NIFTY WEEKLY OUTLOOK CHART & VIEW FOR 17 JAN 2022 TO 21 JAN 2022

Wish you all a very happy Uttarayan, Pongal, Magh Bihu, Bhogali Bihu and Paush Parva. 🙏🙏

WEEKLY RESISTANCE FOR NIFTY: 18400, 18550, 18725

PIVOT POINT: 18250

WEEKLY SUPPORT FOR NIFTY:  18125, 18000, 17825

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 18300, 18350, 18400

PIVOT POINT: 18200

DAILY SUPPORT FOR NIFTY:  18150, 18100, 18050

DAILY CHART FOR NIFTY

We kick-started the new week on 10 Jan 2022 on a cheerful note despite mixed global cues. Barring small dip around the mid-session, Nifty maintained its positive posture throughout the session and marched gradually towards the 18000 mark. Due to some tail end buying Nifty finally surpassed the psychological junction to conclude the session with over a percent gains. On Tuesday 11 Jan 2022 Despite massive volatility in US markets last night, our markets started the session on a flat note and then remained range bound for the major part of the day. Tuesday although we could see indices closing in the green, it was certainly not a smooth ride for traders as we witnessed couple of declines during the session. Fortunately these small dips were bought into by the opportunist traders to send the Nifty tad above the 18050 mark. Wednesday 12 Jan 2022 morning, the global set up was just ideal to have a head-start beyond the key resistance level of 18100. Post the gap up opening on Wednesday, our markets had a brief period of consolidation which was then followed by a slow and gradual move towards the 18200 mark. With the help of the broad based buying, the Nifty eventually ended the session above 18200 with some authority by adding over eight tenths of a percent gains. We had yet another gap up opening on 13 Jan 2022 Thursday morning as indicated by the Nifty. However this is followed by similar price action where we saw minor dip in the initial hour which eventually got bought into. Thereafter, the benchmark index remained in a range and with the help of some late recovery, managed to close almost at the highest point of the day tad above 18250. Friday 14 January 2022 market ended flat in the volatile session. At close, the Sensex was down 12 points at 61223, and the Nifty was down 2 points at 18255.

NIFTY: A STRONG SUPPORT WILL BE @ 17400; STRONG RESISTANCE LEVEL SEEN @ 18200

The market is now showing a typical behavior which generally happens after a decent rally and if any major event is close by. Both these conditions meet here as we have seen a spectacular recovery of more than 1800 points in such a short span after making a low around 16400. And we are now approaching the mega event Budget, so we are seeing this range bound activity in the benchmark index. For the coming session, the next level to watch out for remains at 18350 and once its surpassed, there is no major level visible before 18600. As of now, we do not expect a runaway move in the forthcoming session and hence, traders are advised to keep focusing on individual stocks.

TECHNICALLY SPEAKING

We are seeing a pullback after a vertical rally on the back of some weakness in global markets however there are no such negative cues for the market. If we look at the statistics then Indian Equity markets do well in the first two weeks of January but then it starts to correct near to Makar Sankranti or in between 15-20th January then there is a post-budget rally in the market. This trend may be replicated this year as well but the overall view is bullish and any pullback will be a good buying opportunity. Technically, 18000 is an immediate psychological support level while 17800/17650 is critical support levels.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 14 JAN 2022

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Markets extended gains for the fifth straight session, but it looks like bulls are showing signs of fatigue as trading largely remained rangebound.  Nifty had a volatile session amid weak global cues and weekly expiry. It closes above 18,250 as bulls maintain the momentum on Dalal Street. Nifty’s ascent towards 18,605 is on the radar. Interestingly, the gains came despite US CPI surging to the highest level since June 1982 and core CPI registering the biggest advance since 1991. The stronger readings reinforce the need for quicker interest rate hikes by the Federal Reserve. Benchmark indices ended with marginal gains in the volatile session on January 13 with buying seen in the metal and pharma names. At close, the Sensex was up 85 points at 61235, and the Nifty was up 45 points at 18257.

