NIFTY PREDICTION & OPTION CALL PUT TIPS FOR TOMORROW 10 NOV 2021

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After a positive opening on Tuesday 9 November 2021 , the domestic market traded lower as private banking stocks were under pressure following dull global markets. However, auto, PSBs and consumer durables climbed against the market trend with small and mid-cap stocks outperforming. Despite the passage of the long-awaited infrastructure bill, the gains in the US market were capped as investors cautiously awaited the US inflation data. nifty opened the day with gap up but showed a dull moment throughout the day & closed a day at 18044 with minimal loss. At Close, the Sensex was down 112 points at 60433, and the Nifty was down 24 points at 18044. M&M, Tata Motors, Hero MotoCorp, ONGC and SBI were among the major Nifty gainers. Losers included Britannia Industries, HDFC Bank, Maruti Suzuki, JSW Steel and Power Grid. Among sectors, auto and capital goods indices added 1% each, while buying is seen in the power, oil & gas, pharma names. However, metal and banking names remained under pressure.

NIFTY PREDICTION FOR TOMORROW 09 NOV 2021

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After a long weekend, the index opened on a positive note and rallied high and managed to close above 18000 marks at 18068 level with a gain of 151 points. While Bank Nifty closed at 39438 level with a moderate loss of 135 points.  The Nifty witnessed selling pressure post a gap up opening. The selling, however, was absorbed near the hourly lower Bollinger Band. The bulls took control over there resulting in a sustained rally. On the way up the Nifty has crossed certain short term barriers. It has crossed the key psychological mark of 18000, 61.8% retracement of the recent fall and a falling trend line on the hourly chart. This shows that the short term range has shifted higher. The Nifty is expected to march towards 61.8% & 78.6% retracement of the entire decline from 18604 to 17613. The key Fibonacci levels are 18225 & 18390 respectively. On the other hand, 18000 – 17900 will now act as a near term cushion. On the technical front, the index has formed a hammer candlestick pattern on the daily time frame indicating a further uptrend. The stochastic indicator is witnessed with a positive crossover suggesting a northward journey.  The index has also settled above the 21-days Moving Average, which further adds bullish momentum to the counter. At present, the index has a support at 17750 and resistance at 18250 levels. Index managed to close a day above its strong hurdle zone of 18k mark and formed a hammer candle pattern on the daily chart which stands for bullish reversal pattern so above 18100 we may see more extension in a current pullback. Going forwards 18k mark will act as a fantastic support zone also any dip around said levels will be again good buying opportunity with keeping stop out level below 18k mark on a closing basis, holding above 18k mark one can expect a good pullback towards 18200-18300 on an immediate basis which is again good hurdle zone on the higher side overall structure now looks buy on the dip.

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Resistance: 18200, 18300, 18400

Support: 18100, 18000, 17900

NIFTY PREDICTION FOR NEXT WEEK 8 NOV TO 12 NOV 2021

WEEKLY RESISTANCE FOR NIFTY: 18000, 18200, 18300

PIVOT POINT: 17800

WEEKLY SUPPORT FOR NIFTY:  17600, 17400, 17200

Last week’s corrective move was followed by a  decent gap up opening to kick-start the festive week on a cheerful note on 1 November 2021 . In the initial hour, market gave up some gains but fortunately at lower levels, the strong buying emerged across the broader market. In fact as the day progressed, the buying momentum accelerated to reclaim the 17900 mark. Eventually, Nifty ended the session with nearly one and half a percent gains. Our benchmark index had a gap up opening on Tuesday 2 November 2021 with a small margin despite SGX was indicating a sluggish start. In the initial trade, Nifty tested the 18000 mark but was unable to sustain above it. Due to modest selling in some of the heavyweights, Nifty gradually corrected in the first half and then slipped into a consolidation mode to end the range bound session with nearly two tenths of a percent cut.

