NIFTY & BANKNIFTY OUTLOOK FOR 09 DEC 2021

Market continued its upward journey on the second consecutive day on 8 December 2021 with Nifty and Sensex hovering near day’s high. The Nifty reclaimed 17450 levels. Among sectors, all the key indices were trading with a positive momentum. The European markets are trading flat today. RBI keeps accommodative stance with interest rate unchanged at 4% and reverse repo rate at 3.35% and will maintain this stance as long as necessary to revive and sustain growth which gives a clear signal that RBI is giving a strong & durable support to the economy without downsizing any support which will be beneficial for the equity markets as well. The Nifty settled at 17469 levels with 1.7% gains while the Bank Nifty increased by 1.75% to close at 37285 levels. 

Hence, the markets have given a stellar run up today giving thumbs up to RBI's comments today. Despite record equity selling by FIIs, RBI has done well to defend the currency and made sure that imported inflation is under check. Immediate support and resistance for Nifty is 17300 and 17600 and for Bank Nifty is 37000 and 37700.

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Resistance: 17550, 17650, 17750

Support: 17450, 17350, 17250

NIFTY OUTLOOK FOR RBI CREDIT POLICY ON 8 DEC 2021

On Wednesday 8 Dec 2021 markets opened on positive note, ahead of the outcome of the RBI's scheduled policy meeting, wherein the key benchmark rates are expected to remain unchanged amid uncertainties over new coronavirus variant Omicron. The Nifty is again close to the resistance zone of 17475-17550. If we are successful in closing past it, the Nifty can scale higher to 17600-17800. The current support lies at 17200 and if we break that, the markets could fall all the way down to 17000-16800.

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NIFTY & BANKNIFTY OUTLOOK FOR 08 DEC 2021

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After a gap-up opening on Tuesday, the nifty continued the upward move throughout the day and gained more than 1.58% to close at 17176 levels. While Banknifty closed the session at 36618 with a gain of 882 points. On an hourly chart, the index has taken support from the rising trendline and closed above the same, which adds strength to the counter. On four hourly charts, the index has formed a doji kind of candle, which suggests indecision between buyer and sellers. Moreover, an Hourly Momentum indicator MACD was trading with a positive crossover, which suggests the bullish movement is intact.  At present, the nifty has support at 16950 levels while resistance comes at 17250 levels, crossing above the same can show 17350-17500 levels. On the other hand, Bank Nifty has support at 36000 levels while resistance at 36900 levels.

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Resistance: 17450, 17300, 17350

Support: 17200, 17150, 17100

NIFTY & BANKNIFTY OUTLOOK FOR 07 DEC 2021

Markets plunged sharply lower and lost over one and a half percent on Monday 6 December 2021 , in continuation to Friday’s fall. After the flat start, weak global cues and updates on the new COVID variant started weighing on the sentiment as the day progressed. Consequently, the Nifty ended near day’s low to close at 16912 levels. The sectoral indices traded in tandem and mostly ended in the red wherein IT, auto, FMCG and pharma were among the top losers. The rise in COVID cases has again started haunting the global markets and the situation may deteriorate further in near future. Besides, the upcoming MPC’s policy review outcome and macroeconomic data (IIP and CPI inflation) would keep the volatility high. Keeping in mind the scenario, we reiterate a cautious stance and suggest continuing with a hedged approach. Nifty is continuing its corrections after a minor pullback where it has again slipped below its 100-DMA. The selling can be attributed to rising cases of omicron variant in India along with other countries whereas FIIs are also continuing to hold their hand on the sell button. There was a sharp selling on Tech stocks in the USA in Friday's trading session and the same was replicated in our market where the Nifty IT index ended with a cut of 2.7%, however there was broad-based selling because there was no sectorial index that ended on a positive note. The market may continue to remain volatile amid news flow related to the omicron variant.
Technically, 16850-16750 is a critical support zone for the Nifty where we can expect a bounce back while below this zone, 16500 will be the next important support level. On the upside, 17000 will act as an immediate intraday resistance for tomorrow while 100-DMA of 17175 will be the next hurdle; above 100-DMA, we can expect a short covering move towards the 17250-17350 zone. Bank Nifty still manages to close above its 200-DMA that is currently placed at 35725 level. If it starts to trade below this level then we can expect further weakness towards the 35000 level otherwise it may witness a bounceback. On the upside, 36400 will be immediate and intraday resistance while 36600/36800 will be the next resistance levels.

