NIFTY PREDICTION FOR TOMORROW 14 OCT 2021

The market scaled record highs during the session Wednesday and closed almost a percent higher led by buying across the sectors. The Sensex closed at a record high of 60737, as it rose 488 points and the Nifty index surged 169 points to end at 18161. Both the benchmarks clocked record highs in the session, with Sensex hitting 60,800 for the first time. The broader markets closed mixed as mid-caps surged over 1.5 percent higher but small-caps closed flat. On the back of SGX nifty, the Index opened on a positive note and showed an upside rally and made a new life-time high at 18197 level and closed the session at 18161 level with a gain of 169 levels. While Bank Nifty closed the session at 38635 levels with a gain of 114 points.

NIFTY PREDICTION FOR TOMORROW 13 OCT 2021

It was a volatile session for the markets but bulls gained strength in late trades as Nifty once again breached the 18,000 mark before ending a tad lower below the psychological mark. On daily and intraday charts, Nifty has formed a promising higher bottom formation. The market witnessed some volatile movements and an attempt to hold the 17900 level. The market shows that it is going to be crucial in the short-term scenario to sustain above the 18000 level. 

If the market is able to sustain the level of 18000, we can witness higher levels of 18100-18200. The momentum indicators like RSI and MACD indicating positive momentum is likely to continue. The intraday structure suggests 17850 could be the trend decider level for the bulls. Above the same, the uptrend formation is likely to continue up to 18050-18150 levels. On the flip side, below 17950 the uptrend would be vulnerable.

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Resistance: 18000, 18100, 18200

Support: 17900, 17800, 17700

NIFTY PREDICTION FOR TOMORROW 12 OCT 2021

What a fantastic start of the new trading week. The Nifty opened on a bearish note on 11 October 2021 but bulls shown strength throughout the day and managed to cross the most awaited level of 18000 and made a new lifetime at 18041 level but in the dying hours showed some profit booking and managed to close below 18000 at 17945 level with a gain of 50 points. While Banknifty closed the session at 38293 level with a gain of 518 points. 

NIFTY PREDICTION FOR NEXT WEEK 11 OCT TO 15 OCT 2021

WEEKLY RESISTANCE FOR NIFTY: 18000, 18250, 18500

PIVOT POINT: 17750

WEEKLY SUPPORT FOR NIFTY:  17500, 17250, 17000

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17950, 18050, 18150

PIVOT POINT: 17850

DAILY SUPPORT FOR NIFTY:  17750, 17650, 17550

DAILY CHART FOR NIFTY

We started the week with a decent bump up and as the day progressed, the momentum kept accelerating in the upward direction. Within first couple of hours, Nifty managed to reclaim the 15700 mark which then decided to consolidate around it for the remainder of the session. Eventually the inaugural day of the week ended with nearly a percent gains.  The US markets underwent a decent correction overnight and the Asian peers obviously reacted negatively to it. The Nifty was indicating a gap down on Tuesday opening but we did not open that lower. In fact, after the initial nervousness, market stabilized and slipped into a consolidation mode throughout the first half. However, the buying emerged immediately post the mid-session which kept accelerating as we moved ahead. Due to good participation from the heavyweight spaces, Nifty went on to reclaim the 17800 mark by adding three fourth of a percent gains. Market was divided into two parts on Wednesday. First one belonged to the mighty bulls but during the latter half, the weakness was clearly visible. . For the first half an hour, index consolidated a bit but then we witnessed some correction to slide below 17800. The bulls were not going to give up as easily as we witnessed a complete recovery to retest morning highs in the first half it. However, globally things started to worsen a bit which resulted in a sharp decline in our market throughout the second half to conclude tad below 17650. Wednesday’s weak session was followed by a surprising opening with a decent gap in the weekly expiry session. This was mainly on the back of overnight recovery seen in US markets. The mighty bulls are certainly in no mood to give up. The way we closed on Wednesday, who would have thought we would open higher yesterday with such a decent margin. After a good head start, index remained in a slender range for the remaining part of the Thursday. Eventually, Nifty ended tad below the 17800 mark by adding more than eight tenths of a percent to the previous close.