NIFTY: A STRONG SUPPORT WILL BE @ 17600; STRONG RESISTANCE LEVEL SEEN @ 18200

The Diwali festival is around the corner and it appears as if the market is in no hurry to give any major move ahead of it. Generally markets do not correct around this festive time, but since we had a rough week last week and slid below key support of 18100 – 18000, market is finding a bit difficult to stay at higher levels. Fortunately the banking space remained firm throughout the day, which provided some helping hand to the benchmark index. If that had not the case, Nifty would have probably knocked the doors at 17700. For the coming week, 18050 – 18200  are likely to act as immediate hurdles and on the lower side, 17700 – 17500 are to be seen as key supports.

TECHNICALLY SPEAKING

Due to this week’s correction, the bears have finally managed to apply brakes on the ongoing euphoria. Since last week or so, Nifty started to look a bit nervous but banking was providing a strong helping hand and hence we did not see any major damage in benchmark. But now, the financial space finally succumbed to the broader market weakness by tumbling over 3%. This imposed tremendous pressure on Nifty and in the process, Nifty had to finally surrender the sheet anchor support of 18000. In fact, due to aggrandized selling, it just hastened towards the next key support of 17600. Since last few days, we have been maintaining our cautious stance on the market and even though market was making new highs, we maintained our scepticism and repeatedly advised booking profits. When market was not correcting, this might have sounded senseless, but historically its proven, when things look hunky-dory all around, the euphoric situation takes place and that is the time when market strikes back. This is exactly what we witnessed in last couple of weeks. Technically speaking, due to this late dominance from bears, we can observe few important developments on charts. Firstly, the ‘Lower Top Lower Bottom’ on daily chart after breaking below 18000, which coincided with the violation of the key short term moving average of ’20-day EMA’. More importantly, if we take a glance at the monthly chart, we can see a formation of ‘Shooting Star’ pattern, which certainly does not bode well for the bulls. Going ahead, since the market is a bit oversold, we may see some relief move in between; but traders should not get carried away by such rebounds. On the higher side, 18000 – 18100 would now be seen as immediate hurdles and any bounce back towards it, should be used to lighten up longs. On the flipside, we may see this corrective move extending towards 17450 first and if things worsened then the possibility of sliding towards 17200 – 17000 cannot be ruled out. We reiterate on staying light and avoiding any kind of bottom fishing for a while.

WHY F&O IS BETTER THEN EQUITY

Like share trading in the cash segment (buy & sell shares), derivative is another kind of trading instrument. They are special contracts whose value derives from an underlying security. Futures and Options (F&O) are two types of derivatives available for the trading in India stock markets.

In futures trading, trader takes the buy/sell positions in an index (i.e. NIFTY) or a stock (i.e. Reliance) contract. If, during the course of the contract life, the price moves in traders favor (rises in case you have a buy position or falls in case you have a sell position), trader makes profit. In case the price movement is adverse, trader incurs losses.

With futures trading, trader can leverage on trading limit by taking buy/sell positions much more than what you could have taken in cash segment. However, the risk profile of your transactions goes up.

Settlements are done on daily basis (MTM) until the contract expires. Profits/losses are calculated (and credited/debited in traders account) on end of the day every day.

Demat account is not needed for F&O trading. All futures transactions are cash settled. Contract positions are hold by the exchanges until they expire.

The F&O positions are carrying forward to next day and can be continued till the expiry of the respective contract and squared off any time during the contract life. This is different from 'Margin Trading' where trader has to close the position the same day.