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Resistance: 17250, 17350, 17450

Support: 16950, 16850, 16750

NIFTY & BANKNIFTY FUTURE 06 DEC 2021

After Wednesday & Thursday of a relief rally, selling resumed on Friday as mixed cues in other Asian markets weighed on sentiment that prompted investors to trim their holdings in auto, FMCG and IT stocks. While Nifty corrected sharply, it finally took support near 16800. In an extremely volatile week, the Nifty succeeded to close above the 100 day SMA which is broadly positive. However, on the dismissal of 17150, the market could again enter in the short term bearish zone and below the same, the index could gradually fall to 16900/16750 levels. Based on the daily chart the market is forming the series of a lower top lower bottom. In case the market breaks 16800 then it would have major implications and in that case the possibility of the index hitting 16500 would turn bright. Meanwhile, on daily charts, the Bank Nifty maintained a lower top formation which is largely negative. Now, 35600 or 200 day SMA would be the key support level.  And the texture of the chart suggests a strong possibility of axquick pullback rally if it succeeds to trade above 35600.

NIFTY PREDICTION FOR NEXT WEEK 6 DEC TO 10 DEC 2021

WEEKLY RESISTANCE FOR NIFTY: 17200, 17500, 17700

PIVOT POINT: 17000

WEEKLY SUPPORT FOR NIFTY:  16800, 16600, 16400

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17100, 17200, 17300

PIVOT POINT: 17000

DAILY SUPPORT FOR NIFTY:  16900, 16800, 16700

DAILY CHART FOR NIFTY

After Friday’s mayhem, the global markets looked in a recovery mode and in line with this, the SGX Nifty too indicated a decent gap up by nearly 100 points. Our markets shrugged off this positivity and decided to start the week with nominal gains. In fact after this, we had a small bout of dramatic trades in our markets. During first 10 minutes, Nifty tanked nearly 300 points and immediately in next 10 mins, all losses just disappeared. After this, there was no major activity seen in key indices as they remained in a tight range to conclude the session around the opening levels. We had a muted start for the Tuesday in the absence of any major trigger on the global as well as domestic front. Immediately, the bulls geared up to lift market higher in the initial trades. Within first one and a half hour of the session, Nifty was back to 17300 with handsome gains. However, the global peers became nervous all of a sudden which resulted in a complete nosedive in our markets too. Within no time, it not only erased all gains but also managed to send Nifty slightly below the 17000 mark. This was followed by some consolidation with mild recovery; but once again the tail end correction poured complete water on this attempt to conclude the session below 17000 for the first time after August 30, 2021. Tuesday’s tail end correction was followed by a decent gap up opening in our market on Wednesday; courtesy to some cooling off in global market. The lead extended in the initial trade to hasten towards the 17200 mark. However after this Nifty remained in a band of nearly 100-120 points as we saw Nifty testing both ends (lower as well as higher) on a couple of occasions. Eventually, it ended in favour of the bulls as Nifty concluded the session above 17150 by adding more than a percent gains. Thursday Market ended higher for the second consecutive session on 2 December 2021 with Sensex gaining more than 700 points. At close, the Sensex was up 776 points at 58461, and the Nifty was up 234 points at 17401. Bulls held the upper hand today as Indices sprinted over a percentage led by the IT Index during afternoon trade. As the volatility index cooled off today, we witnessed stock-specific action across sectors in the broader markets buoyed by GDP & GST data together with cooling Energy prices. Advance - Declines showed a marked improvement today with most of the sectoral indices ending in the green. On Friday market broke the two-day winning streak and ended lower with Sensex closing below 58000 mark. At Close, the Sensex was down 764 points at 57696, and the Nifty was down 205 points at 17196.

NIFTY: A STRONG SUPPORT WILL BE @ 16800; STRONG RESISTANCE LEVEL SEEN @ 17500

Levels of 16800 and 17700  may act as an important support and resistance respectively. We can expect it to trade in the range of 17100-17500. Technical indicators also support positivity in the market.