NIFTY: A STRONG SUPPORT WILL BE @ 17700; STRONG RESISTANCE LEVEL SEEN @ 18000

.Now we are at the corridor of uncertainty i.e. 17900 – 18000. Whether the market has enough strength to go pass it or not, the time will tell. On the flipside, 17700 first and then the sacrosanct support is placed at 17500. Let’s see how market behaves from here on. Mostly we are reacting to US markets and hence, it would be important to keep a close eye there as well. As far as traders are concerned, they can continue focusing on individual stocks; but do not forget to maintain proper risk management.

TECHNICALLY SPEAKING.

We clearly shrugged off negative cues from the global bourses and moved higher on our own. This indicates how overall strong the trend has been. Although, we have been skeptical of late, market is in no mood to correct. Yes we are in two minds, whether to stick to the recent stance or be with the trend. But as we have been highlighting lately, some of the time wise projections as well as negative divergences are still holding us back. Because such indicators may not provide precise timing but they would certainly be handy in giving early cautions. Hence, we reiterate and advise traders not to get carried away in this move. The market witnessed some volatile movements and an attempt to hold the level around the Nifty Index level of 17895. The market is going to be crucial for the short-term scenario to sustain above the 17750-17850 Nifty Index support zone. If the market is able to sustain the level of 17750-17850, It can witness higher levels of 18000. The momentum indicators like RSI and MACD indicating positive momentum is likely to continue.

NIFTY PREDICTION FOR TOMORROW 08 OCT 2021

On a weekly expiry 07 oct 2021, the Nifty opened on a gap-up note and showed strength throughout the day and set a high at 17857 levels. In the second half of the session, it showed some selling pressure & managed to close at 17790.35 Levels with the gain of 0.82%, while Bank Nifty managed to close with a slight gain of 0.63% at 37753 levels. Nifty Realty leads the show with 6.16% gains in a day. Nifty opened with a gap of 160 points but then traded within a narrow range of 17800 to 17850. Among sectors, strong buying was seen in auto and reality stocks. Amid auto stocks, Tata Motors gain the most rallied over 11 percent. While energy stocks witnessed technical selloff at higher levels. After opening in green, Nifty maintained the lead and closed with a gain of 0.85% at 17796 whereas Bank Nifty closed with a gain of 0.63% at 37757 and Sensex with a gain of 0.80% at 59667. 

NIFTY PREDICTION FOR TOMORROW 07 OCT 2021

Markets witnessed profit taking on the back of weak Asian market cues. After the 17775 support breakdown, selling intensified in Nifty. After a positive opening, the Nifty index wiped out its early gains and traded lower for the day, settling at 17646 levels with a loss of 176 points, while Bank Nifty ended at 37521 levels with a 0.5% fall. All the sectoral indices settled on a negative

note wherein Nifty Metal was the prime laggards for the day. 

Technically, on the daily chart, the index has formed a Bearish Engulfing candlestick pattern, which suggests some weakness for the coming day. Moreover, a momentum indicator Stochastic witnessed a negative crossover. In addition, on a four hourly chart the index has sustained below Middle Bollinger Band formation, which indicates further correction but the overall trend is still looking bullish, so every dip would be a buying opportunity for the fresh entry. At present, the index has immediate support at 17600 while resistance at the 17850 level.

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Resistance: 17750, 17800, 17850

Support: 17650, 17600, 17550

NIFTY PREDICTION FOR TOMORROW 06 OCT 2021

Bulls won Tuesday roller coaster ride. Nifty opened flat, was in red for some time and finally closed in green on second consecutive day with gain of 131 points at 17822. At close Sensex was up by 429 points at 59728 and Nifty Bank was up by 148 points at 37728. After a negative opening, the nifty made an intraday low at 17640 levels, but bulls took charge and managed to close the session near the intraday high at 17822 level with a gain of 131 points. While BankNifty closed the session at 37741 level with a gain of 161 points. 