NIFTY PREDICTION FOR NEXT WEEK 1 NOV TO 4 NOV 2021

WEEKLY RESISTANCE FOR NIFTY: 17800, 18000, 18200

PIVOT POINT: 17650

WEEKLY SUPPORT FOR NIFTY:  17500, 17300, 17100

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17750, 17850, 17950

PIVOT POINT: 17650

DAILY SUPPORT FOR NIFTY:  17550, 17450, 17350

DAILY CHART FOR NIFTY

Monday morning, the global set up was good and in fact we over surpassed SGX Nifty by kick-starting the week well above the 18200 mark. However, Nifty immediately erased all gains in the following ticks and due to aggravated selling in few heavyweights, we slid below the psychological level of 18000 in the opening hour itself. Things did not look good at one point but fortunately the oversold market started rebounding from lower levels to again reclaim the opening levels. During the second half, index remained in a small range to conclude the session on a flat note. The global markets were indicating a positive start on Tuesday and in line with, our markets had a gap opening by a small margin. In the initial trade, we moved higher towards 18200 which got sold into immediately. Market slipped towards 18100 around the mid session but fortunately after couple of indecisive swings, we started marching higher towards the fag end of the session. As a result, the Nifty finally had some bounce back to end tad below 18300. Markets had a quiet start on Wednesday with mildly positive bias despite SGX Nifty was indicating a gap down opening by nearly 50 points. After consolidating around 18300 for nearly two hours, Nifty extended its gains towards 18350. It was once again followed by some choppy trades in a small band after the mid-session. However as we stepped into a final hour of the session, the heavyweight stocks started becoming a bit nervous, which eventually resulted in a sharp decline to conclude around 18200 with nearly three tenths of a percent cut. Despite Nifty was indicating a flat opening on Thursday, our markets started the day slightly lower and aggravated the selling right from the word go. In the initial hour we slid below 18100 and then as the day progressed, the bears thrashed all key supports one after another. Due to massive sell off in individual stocks, Nifty eventually plunged below 17900 to conclude the October expiry on a depressive note. In this process, Nifty concluded with nearly 2% loss, thereby marking a biggest single day cut after April 12, 2021. Market ended on weak note for the third consecutive session on October 29 with Nifty closing below 17,700 level. At close, the Sensex was down 677 points at 59306, and the Nifty was down 185 points at 17671.

Q4 RESULT ON 29 OCT 2021

1.     Adani Power     

2.     GAIL     

3.     Escorts 

4.     Dr Reddys Labs

5.     SAIL      

6.     REC       

7.     UPL       

8.     Voltas  

9.     Vedanta

NIFTY PREDICTION FOR TOMORROW 29 OCT 2021

Market ended lower for the second consecutive session on 28 October 2021 dragged by the bank, metal, realty, oil & gas, power and pharma stocks. At close, the Sensex was down 1158 points at 59984, and the Nifty was down 353 points at 17857. Markets ended as the worst performer in the Asian pack as selling intensified on the expiry day. After a weak opening, benchmark Nifty swiftly broke the important 18100 support level and retreated sharply thereafter. After a long time, the Nifty closed below 20 day SMA which is broadly negative for the market. 

NIFTY PREDICTION FOR TOMORROW 28 OCT 2021

Nifty opened Wednesday 27 october 2021 with a small gap but unable to sustain on highs & showed profit booking resulting closed a day at 18210 with loss of half percent and formed again a bearish candle on the daily chart. Benchmark indices erased the opening gains in the final hour and ended lower with Nifty below 18200. At close, the Sensex was down 207 points at 61143, and the Nifty was down 57 points  at 18211. 

NIFTY PREDICTION FOR TOMORROW 27 OCT 2021

 Market ended higher for the second consecutive day on 26 October 2021 mainly supported by auto, realty and metal stocks. At Close, the Sensex was up 383 points at 61350, and the Nifty was up 143 points at 18268.Tata Motors, Tata Steel, SBI Life Insurance, Titan Company and JSW Steel were among the major Nifty gainers. Losers included IndusInd Bank, ICICI Bank, Power Grid Corp, HUL and NTPC.All the sectoral indices ended higher with auto, realty, metal, oil & gas indices up 1-3 %. BSE midcap and smallcap gained over 1.5% each.