The index has once again given a flat to a marginal positive start in today's session. Volatility was visible owing to weekly expiry with wild swings on both sides. Going ahead 17950 -18025 will be good short-term support for upcoming trading sessions and on the upside 18300 will act as new immediate resistance. A hammer candlestick pattern is visible on daily charts indicating that the steam is cooling off and we can see sideways or profit booking sessions in the coming days. The structure of the index is in favor of bulls. Market breadth has remained at 2:1 with 36 stocks on the advancing side & 14 stocks on the declining side.

Resistance: 18300, 18375, 18450

Support: 18200, 18150, 18100

           

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 13 JAN 2022

Market ended on positive note for the fourth straight session on Wednesday 12 January 2022 led by the auto, realty, metal and power stocks. Market showed directional bias and ended in green for the fourth consecutive day. Global markets showed strength as markets reacted positively to US Federal Reserve chairman Jerome Powell’s testimony. At close, the Sensex was up 533 points at 61150, and the Nifty was up 156 points at 18212. Markets mirrored the gains seen in other global indices as investors lapped up shares of metals, telecom, auto and realty companies. Also, falling omicron cases also provided some support to the markets, which is gearing up for corporate earnings show. 

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 12 JAN 2022

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Market showcased a flattish trend with positive bias as the market weighed the expectations of a strong quarter amid concerns over rising cases, supply issue and inflationary pressure. Global market was on the edge as Fed meeting minutes hinted at rate hikes, elevated US inflation and the awaited release of US CPI inflation data. Domestic inflation levels are also likely to be significant due to unfavorable base effect though food prices have declined during December. At close, the Sensex was up 221 points at 60616. After a flat opening, index made an intraday low at 17964 levels and managed to close the session above 18000 marks at 18055 level with a gain of 52 points.

Market is expected to give good returns in coming days given the positive expectations of Q3 results and positive global cues. Traders are advised to ride the current rally with strict stop losses to their positions.  We expect the level of 17925 to act as major support for the Nifty, which, if broken, might be followed by 17875. On the upper side, 18125 will act as very strong resistance, which, if crossed, would take the index to 18225. We expect banking, auto, IT and realty shares to be in focus now. 

Resistance: 17950, 18015, 18075

Support: 17825, 17765, 17710

            

NIFTY OUTLOOK & TRADING TIPS FOR WEDNESDAY 11 JAN 2022

Markets started the week on a strong note and gained over a percent, in continuation to the prevailing up move. The benchmark index opened gap-up, tracking positive global cues and traded firm till the end. Consequently, Nifty reclaimed the 18000 mark and settled around the day’s high. Indian markets opened on a positive note following mixed to marginally positive Asian market peers as investors await more U.S. inflation data. During the afternoon session markets were trading in fine fettle as sentiments’ were upbeat after three months of selling spree, foreign investors have turned net buyers in the first week of January by infusing Rs 3202 crore in Indian equities. Additional support came as total employment generated by nine select sectors stood at 3.10 crore in the July-September 2021 quarter, which is 2 lakh more than that of the April-June period, according to a quarterly employment survey by the labour ministry. At close, the Sensex was up 650 points at 60395, and the Nifty was up 190 points at 18003. Traders also took solace as India has begun administering booster doses of the COVID-19 vaccine to frontline workers and vulnerable elderly people. Amongst the sectors, all the indices ended in green wherein capital goods, realty and banking were the top gainers. The broader markets too participated and gained in the range of 0.8% - 1.3%. Markets are showing tremendous resilience amid the rising COVID cases and the focus would now shift to the earnings season. Besides, key macro data such as IIP and CPI would also be on investors' radar. Amid all, global cues would continue to induce volatility. We’re now eyeing 18100 zone in Nifty. Apart from banking, participants should focus on metal, energy and select auto counters for long positions.

