFTY: 15850, 15950, 16050

PIVOT POINT: 15800

DAILY SUPPORT FOR NIFTY:  15750, 15700, 15600

DAILY CHART FOR NIFTY

Nifty started the week with a gap down owing to negative global cues. The banking heavyweights corrected sharply which led to negative biasness in both Nifty and Bank Nifty throughout the day. The benchmark ultimately ended the session around 15750 with a loss of over a percent. Post Monday’s correction, we started another session of Tuesday on a weak note due to continued negative cues from the global markets. The index corrected and even sneaked below the 15600 mark around noon. Later, it recovered from the lows but clearly the strength was missing to lift the benchmark much and ultimately Nifty ended the day around 15630, with a loss of about three fourth of a percent. Wednesday market was closed on occasion of Eid. Our markets had corrected ahead of the mid-week holiday owing to negative global cues. However, the global markets recovered from their lows which led to a positive sentiment, and hence we started Thursday’s session with a gap up. The benchmark index traded with a positive bias throughout the day and ended the weekly expiry session well above 15800, with gains of almost 200 points. Market ended higher for the second consecutive day on July 23 led by the financial names. At close, the Sensex was up 138 points at 52975, and the Nifty was up 32 points at 15856. 

NIFTY: A STRONG SUPPORT WILL BE @ 15600; STRONG RESISTANCE LEVEL SEEN @ 16200

Our markets had closed firmly on Friday and it seemed that the index was all set to march towards the 16000 mark. However, the global markets spoiled the sentiment and thus we had a gap down opening. To add to this, the banking space traded with a negative bias led by the heavyweight HDFC Bank post its quarterly numbers. However, although the indices were under pressure, the focus was on the broader markets where stock specific momentum was seen. With yesterday’s move, we are back into the consolidation phase with supports for Nifty placed at 15750 and 15630. On the flipside, 15850-15900 would be seen as immediate resistance which needs to be surpassed for a resumption of the momentum.

TECHNICALLY SPEAKING.

The market witnessed a swift recovery after the initial fall, 15800 will be an important support level in the short-term perspective. If the market breaches the level of 15900 and is able to sustain above this level, the market expects to gain momentum, leading to an upside projection of 16200 levels.  The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook Now, 16000 is merely a formality and if there is no aberration on the global front, we would see market reaching the millstone in the first half of this week itself. After this, 16200 is the next level to watch out for. We reiterate that if this assumption has to turn into reality, the banking needs to contribute and hence, all eyes on BANKNIFTY. The moment it traverses the 36000 mark, we would see NIFTY hastening beyond the magical figure of 16000. On the flipside, 15800 followed by 15630 are to be seen as key supports. The global markets have clearly dented the bullish sentiment and thus, we continued with the nervousness for the F&O 29 july 2021 expiry  session of the week. Infact, the broader markets also felt the heat and thus profit booking was seen there too. Although we are in an uptrend, if we look at recent data then it is seen that the index has not moved much since the start of June and still, we continue to be in a corrective phase within an uptrend. Given the correction in the last couple sessions is more due to the effect of overseas markets, the short term trend will depend a lot on how they move in the next few days.

NIFTY PREDICTION FOR TOMORROW 23 JULY 2021

Indian markets have made a smart pull-back, supported by the positive global set-up and a decent start to the Q1FY22 earnings season. Markets are clearly rewarding the stocks/sectors where the earnings momentum is strong (such as IT - especially midcap IT, Cement, Metals) or where growth visibility remains good (such as Chemicals, Healthcare, etc.). At close, the Sensex was up 638 points at 52837, and the Nifty was up 191 points at 15824.  

NIFTY PREDICTION FOR TOMORROW 22 JULY 2021

Market plunged for the third straight session on Tuesday with the sensex falling over 350 points, dragged by metal, banking and financial stocks amid weak global cues. The index fell 355 points to close at 52199; while the Nifty settled 120 points lower at 15632.nDifferent reasons are attributed to this correction: The rising Covid cases in the US and the UK due to the delta variant, inflation concerns, and concerns about growth coming below consensus expectations. It may be all these. The fact is that at high valuations when investors are sitting on big profits, trigger profit booking and correction.

If the market has run up from 7500 to close to 16000 with just one or two minor corrections, I would keep my powder dry to buy during a correction. The fall may last for a couple of months. I will use my buying power to make use of the fall because it will be a deep correction. It is a long due bull market correction. It will be a healthy one. I do not see any prudence in putting money at the moment.
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Resistance: 15700, 15800, 15900

Support: 15600, 15500, 15400

NIFTY PREDICTION FOR TOMORROW 20 JULY 2021

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Tracking weak global cues, the Indian equity market benchmarks the Sensex and the Nifty50 fell over a percent each on July 19. The Sensex fell 734 points while Nifty plunged to 15707 in intraday trade as investors fretted about rising inflation and incessant global spread of Delta variant of coronavirus. At close, Sensex was 587 points, down at 52553 while the Nifty settled 171 points, lower at 15752.