The next higher levels to be watched are around 18350 levels. Any sustainable move above 18350 levels may cause momentum towards 18400-18500 levels. On the downside, any violation of an intraday support zone of 18100 levels may cause profit booking towards 18000-17800 levels. The daily strength indicator RSI has eased off from the overbought zone indicating profit booking at higher levels. On the index front, Nifty should hold 18000 levels for any rebound else profit taking would resume. Needless to say, the scheduled monthly f&o expiry will keep the choppiness high across the board. Amid all, participants should continue with a cautious approach until we see some concrete sign of trend resumption.

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Resistance: 18350, 18450, 18550

Support: 18250, 18150, 18050

NIFTY PREDICTION FOR TOMORROW 26 OCT 2021

A volatile trading session ended on flat note, bears taking a breather after the recent fall. After the initial uptick, the indices failed to hold the gains and started drifting lower as the session progressed. However, a sharp surge in the select banking majors, thanks to positive earnings by the ICICI Bank, not only capped the downside but also helped the index to pare the losses. Consequently, the Nifty closed at 18125 levels. Nifty opened with an upward gap and extended its selling pressure in the first half of the session.  In the latter half, we saw some buying interest at lower levels forming a long lower shadow on the daily chart. The Nifty closed at 18125 with a gain of 10 points (0.06%), while the Sensex gained 145 points (0.24%). 

The next higher levels to be watched are around 18300 levels. Any sustainable move above 18250 levels may cause momentum towards 18300-18500 levels. On the downside, any violation of an intraday support zone of 18100 levels may cause profit booking towards 18000-17800 levels. The daily strength indicator RSI has eased off from the overbought zone indicating profit booking at higher levels. We expect the banking pack to remain in focus as Axis Bank and Kotak Bank will report their quarterly results on 26 oct 2021. On the index front, Nifty should hold 18000 levels for any rebound else profit taking would resume. Needless to say, the scheduled monthly f&o expiry will keep the choppiness high across the board. Amid all, participants should continue with a cautious approach until we see some concrete sign of trend resumption.

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Resistance: 18250, 18350, 18450

Support: 18150, 18050, 17950

NIFTY PREDICTION FOR NEXT WEEK 25 OCT TO 29 OCT 2021

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WEEKLY RESISTANCE FOR NIFTY: 18350, 18450, 18550