TECHNICALLY SPEAKING

The index is currently trading within its resistance zone of 17100-17350. It would need to cross this level for a positive short term trend to emerge. Once that happens we could expect higher levels of 17600-17800. Until that does not happen, the bias continues to remain on the sell-side and traders should be watchful and cautious. If the market turns from here and breaks 17000, we would revisit the recent lows. Key point to highlight is that once again buying demand emerged after 10% correction. Thereby, maintaining the rhythm of not correcting for more than 9- 10% since May 2020, indicating structural bull trend is intact. Going ahead, we expect index to resolve higher and head towards 17600 as it is confluence of 50 days EMA coincided with 50% retracement of current decline (18210-16782). Nifty heading towards 17500 – 17700; but we reiterate, markets are not completely out of the woods yet and hence, it’s advisable to stay light after nearing this zone. On the flipside, 17200– 17000 are to be seen as weekly supports.

NIFTY PREDICTION & TRADING TIPS FOR 2 DEC 2021

After the sharp sell-off in the global markets yesterday, Indian equities reversed its course following recovery in global markets and strong domestic GDP data. India’s Q2 GDP recorded a growth of 8.4% as economic activity moved towards normalcy after the impact of the second wave. Though the Fed chair’s comment on speeding up the pace of the bond-buying taper plan kept investors cautious along with the concerns of Omicron, the global markets recovered sharply today. Benchmark indices ended higher on December 1 with Nifty above 17100 supported by the IT, auto, metal and financial names. At close, the Sensex was up 619 points at 57684, and the Nifty was up 183 points at 17166.

NIFTY PREDICTION & TRADING TIPS FOR 1 DEC 2021

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Markets traded volatile and lost nearly half a percent citing mixed global cues. The benchmark opened firm and inched further higher in the first hour but prevailing uncertainty around the new COVID variant trimmed all the gains and pushed the index lower as the day progressed. Eventually, Nifty settled around the day’s low to close at 16983 levels. Among the sectors, consumer durables, IT and realty were the top gainers whereas metal, telecom and banking ended with losses. Amid all, the broader markets outperformed wherein midcap and smallcap ended higher by 0.4% and 1.4% respectively. Markets will first react to the GDP numbers in early trades on Wednesday and the auto sales will also start pouring in from December 1. Needless to say, the excessive news flow around the new COVID variant would keep the volatility high. Keeping in mind the scenario, it’s prudent to continue with hedged positions until the markets stabilize. 

NIFTY PREDICTION & TRADING TIPS FOR 30 NOV 2021

Indian markets ended in the green today in tandem with a similar recovery in other markets as investors waited for more details to assess the severity of the Omicron coronavirus variant on the world economy, allowing battered stock markets and oil prices to recover At close, Sensex gained 153 points to end at 57260; Nifty rose 14 points to 17040. Domestic indices trimmed its early losses to trade modestly higher backed by IT and healthcare stocks, amid lingering worries over the emergence of the new covid variant. Global markets traded mixed as investors were torn between buying on dips and the uncertainties over the impact of Omicron on economic recovery.  However, the global market has factored well the near-term uncertainty limiting further downside. On the domestic front, the telecom sector was in focus as all sector majors reported a rate hike, signaling an end to the low tariff regime.

We expect choppiness to remain high citing the prevailing uncertainty around the new COVID variant. Besides, on the domestic front, macroeconomic data like GDP numbers, core sector data and auto sales figures will further add to the volatility. We reiterate our cautious stance and suggest preferring hedged positions. Nifty closed the Monday at 17054 with minimal gains and formed a Doji candle pattern on the daily chart which represents indecision in the markets. Immediate support for Nifty is coming near 16950-16850 zone and on the higher side index has stiff hurdle around 17175-17250 zone, also one can look for trimming their longs around mentioned resistance zone. Overall strength will come only above 17300 zone & until trading below 17300 levels, we may see sell on rise structure intact.

