NIFTY UPDATE OF 18 NOV 2021

 Nifty  exhibited high volatility in trades on Thursday. The key indices witnessed wilted under severe selling pressure in the first-half of the day, before staging a partially mid-way, only to lose ground once again. Nifty    have recouped some of its losses in the last half-hour of trades or so on the back of renewed buying interest in banks and index heavyweight Reliance Industries. The BSE Sensex was down 375 points at 59,633, and the NSE Nifty had slipped 132 points to 17,767.One 97 communications, the parent company of digital payments major Paytm, made a weak stock market debut as its shares got listed at Rs 1,950, a 9 per cent discount against its issue price of Rs 2,150 on the National Stock Exchange  on Thursday. On the BSE, the stock opened at Rs 1,955 per share.

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NIFTY TREND FOR 18 NOV 2021

After a gap-down opening, the benchmark index continued the downside move throughout the day and settled at 17898 levels with a loss , while Bank Nifty slipped more than 200 points to close at 38041 levels. Technically, the index has formed a bearish candle on the daily time frame  which shows weakness in the counter. For the second straight day, Reliance Industries accounted for almost 50 per cent of the Sensex loss. The stock ended 2 per cent lower at Rs 2,462. Axis Bank and Kotak Bank were also down around 2 per cent each. On an hourly chart, the index has given a trend line breakdown, which points out some corrections. Furthermore, the index has given closing below 21 DMA as well as the stochastic indicator is trading negative crossover. At present, the index has support at 17750 levels, while resistance is at 18100 levels.

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Resistance: 18100, 18200, 18300

Support: 18000, 17900, 17800

NIFTY OUTLOOK FOR 17 NOV 2021

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Nifty ended on negative note on November 16  below 18000 dragged by the bank, pharma, oil & gas and metals stocks.Markets edged lower in a volatile session despite stable global cues. Finally, Nifty settled at 17,999  down by 0.6%. Amid all, a mixed trend was witnessed on the broader front wherein midcap ended lower and smallcap closed marginally in the green. On the technical front, markets are trading around the key support zone of ~ 18,000 levels and if it sustains above this level for a few more sessions, we can see a good up move in the near term. Immediate support and resistance in Nifty 50 is 17,850 and 18,250 respectively. Technically, the index has formed a bearish candle on the daily time frame, which shows weakness in the counter. On the hourly chart, the index has been trading with lower highs lower lows, which point out some corrections for the next trading session. 

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Resistance: 18100, 18200, 18300

Support: 18000, 17900, 17800

NIFTY OULTOOK FOR NEXT WEEK (15-NOV-2021 TO 18-NOV-2021)

The market snapped three-day losing streak on November 12 and regained the previous session losses led by the IT, power and realty names amid mixed global cues.At close, the Sensex was up 767 points at 60,686, while the Nifty was up 229 points  at 18,102.For the week, BSE Sensex and Nifty50 indices rose 1 percent each.The momentum which was lost during the week was regained as inflation worries started fading with investors shifting their focus to good quarterly earnings, economic recovery and strong domestic macro data points, The Nifty formed a bullish candle on daily scale and negated its lower highs - lower lows of two sessions, which suggests strength in the counter.At present, the index has a support level of 17,900, while resistance is at 18,250 levels. The index has moved above its strong hurdle zone of 18,000-mark which hints if prices managed to hold above the 18,000-mark, then one can expect a current pullback to extend further towards 18,200-18,300 zone, the immediate hurdle zone on the higher side.Also any dip near 18,000 mark will be again fresh buying opportunity.It formed a small bodied bullish candle on weekly scale with long lower shadow indicating declines are being bought despite profit-booking at higher zones.The index has to hold above 18,000 zones for an up move towards 18,250 and 18,350 zones. While on the downside, supports shifts higher to 17,900 and 17,777 levels. Next week would be crucial for the Nifty. If we can keep above 18,150 for a couple of sessions, the markets can scale higher to 18,400 and then 18,600. This will also take out the upper end of the current range which will add further momentum to the index.

WEEKLY RESISTANCE FOR NIFTY: 18200, 18300, 18400

PIVOT POINT: 17900

WEEKLY SUPPORT FOR NIFTY:  17900, 17700, 17500

WEEKLY CHART FOR NIFTY

NIFTY PREDICTION FOR TOMORROW 11 NOV 2021

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Markets remained volatile and ended marginally lower, in continuation to the prevailing trend. Weak global cues triggered a gap-down start however recovery in the select index majors trimmed the losses as the session progressed. A mixed trend was witnessed on the sectoral front and the broader indices also slipped marginally in the red after the recent surge. We are seeing mixed signals at present. At one end, participants are cautious due to continuous foreign outflow and mixed earnings announcements. On the other hand, improvement in the macro environment, improving demand and reopening of the economy is signaling positivity. All these factors put together are triggering volatile swings in the market. And, we expect choppiness to remain high due to the scheduled weekly expiry on Thursday. Participants should maintain extra caution in the selection of stocks and focus more on risk management.  Markets languished in the negative territory for a major part of the session as Asian cues were mixed. After the initial intraday selloff, Nifty found support near 17900 and reversed sharply in the closing hours.  On the back of negative global cues and Nifty, the index opened down, but it recovered 145 points from the day low and filled the gap and made an intraday high at 18060 and settling at 18017 with a marginal loss of 27 points while Bank Nifty settled at 39023 with a loss of 45 points. Technically, the narrow range activity near the 20 day SMA clearly indicates indecisiveness between the bulls and bears. However, the intraday texture is still bullish and is likely to continue in the near future. The intraday trading set up suggests 18000 would be the key support level for the traders. Trading above the same, the index can move up to 18100-18200 levels. On the flip side, dismissal of 17900 may trigger short-term correction up to 17850-17800 levels.

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Resistance: 18100, 18200, 18300

Support: 17950, 17850, 17750

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.

NIFTY OUTLOOK & OPTION CALLPUT TIPS FOR 21 OCT 2021

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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.

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