PIVOT POINT: 18250

WEEKLY SUPPORT FOR NIFTY:  18150, 18050, 17900

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 18150, 18200, 18250

PIVOT POINT: 18100

DAILY SUPPORT FOR NIFTY:  18050, 18000, 17950

DAILY CHART FOR NIFTY

Once again the cheerful mood across the globe led to a head start new trading week at new highs for our markets. Nifty reached yet another milestone of 18600 in the initial trades. However, due to some profit booking in heavyweights, the markets not only gave up its lead; but also slipped inside the negative territory in the first hour itself. This was followed by a v-shaped recovery as we moved closer to the midsession. Everything looked as per the routine, as markets regained strength from the initial decline. But it was not done with its action yet as we witnessed a recurrence of the selling pressure at the stroke of the penultimate hour. Eventually, Nifty ended the session tad above 18400 by shedding nearly 200 points from the high. On Tuesday After hitting fresh lifetime time high indices came down & closed in red. Sensex and Nifty turned red with minutes left before the closing bell. Nifty was nearing 18400 while Sensex was down below 61700. After having touched fresh highs above 40,000, Bank Nifty index has slipped into the red to now trade at 39682. Bandhan Bank was the top laggard on the index, falling more than 4%. Sensex and Nifty scaled fresh all-time highs on 19 October 2021. Once again the cheerful mood across the globe led to a head start at new highs for our markets. Nifty reached yet another milestone of 18600 in the initial trades on Wednesday. However, due to some profit booking in heavyweights, the markets not only gave up its lead; but also slipped inside the negative territory in the first hour itself. This was followed by a v-shaped recovery as we moved closer to the midsession. Everything looked as per the routine, as markets regained strength from the initial decline. But it was not done with its action yet as we witnessed a recurrence of the selling pressure at the stroke of the penultimate hour. Eventually, Nifty ended the session tad above 18400 by shedding nearly 200 points from the high. The global markets were a bit stable and as a result, our markets opened with a decent upside gap on Thursday morning, exceeded the SGX Nifty by a fair margin. However it was merely a formality as we not only saw Nifty erasing all gains but also went on to slide below 18100 during the penultimate hour. Fortunately due to late recovery in some of the heavyweights, Nifty managed to recover fair bit of ground to conclude the weekly expiry tad below the 18200 mark. Markets remained under pressure for yet another session and lost nearly half a percent on Friday. After the initial uptick, the selling pressure resumed as the day progressed which led the Nifty to end lower by 0.3% at 18117 levels. The broader markets also traded in sync with the benchmark and both mid cap and small cap ended lower by 1% each. A mixed trend was witnessed on the sectoral front wherein realty and banking ended marginally higher while healthcare, metal and IT settled in the red.
NIFTY: A STRONG SUPPORT WILL BE @ 17900; STRONG RESISTANCE LEVEL SEEN @ 18600

Markets will react to the Reliance and ICICI Bank results in early trade on Monday. Besides, global cues and movement in crude oil prices would be actively tracked. On the benchmark front, we expect Nifty to find support around 17900 zone while 18200-18,400 zone would act as a hurdle. While traders are complaining of excessive volatility across the board, the recent fall is helping investors to accumulate quality stocks which are available at a good bargain. Immediate support for Nifty is 18000. if the market is able to sustain the level of 18000 then we can see a reversal in the market. We believe market direction in the near term will depend on Q2FY22 earnings and their management commentary, demand in festive seasons and commodity prices.

TECHNICALLY SPEAKING

Equity market in India witnessed volatility during the week ended 22nd October 2021. The improvement in high frequency domestic economy indicators continued with the further opening up of the economy and the level of vaccinations crossing the 1Bn mark.  The overall COVID data is encouraging with daily new case additions touching a 7 month low even while we remain watchful during the festival season and also for any new variants of the virus. Index closed a week at 18114 with loss of more than one percent on weekly basis and formed a dark cloud cover candle pattern on weekly chart which is bearish reversal candle pattern by nature, so if we slipped below 18k mark we may see short term reversal in index. The index has formed consecutive bearish candles throughout this week which hints bears are trying to grip the market from higher levels & which will be possible if we drag below the 18k mark in the coming week. Immediate supports for Nifty is coming near the 18k mark followed by 17950 zone and if index managed to hold above 18k mark, one can expect a swift pullback & resistance is coming near 18250-18350 zone. If the market is able to sustain the level of 18000, we can witness a reversal in the market. We have observed the momentum indicators like RSI and MACD indicating signs of reversal in the market.Going forward, market direction would likely be determined among other factors by a) demand momentum in the festive season b) movement in commodity inflation and c) mobility trends. Commentary of companies that are yet to report results of Q2FY22 and institutional flows should be other factors to watch out for market participants.

NIFTY OUTLOOK & OPTION CALLPUT TIPS FOR 22 OCT 2021

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The Nifty opened gap up only to face fresh round of selling near the 20 HMA. On the way down, it breached the level of 18050. However it received support as it approached the crucial 18000 mark.  Market witnessed selling on the third straight session on October 21 mostly dragged by IT and metal names. At Close, the Sensex was down 336 points at 60923, and the Nifty was down 88 points at 18178. Weak global cues triggered selling pressure for the third day in a row, while for one more time bears took the aggressive stance near the 18400 resistance level.