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Resistance: 17175, 17250, 17300

Support: 16950, 16850, 16750

NIFTY PREDICTION FOR NEXT WEEK 29 NOV TO 3 DEC 2021

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WEEKLY RESISTANCE FOR NIFTY: 17200, 17500, 17700

PIVOT POINT: 17000

WEEKLY SUPPORT FOR NIFTY:  16800, 16600, 16400

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17100, 17200, 17300

PIVOT POINT: 17000

DAILY SUPPORT FOR NIFTY:  16900, 16800, 16700

DAILY CHART FOR NIFTY

The SGX Nifty was indicating a pleasant start for the week in line with cheerful global bourses. However we did not open with the same positivity and in fact gave up all gains in the initial trades itself. As the day progressed, the selling augmented across the broader market to break all intermediate supports one after another. During the final hour, market managed to minimize the damage; but still ended the session with nearly a couple of percent loss. After Monday’s sell off, our market started the day on a weak note as indicated by the SGX Nifty early in the morning. Things looked extremely bleak in the opening trades but fortunately the bears chose to take some breather after nearing the support zone of 17250 – 17200. In fact, as the day progressed, the overall recovery in the market gained some momentum to reclaim the 17500 mark. Tuesday’s smart recovery was followed by a decent opening on Wednesday in line with favorable global cues. After the initial tentativeness, market stabilized and went into a consolidation mode. We slowly and very gradually moved towards the 17600 mark around the mid-session. However all of a sudden market started to feel some heat as we witnessed strong selling pressure across the board to pull the Nifty back to 17400 in a flash, in fact for a moment we even slid towards 17350. Market ended on positive note on Thursday 25 November 2021 with Nifty finished the November F&O series above 17500 supported by the Reliance Industries and realty and pharma industries. At close, the Sensex was up 454 points at 58795, and the Nifty was up 121 points at 17536. Nervousness on the new variant of Corona virus and expectations of US increasing the pace of tapering has led to recent market weakness. This trend may take some time to recover as the WHO meeting on the new mutant variant impact and hospitalization rates in US and Europe will be watched by the market very closely. Benchmark indices were trading lower in the final hour of trading on November 26 with Nifty gave up the 17000 mark on Friday as the 50-stock index hit a low of 16985 before registering a small pullback.

NIFTY: A STRONG SUPPORT WILL BE @ 16500; STRONG RESISTANCE LEVEL SEEN @ 17500

Today’s pullback after the early scare in the first half, and the inability to push beyond 17200 in the second half, despite several and strong up waves, confirms that consolidation is in play, rather than a directional move. Favored view expects the same to continue in next week, without requiring to take a call on the chances of either 18k or 16k for now. During the next week, it would be critical for Nifty to float above 17450 to maintain potential for a 17500-800 move. Inability to do so could clear path for 16800.

TECHNICALLY SPEAKING

The lack of faster retracement of the last decline signifies weak pullback that makes us believe retest of recent low of 16985 cannot be ruled out. Over past 3 sessions index has retraced 38% of preceding four sessions decline (17200-16985). Since April 2020, there have been three major corrections (shown in adjoining chart) which measured average 10%. Buying in each of three corrections provided handsome returns for investors as index eventually scaled back to new highs. In current scenario, as Nifty has already corrected 8% from life highs of 18600 amid oversold placement of weekly stochastic (currently placed at 21), we expect markets to maintain this rhythm of arresting corrections within 9%. Thus, we expect Nifty to find strong buying demand in 16800-16500 zone. One should continue with a sell on rise strategy. Although we continue to remain bearish on the market, it would be difficult to take a call whether we would break the sacrosanct support of 16800 on Monday itself. Yes sooner or later it is likely to be breached to see Nifty retesting the 16000 mark. Before this, 16500 is to be considered as an intraday support.

HOW WILL BE NIFTY ON 1ST DAY OF DECEMBER F&O SERIES 2021 ??

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Market ended on positive note on Thursday 25 November 2021 with Nifty finished the November F&O series above 17500 supported by the Reliance Industries and realty and pharma industries. At close, the Sensex was up 454 points at 58795, and the Nifty was up 121 points at 17536. Reliance Industries, Divis Labs, Infosys, ITC and Tech Mahindra were among major gainers on the Nifty, while losers were Britannia Industries, IOC, IndusInd Bank, Maruti Suzuki and ICICI Bank. Among sectors, oil & gas, realty, pharma indices rose 1% each, however, some selling was seen in auto and banking names. 

On the last day of November F&O series, markets rebounded sharply, largely supported by gains in Reliance Industries. Technically, Nifty has formed a strong bullish candle and at the same time it is consistently taking support between 17350 to 17300 levels. We are of the view that the intraday support has now shifted to 17400 from 17300 and as long as it’s trading above 17500 the uptrend wave will persist up to 17580-17650. On the flip side, below 17475, the uptrend would be vulnerable.