On the technical basis, the Nifty has formed bullish marabozu candle on daily time frame which points out strength in the counter. Furthermore, the nifty has given closing above 21 & 50 HMA, which suggests northward direction in the counter. Hourly momentum indicator MACD is trading with positive crossover above the zero-level line as well as the index is trading above Ichimoku cloud, which indicate upside momentum in the upcoming session. At present, the Nifty has immediate support at 17750, while resistance comes at 17900 levels. We can see Nifty creating new record highs in near future.

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Resistance: 17900, 17950, 18000

Support: 17800, 17750, 17700

NIFTY PREDICTION FOR TOMORROW 05 OCT 2021

The Indian market snapped its four-day losing streak on September as buying across the sectors saw the Sensex and the Nifty gain 0.91% each. The Sensex closed 534 points higher at 59299 and the Nifty jumped 159 points to 17691. After week-long consolidation, the Indian market was back in action despite unfavorable global sentiments. The momentum is driven by the expectation of better Q2 earnings backed by recovery in economic activity, second wave fallout not being severe and in anticipation of a better outlook from festival demand.

NIFTY PREDICTION FOR NEXT WEEK 4 OCT TO 8 OCT 2021

WEEKLY RESISTANCE FOR NIFTY: 17600, 17800, 18000

PIVOT POINT: 17400

WEEKLY SUPPORT FOR NIFTY:  17200, 17000, 16800

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17550, 17650, 17750

PIVOT POINT: 17500

DAILY SUPPORT FOR NIFTY:  17450, 17350, 17250

DAILY CHART FOR NIFTY

The overnight global cues were positive and the Nifty was trading above 18000 hinting at a positive start. However, the Nifty failed to capitalize on the cues and started the moday marginally positive around 17930. The index did not witness any further upmove from open, but it consolidated within a range of 100 points and ended on a flat note. Nifty started the tuesday marginally positive and traded in a range for the first couple of hours. However, the index then breached the support of 17800 which led to a sell-off and it even entered sub 17600 zone to mark a low of 17576. But it was not over yet, we witnessed sharp pullback from that low in the last hour of the trade and the index trimmed some of the losses to end with a cut of six-tenths of a percent around 17750. The global markets corrected sharply and the cues were not much positive at the opening Wednesday. Hence, inspite of the recovery from the lows on Tuesday, we started yesterday’s sessions on a negative note. However, there was no follow up selling and the index gradually recovered to recoup the losses at one point of time. Nifty ended the session marginally negative above 17700. Nifty started the Thursday expiry session on a flat note and traded within a narrow range till noon. However, we witnessed a gradual correction in the later half and the index ended tad above 17600 with a cut of more than half a percent.

NIFTY: A STRONG SUPPORT WILL BE @ 17000; STRONG RESISTANCE LEVEL SEEN @ 17500

Nifty managed to trade above its previous session low of 17500 which is an important support level (89 EMA on the chart). Nifty consolidated within a range, but the short term support of 17800 which was breached on Tuesday acted as a resistance, and the index did not surpass that either. However, outside the index the stock specific movement was positive and provided good trading opportunities for day traders. The market is showing some uncertainty and rising VIX levels could lead to some higher volatility.

TECHNICALLY SPEAKING.