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Market extended its downward rally and was trading near day's low as heavy selling was seen in realty and metal stocks. The selloff was more significant in the broader market space where the Small Cap and Midcap index dropped over 2.5%. Other than Telecom all other indices are in the negative zone. Market witnessed sell off for a second consecutive session alongside, the long-term economy & market trend is intact due to further re-opening of the economy, low-interest cycle and fiscal & private spending. This correction will give leeway for value-buying, defensives and upcoming stocks & sectors that evolved from this new demand. At close, the Sensex was down 456 points at 61259, and the Nifty was down 152 points at 18266.

NIFTY PREDICTION FOR NEXT WEEK 18 OCT TO 22 OCT 2021

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WEEKLY RESISTANCE FOR NIFTY: 18400, 18500, 18600

PIVOT POINT: 18250

WEEKLY SUPPORT FOR NIFTY:  18150, 18050, 17900

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 18350, 18400, 18450

PIVOT POINT: 18300

DAILY SUPPORT FOR NIFTY:  18250, 18200, 18150

DAILY CHART FOR NIFTY

Its was week of new day's new highs 18300 is the new milestone of Nifty in this new week !!! Nifty started the week on a flat note and marched higher with the support from the banking heavyweights. It finally tested the 18000 mark which market participants were much awaited for. However, during the later part on Monday the nifty gave up some of the morning gains and ended around 17950 with marginal gains of about three-tenths of a percent. Nifty finally conquered the 18000 mark during the day which has been a remarkable journey post the Covid led fall in the last year. Although the IT space which has done remarkably well in this uptrend corrected Monday post the quarterly results of TCS, the banking took the charge Monday and led to markets to achieve the milestone.  On Tuesday the global markets witnessed some correction and in line with the same, the SGX Nifty hinted at a negative opening for our market. Nifty started the day marginally negative and sneaked below 17900 before noon. However, the index then recovered from the lows and rallied to end the day around the 18000 mark. Nifty continued its momentum with a gap up opening on Wednesday around 18100 mark. It maintained its positive bias throughout the day and ended with gains of almost a percent above 18150.on Thursday benchmark indices extended the record rally in the sixth consecutive session with Sensex and Nifty ended at fresh record closing high. At close, the Sensex was up 568 points at 61305, and the Nifty was up 176 points at 18338.

NIFTY: A STRONG SUPPORT WILL BE @ 17800; STRONG RESISTANCE LEVEL SEEN @ 18500

Considering the recent behavior of the market, it is pretty clear that the bulls are not willing to let loose their firm grip so easily. But we reiterate it is that sort of phase of the market, which may not be easy to participate in. We are not at all convinced trading aggressively on the long side at this moment, yes there could be odd thematic moves that can be focused on but do not want to go all guns blazing at such elevated levels. . The immediate supports for Nifty are placed around 17900, 17800 and 17700 while resistance is seen around 18500. Is is advisable to continue with a stock specific approach and trade with a watch on the above mentioned levels.

TECHNICALLY SPEAKING

Eventually Nifty ended the week around the 18300 mark, which is the highest ever close for our markets. Considering the recent behavior of the market, it is pretty clear that the bulls are not willing to let loose their firm grip so easily. But we reiterate it is that sort of phase of the market, which may not be easy to participate in. We are not at all convinced trading aggressively on the long side at this moment, yes there could be odd thematic moves that can be focused on but do not want to go all guns blazing at such elevated levels.index closed the week at 18,339 with gains of two & half percent and formed a bullish candle on the weekly chart for the second consecutive week. Now immediate supports are coming near 18,250 followed by 18,170 zone and any dip near mentioned supports zone will be again fresh buying opportunity for the overall targets of 18,500 zone. The market witnessed the continuation of a positive trend, after sustaining above the level of 18250. Research suggests that if the market sustains above the level of 18200-18250, the positive momentum to continue, leading to an upside projection till 18550-18600 level. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.

HAPPY DUSSEHRA !!! ✌✌

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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.