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Resistance: 17600, 17650, 17700

Support: 17500, 17450, 17400

NIFTY PREDICTION FOR TOMORROW 25 NOV 2021

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Markets resumed the corrective phase after a day of pause and lost half a percent. The move was lackluster for most of the session and the benchmark hovered in a narrow range amid mixed cues. However, selling pressure in the last one and a half hours dragged the index to the day’s low. Market witnessed a highly volatile session on Wednesday 24 November 2021 with Nifty closed below 17500 dragged by Auto, IT, FMCG stocks. Sensex was down by 323 points and closed at 58340 and Nifty was down by 88 points and closed at 17415. Amid all, sectoral indices traded mixed wherein IT, auto and FMCG ended lower while media, finance and PSU banks were on the positive side. The news of the COVID situation worsening globally has started weighing on the sentiment along with the inflation fear. And since there’s no major event on the domestic front, markets will continue to take cues from global counterparts. 

While Nifty failed to surpass the 17600 resistance level, the index has formed a bearish candle along with lower top formation.  Ahead of the monthly F&O November series expiry the market is likely to trade within the range of 17350 to 17525. Below 17350, the uptrend would be vulnerable. On the technical front, immediate support and resistance in Nifty are 17325 and 17625 respectively. For Bank Nifty support and resistance are 36850 and 37650 respectively. At the same time, the scheduled monthly expiry on 25 November 2021 would keep the traders busy on tomorrow. We suggest continuing with negative bias in nifty while keeping a check on leveraged positions. Nifty has next major support around 17200 zone.

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Resistance: 17600, 17800, 18000

Support: 17400, 17200, 17000

NIFTY OUTLOOK FOR 24 NOV 2021

Pre-open session indicates decent opening gains for benchmark indices. The S&P BSE Sensex was at 58,836 levels, up 171 points at 9:07 AM while the Nifty50 eked out 46-point gain and was at 17,550.

Markets in morning session will be marginally positive.

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Resistance: 17700, 17800, 17900

Support: 17600, 17500, 17400

NIFTY OUTLOOK FOR 23 NOV 2021

At close, the Sensex was down 1,170.12 points, at 58,465.89, and the Nifty was down 348 points,at 17,416.50.All the sectoral indices ended in the red, with Nifty Bank, auto, energy and PSU bank indices down 2-4 percent.

Technical View

The Nifty formed a big bearish candle on the daily scale and formed lower highs-lower lows from the fourth straight session.If the Nifty remains below 17,500, weakness could continue towards 17,250 and 17,000, whereas upside hurdles exist at 17,650 and 17,777,.The short-term trend has been disrupted. If the momentum continues, the index can slide to 16,850. 

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Resistance: 17600, 17700, 17800

Support: 17500, 17400, 17300

F&O expiry: Nifty to trade in (18200-17700) IN WEEK (22-26 NOV 2021)

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Weak listing of India’s largest IPO and soft global market amid rising inflation woes impacted domestic sentiment. In the context of a weak global market, contraction extended in metal and crude oil prices weighing down the Indian market. The auto sector was also under pressure as the industry reported weak festive sales numbers owing to poor demand for two-wheelers and supply shortage in semiconductors. Over the last few weeks, the Nifty has been stuck in a range . On the daily chart  the Nifty has once again moved below the 20-day SMA on Tuesday. In the process, the Nifty has corrected and broken its recent supports, implying the short-term bias is weak. The Nifty is likely to drift down further towards the next major supports of 17,905-17,798 in the very near term. Any pullback rallies could find resistance at 18,133. Index closed the week at 17,746 with loss of nearly two per cent and formed a bearish candle on weekly chart hinting weakness in the markets. Now next good support for the market is coming near 17,600 zone. If managed to hold above-said levels, one can expect a good pull back in the index again towards 18,000 mark but if failed to hold then we may see more drag down in Nifty towards 17300-17000 mark, the immediate hurdle is coming near 17830-17940 zone where one can again lock their gains in longs. The strategy which we are suggesting for the weekly expiry  is a Bearish strategyIn the week gone by, BSE Sensex fell 1,111to close at 59,575, while the Nifty50 rose 337 points  to close at 17,764 levels.

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Resistance: 18000, 18100, 18200

Support: 17950, 17850, 17750

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