In last couple of sessions, we had seen some consolidation within the range of 17800-17975 in Nifty. The index breached the immediate support of 17500 which then led to a profit booking during the day. In the recent corrective phase from 17800 to 17350, Nifty managed to form a support around its ‘89 EMA on the chart' and it resumed the uptrend. The 17576 also coincides with the same moving average from where we witnessed a pullback in the end. Whether the index resumes the upmove again from this support or breaks it that should be clear in next 1-2 sessions. But if the index breaches this support around 17550 then we could see a deeper correction this time. Hence, traders should be vigilant on the market moves and book out long positions in case such a scenario unfolds. Below 17500, the next levels to watch would be 17450 and 17350. On the flipside, 17900 and 17800 would be seen as immediate resistances. On the technical front, the Index has given a breakdown of the rising trendline and given closing below the same, which suggests some correction can come. On a daily chart, the index has been trading with lower high, lower low formation, which indicates weakness in the counter. Moreover, the index has started to trade below 21 DMA, which adds weakness in the counter. At present, the Nifty has immediate support at 17400 while resistance comes at 17750 levels.

NIFTY OUTLOOK & OPTION CALL PUT TIPS 30-09-2021

Indian market started on very negative trend due to global sell-off on Tuesday & high crude prices. Spiking US treasury yields and slowing economy were impacting growth stocks. During the day, European & Asian markets recovered and crude prices stabilized. Indian growth-oriented sectors like Energy, Metals and Pharma also recovered strongly but selling continued on other sectors like private sector banks & consumption. At close, the Sensex was down 254 points at 59413, and the Nifty was down 37 points at 17711.

NIFTY OUTLOOK & OPTION CALL PUT TIPS 28-09-2021

Market opened the week on bullish note but was unable to hold highs and showed profit booking. Market ended on flat note on September 27 with Sensex holding above 60,000 level. At close, the Sensex was up 29 points at 60077, and the Nifty was up 1.90 points at 17855. Due to profit booking in IT, Pharma and FMCG, domestic markets failed to uphold its winning streak to close flat in a volatile session. Realty stocks continued its rally on positive developments in the sector while the sentiments in the auto sector were lifted on expectation of better sales numbers for September. The market is also awaiting the release of August core sector output data and September’s manufacturing PMI data this week.

NIFTY PREDICTION FOR NEXT WEEK 27 SEP TO 1 OCT 2021

WEEKLY RESISTANCE FOR NIFTY: 18000, 18250, 18500

PIVOT POINT: 17750

WEEKLY SUPPORT FOR NIFTY:  17500, 17250, 17000

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17950, 18050, 18150

PIVOT POINT: 17850

DAILY SUPPORT FOR NIFTY:  17750, 17650, 17550

DAILY CHART FOR NIFTY

Monday morning, the global screen was extremely terrible and in line with SGX Nifty, we started the week around the 17450 mark. Surprisingly, after the initial hiccup, we witnessed a v-shaped recovery not only to erased losses but also to trade in the green above 17600. However, it could not decouple itself from the global peers for a long time as the markets took a U-turn post the mid-session, to finally sneak below 17400 on a closing basis.After few days’ of hammering, we were seeing some relief across the globe early in the Tuesday morning. In line with this, our markets too opened slightly higher. However post the initial hour, the selling once again reinforced across the board, resulted in a sharp decline towards the 17350 mark. Fortunately, the bears exhausted a bit there and its counterparty took the charge from thereon to pull the markets higher. In fact, the buying momentum accelerated as the day progressed to eventually conclude the session with nearly a percent gains by reclaiming 17550.We had a flat to positive start on Wednesday  in line with mixed global cues. However during the remaining part of the session, the index did nothing as it literally kept vacillating within a slender range with no clear direction as well as momentum. Eventually Nifty ended tad below 17550 with negligible losses. Global markets have seen a relief rally after some bumpy rides recently and this has brought back optimism in our market as well. We started the thurday with a decent gap up owing to favourable global cues. In fact as the day progressed, the momentum kept accelerating across the board to eventually register a new high convincingly beyond the 17800 mark.Taking cues from global peers amid lingering concerns about China Evergrande, Indian indices pared early gains even as they closed higher on Friday. Scripting a record, Sensex rose 163 points or 0.27% to end the week  at 60048, while the Nifty was up 30 points at 17853. 