NIFTY PREDICTION FOR NEXT WEEK 19 JULY TO 23 JULY 2021

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WEEKLY RESISTANCE FOR NIFTY: 16000, 16150, 16300

PIVOT POINT: 15900

WEEKLY SUPPORT FOR NIFTY:  15750, 15600, 15450

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 16000, 16050, 16100

PIVOT POINT: 15950

DAILY SUPPORT FOR NIFTY:  15900, 15850, 15800

DAILY CHART FOR NIFTY

The proceedings for this week started on a pleasant note owing to slightly cheerful mood across the globe. The index then slipped into a consolidation mode in the following hours. Benchmark index was quiet and the broader market was doing well; but all of a sudden post the midsession, market certainly took a nosedive and before anyone could realise, Nifty not only erased all gains but also entered a negative territory in a flash. Fortunately 15650 once again acted as a sheet anchor to restrict the sudden hiccup. Since last few days global markets have become a spoilsport and Tuesday, the gap up opening in our market was provided by the global optimism only to compensate the recent damage. After some initial pause, Nifty continued its northward march to first challenge the 15800 mark and then eventually to conquer it successfully. With this, Nifty reclaimed the first bullish territory beyond 15800 to make it a bit interesting for the forthcoming session. We had a sluggish start on Wednesday on the back of muted global cues. In the initial hour, Nifty corrected a bit to enter the sub-15800 territory. However, the intraday sheet anchor of 15750 provided solid support to the benchmark, which resulted in a sustained up move for the remaining part of the session. A smart surge in heavyweight IT counters had the lion share in lifting the market higher from important supports. Eventually Nifty managed to reclaim the 15850 mark on a closing basis. The Thursday started slightly higher despite mixed global cues. In the initial trades, market had some tentativeness which resulted in a small downtick. However this didn’t last too long as the buyers latched on to this opportunity to not only reclaim the positive territory but also went on to surpass the sturdy wall of 15910 with some authority. There was no bigger extended move after this but Nifty managed to close at record highs by adding nearly half a percent to the bulls’ kitty. Market benchmarks the Sensex and the Nifty ended flat after a choppy trade. Sensex closed 19 points lower at 53140 while the Nifty finished flat at 15923.

NIFTY: A STRONG SUPPORT WILL BE @ 15600; STRONG RESISTANCE LEVEL SEEN @ 16200

The market witnessed some lackluster movement and an attempt to hold the support level around the Nifty 50 Index level of 15650 While sustaining above 15900 is the key factor from a short-term perspective, maintaining above this level is important for the market to gain momentum and extend the rally until 16200.

TECHNICALLY SPEAKING.

It appears to be the week  of consolidation on the bourses as Nifty remained in a narrow range of 100 points everyday by depicting a Hanging Man kind of candle where as a small bullish candle with 318 point range is registered on the Weekly charts. Despite this kind of lackluster move it still looks advantageous to the  bulls at this point in time as Nifty managed to sustain above 15900 levels where as current breakout can be deemed to fail if Nifty closes below 15850 levels. In that scenario again the indices may slip into consolidation phase with negative bias. Contrary to this sustaining above 15900 levels a higher target into the zone of 16200 – 16300 can be expected. Though price chart is bullishly biased technical oscillator/indicator set up has not yet improved in favor of bulls. Hence, index traders are advised to remain cautiously optimistic by maintaining a stop below 15700 levels.  The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.

NIFTY PREDICTION FOR TOMORROW 14 JULY 2021

Markets traded upbeat and gained over half a percent, tracking favorable global cues. After the gap-up start, it hovered in a narrow range in the first half and inched marginally higher as the day progressed. We witnessed a lackluster movement in the market in the range 15750-15800. Global cues are upbeat however support from the banking pack is critical for any sustainable up move in the Nifty index. Besides, participants will also be eyeing the results of the IT major, Infosys Ltd, scheduled on Wednesday i.e. July 14. Amid all, we feel it’s prudent to maintain focus on the selection of stocks and managing overnight risk until we see the resumption of the uptrend. 15800 will be a keep resistance level. If the market breaches and sustains above the level, we can witness a positive movement in the market till the level of 16100-16150. On the sectoral front, all the major sectors have been trading in a positive zone. Sun Pharma and ICICI Bank are the top gainers while Adani Ports and HCL Tech are the top losers on Nifty. The Sensex closed 397 points higher at 52769 while the Nifty ended with a gain of 120 points, at 15812.

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Resistance: 15700, 15800, 15900

Support: 15600, 15500, 15400