NIFTY: A STRONG SUPPORT WILL BE @ 17000; STRONG RESISTANCE LEVEL SEEN @ 17500

Nifty closed the week at 17850 zone with gains of one & half percent on weekly basis and formed a bullish candle on the weekly chart for a second consecutive week. For upcoming session, index has shifted its support zone to 17750-17650, so any dip near mentioned support zone will be again fresh buying opportunity with keeping stop out level below 17650 zone & if said levels are held we may see the index march towards 18k mark, resistance is still placed around 17900-18,000 zone where traders can lock some of their long gains.

TECHNICALLY SPEAKING.

Crossing the 60k mark is another milestone for the market. We could see many more positive surprises from the market in the next one-two years, as we are entering into a positive upcycle of earnings trajectory. The overall market trajectory continues to be positive, and dips should be utilized to build long-term positions in quality companies for more sustainable returns. A quality theme is back in focus, and we continue to see the broader market doing well, as the visibility on broad-based earnings is still intact. A fully functional economy over the upcoming festival season and the sustenance of earnings momentum in Q2 FY22 are the near-term triggers for the market. The market witnessed some volatile movements after Nifty was able to breach the level of 17,850. Our research shows sustaining above 17850, we expect the market to gain momentum, leading to an upside projection till 18,000 level. We have observed the momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.

NIFTY OUTLOOK & OPTION CALL PUT TIPS 24-09-2021

This violent bull market continues to puzzle both bears and bulls. Stock markets are all about ups and downs. But this bull market has been an almost one-way street for almost 18 months now. More importantly, this is almost a global phenomenon with China, Hong Kong and a few other countries being the exceptions. The mother market US is leading from the front, ignoring even tapering indications from the Fed. Indian benchmark indices extended the early gains and hit record high levels with Sensex closing at 59885(+1.63%) and Nifty at 17823(+1.57%). on Thursday Indian market are continuing positive trend from global market after the US Federal reserve hinted that it may begin easing its support measures for the economy later this year.  Markets continued to scale new highs on the back of abundant liquidity and strong global cues, with Sensex almost on the verge of hitting the 60000 peaks. The upsurge was mainly on the back of impressive gains in realty stocks. In the short term, Nifty has formed a strong bullish breakout candle and has consistently maintained higher bottom series formation, which supports further uptrend from current levels. For day traders, 17815 -17765 -17725 would be key support levels. On the other hand, 17900 -17925 -17975 could act as a major resistance level in the short run. Contra traders can take a long bet between 17775 -17725 with a strict 16900 support stop loss.

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Resistance: 17875, 17950, 18000

Support: 17775, 17725, 17690 

NIFTY OUTLOOK & OPTION CALL PUT TIPS 23-09-2021

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On Wednesday market made a cautious start tracking weakness in global peers. Markets managed to trade in the green territory in the late afternoon session. Traders were seen piling up positions in Realty, Consumer Discretionary, and Metal sectors while selling was witnessed in banks, Utilities, and FMCG sector stocks.  Sentiments remained positive even after Asian Development Bank (ADB) has revised down India's Gross domestic product (GDP) growth forecast to 10 percent for the current fiscal (FY22) from 11% predicted earlier, citing the adverse impact of the second wave of the pandemic. Also, investors are waiting for the end of this week's Fed meeting that may shed light on when its massive purchase of government debt will begin to ease. At close, the Sensex was down 77 points at 58927, and the Nifty was down 15 points at 17546.

NIFTY OUTLOOK & OPTION CALL PUT TIPS 22-09-2021

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After two days of sharp correction, market witnessed a sharp pull back rally while Nifty found support at 17325 to reverse the falling trend. Technically, the texture of the sharp reversal formation near the 10 day SMA suggests further uptrend from the current level.  We are of the view that while the short-term trend still looks up, uncertain global market conditions could see the Nifty within the range of 17600-17500 levels. For day traders, as long as the index is trading above 17500, pullback rally is likely to continue up to 17575-17625-17675 levels. On the flip side, index below 17425, the uptrend would be vulnerable. Technically, the Nifty50 has recovered from the immediate support around 17300 levels and sustained above 9 days SMA & Middle Bollinger Band formation, which indicates further strength for the next trading session.  On an hourly chart, the Nifty index has given a breakout of falling channel formation and showed positive crossover in stochastic & RSI, which supports the upward trend. At present, Nifty has its crucial support at 17350 levels, while resistance lies at 17600 levels.

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Resistance: 17600, 17700, 17800

Support: 17500, 17400, 17300

NIFTY OUTLOOK & OPTION CALL PUT TIPS 21-09-2021

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Global market witnessed steep corrections and Indian markets also followed suit as there was widespread selling, especially in banking, metals, and realty stocks. After a sharp rally in recent sessions, the markets could see some bouts of volatility in the near future. Benchmark Nifty has formed a strong reversal formation which clearly indicates high chances of a further correction from current levels. The texture of the market is weak and downward momentum could continue in the short run. For the next few trading sessions, the 17350 levels could be the sacrosanct resistance level for the traders, and trading below the same we can expect further price correction up to 17250-17300 levels, whereas trading above 17550 may trigger a quick pullback rally up to 17600-17650 levels. Contra traders can take a long bet near the 17300 support level with a strict 70 points stop loss.

NIFTY OUTLOOK & OPTION CALL PUT TIPS 16-09-2021

The Sensex soared over 475 points to close at its new lifetime high on Wednesday, driven by gains in TCS, Bharti Airtel and Titan amid persistent foreign capital inflows. The sensex settled 476 points higher at 58723. It touched an intra-day record of 58777. Similarly, the Nifty climbed 139 points to its new closing high of 17519.Nifty ended at fresh closing high at 17519 with gains of nearly 1% and formed a bullish candle on the daily chart.  It seems the index has given a bullish flag breakout on the daily chart which is considered to be a bullish continuation pattern by nature so one can expect more upside if 17350-17450 levels are held which are immediate and good support zone on the downside. On the higher side, the immediate hurdle is at 17600-17700. Any dip near the mentioned support zone can be again a fresh buying opportunity. The market witnessed some positive movements as Nifty was able to breach 17500. If it sustains above 17500, it may gain momentum, leading to an upside projection till the 17900 level. Momentum indicators like RSI and MACD may stay positive and market breadth may improve, further strengthening the short-term bullish outlook.

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Resistance: 17400, 17450, 17500

Support: 17300, 17250, 17200

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 14 SEP 2021

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Market closed lower on Monday, as losses in heavyweight Reliance Industries over a delay in launching its low-cost smartphone, outweighed sharp gains in Coal India. The Nifty closed at 17355 down by 14 points, and the Sensex fell 127 point to 58177.

NIFTY PREDICTION FOR NEXT WEEK 13 SEP TO 17 SEP 2021

WEEKLY RESISTANCE FOR NIFTY: 17400, 17500, 17600

PIVOT POINT: 17300

WEEKLY SUPPORT FOR NIFTY:  17200, 17100, 17000

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17375, 17425, 17475

PIVOT POINT: 17325

DAILY SUPPORT FOR NIFTY:  17275, 17225, 17175

DAILY CHART FOR NIFTY

Our markets had a pleasant start to this new week owing to favorable global cues. In the course of action, Nifty reached yet another milestone of 17400. However due to lack of follow up buying, the up move got restricted for the day. Market didn’t correct either, in fact it remained in a slender range of nearly 60 – 70 points throughout the remaining part of the session. The benchmark index started the Tuesday session with marginal upside gap precisely at 17400. However due to some profit booking in the initial hours, Nifty came off sharply to slide tad below the 17300 mark. Fortunately no further damage done as bulls once again defended the key support and thereafter lifted the Nifty back above the 17400 terrain. Towards the end, sceptical traders used this bounce back to lighten up longs, which resulted in a small decline to conclude the session with a negligible loss. We had a flat opening on Wednesday in line with quiet global cues. However the intraday movement was exactly a replica of Tuesday’s session. After consolidating above 17350 throughout the first half, the index suddenly started correcting post the midsession and within no time, it tested the 17250 mark. Once again the mighty bears came for a rescue and lifted the benchmark to a comfortable position. Market closed closed 0.09% higher on Thursday. All eyes will be on the Union commerce minister Piyush Goyal's press conference at 4 pm. Markets are anticipating the European Central Bank's policy decision as it is expected to claw back stimulus today, taking a token step towards unwinding the pandemic mandated emergency aid. The Sensex closed at 58305, up 54 points, while Nifty was at 17369, up 15 points. Friday market will be closed on occasion of Ganesh Chaturthi.

NIFTY: A STRONG SUPPORT WILL BE @ 17000; STRONG RESISTANCE LEVEL SEEN @ 17500

We witnessed a see-saw like price movement during the session, but the overall range was not very wide as index kept vacillating within the boundaries of not even a percent. At the end, Nifty managed to close slightly below 17400 with some hint of profit booking at higher levels. Price-wise, there is no damage visible yet but we continue with our cautious stance on the index. Also, in our previous commentary, we had mentioned about Nifty confirming first sign of weakness if starts trading below previous week’s high of 17340. Yesterday it did trade below this point but rebounded sharply from the key support of 17300. In practical terms, we reckon this development as good enough evidence for early sign of weakness/ profit booking. The benchmark index Nifty looks a bit uncomfortable around 17400 but the moment it falls by nearly a percent, the buying tends to happen immediately. So ideally both counterparties are trying to show their presence. As of now, clearly bulls are having a firm grip on the market but as we have been mentioning since a week or so, they would find a bit difficult now going ahead. With a short term view, we remain cautious and advise traders booking profits in the rally. As far as levels are concerned, 17400 - 17450 remains to a sturdy wall; whereas on the flipside, 17300 - 17250 are the levels to watch on a closing basis.

TECHNICALLY SPEAKING.

Nifty has been enjoying a strong Bull Run since last 16 – 17 months and in last few weeks also, it gave some mesmerizing moves. Although the recent momentum has been exceptionally strong, we can see some extreme levels in benchmark index now. If we take a broader view, we can see Nifty reaching the 200% ‘Fibonacci Retracement’ of the last year’s massive decline from Jan’20 high to March’20 low. Also time- wise, Nifty has entered 7th zone as per ‘Fibonacci Time Series’ on the monthly time frame chart. We do not want to sound pessimistic but since couple of important key ratios are coinciding at current juncture; it will be unfair to overlook them. There has been no stopping for benchmark index and every day we are seeing new milestones being achieved. Before anyone could realise, we have conquered 17400 as well. The rally has been steady in nature but the kind of elevated levels we have reached now, it’s too fast too furious. Hence, although the trend is extremely strong, we remain a bit sceptical and continue to advise booking profits in the rally at least with a short term view. As far as levels are concerned, 17450 – 17500 would be seen as immediate hurdles and the moment we slide below 17340, we may see some decent profit booking towards 17250 – 17200.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 13 SEP 2021

Market closed closed 0.09% higher on Thursday. All eyes will be on the Union commerce minister Piyush Goyal's press conference at 4 pm. Markets are anticipating the European Central Bank's policy decision as it is expected to claw back stimulus today, taking a token step towards unwinding the pandemic mandated emergency aid. The Sensex closed at 58305, up 54 points, while Nifty was at 17369, up 15 points. Bank, financials, realty were top drags.