Resistance: 18050, 18150, 18250

Support: 17950, 17850, 17750

           

NIFTY WEEKLY OUTLOOK CHART & VIEW FOR 10JAN 2022 TO 15 JAN 2022

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WEEKLY RESISTANCE FOR NIFTY: 17900, 18150, 18300

PIVOT POINT: 17800

WEEKLY SUPPORT FOR NIFTY:  17700, 17500, 17300

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17875, 17975, 18075

PIVOT POINT: 17775

DAILY SUPPORT FOR NIFTY:  17675, 17575, 17475

DAILY CHART FOR NIFTY

The calendar year 2022 started on a pleasant note despite SGX was indicating some sluggishness. The bulls took the charge right from the word go and within first hour itself, Nifty hastened towards 17500. It was followed by a steady up move throughout the remaining part of the session to even conquer the important level of 17600 on a closing basis. With this, the bulls made a statement on the first day of the year as they pocketed more than 1.50% gains to the previous close. Despite was indicating a flat start, our markets started the Tuesday with yet another upside gap. Within few ticks, Nifty was above 17700; but the initial volatility dragged index lower to enter sub17600 territory before anyone could realize. Fortunately the nerves settled down in the first half an hour which was then followed by a steady up move throughout the remaining part of the session. Due to some tail end buying, Nifty went on to reclaim 17800 on a closing basis. Wednesday morning, most of the global bourses were a bit nervous and hence Nifty was indicating a sluggish start. At the opening, our markets completely shrugged off these cues and opened on a positive note. In the initial hours, Nifty looked a bit tentative on the back of strong profit booking seen in IT heavyweights; but banking provided the helping hand. It not only came for a rescue but managed to lift the benchmark higher throughout the remaining part of the session to add another seven tenths of percent to the bulls’ kitty. During the previous night, US markets suddenly took a nosedive after US Fed hinted towards possible early hike in interest rates. This had a rub off effect on all other global peers on Thursday morning and we were obviously not spared on this occasion. Indian markets started the day with decent downside gap, trapping most of the overnight traders after Wednesday’s spectacular close above 17900. Around the mid-session, Nifty was back to 17650; but fortunately a modest recovery thereafter trimmed some of its losses to conclude the weekly expiry comfortable above 17750. Friday was a volatile day, after a positive opening index made an intraday high at 17905 level but showed profit booking from a higher level as made intraday low at 17704  levels and managed to close the session at 17812  level with a gain of 66 points. 

NIFTY: A STRONG SUPPORT WILL BE @ 17400; STRONG RESISTANCE LEVEL SEEN @ 18200

We are now shy away from the psychological mark of 18000 and the next leg of the rally would start after surpassing it convincingly. Till then it would be a daunting task for the bulls to overcome the sturdy wall of 18000 – 18100. The way tables have turned in favor of the bulls in last couple of weeks, it would merely be a formality to overcome this hurdle and then move towards the previous highs. But before this, we are likely to see some in between profit booking considering the sharp run up in such a short span.

TECHNICALLY SPEAKING

On the technical front, the index has been trading with higher high & higher low formation on a weekly chart as well as formed open marubozu candlestick which suggests an upside rally in the counter. On a four hourly chart, index has formed a hammer kind of candlestick pattern which adds bullish momentum for upcoming sessions. Moreover, the index has been trading above 21 & 50-HMA which suggests strength in the counter. However, a momentum indicator MACD trading with a positive crossover on the daily time-frame. At present, the index has support at 17500 levels while resistance comes at 18000 levels, crossing above the same can show 18200-18300 levels. On the other hand, Bank Nifty has support at 36800 levels while resistance at 38300 levels.

INDEX OUTLOOK & TRADING TIPS FOR WEDNESDAY 06 JAN 2022

In a highly volatile session, the domestic market witnessed a recovery following a mild dip though the global sentiments were not in favor of bulls. Increasing covid cases leading to stricter restrictions has pressurized market volatility. Index closed the day on a positive note for consecutive fourth session at 17925 with nearly 1% and formed a bullish candle on the daily chart. The banking sector outshone other sectoral indices as few private lenders reported double-digit business growth during the third quarter. IT stocks took a blow as investors awaited the onset of the quarterly results season. US and Asian markets traded weak ahead of the release of the US Fed meeting minutes while European indexes held ground. At close, the Sensex was up 367 points at 60223, and the Nifty was up 120 points at 17925.

INDEX OUTLOOK & TRADING TIPS FOR WEDNESDAY 05 JAN 2022

Bulls continue to rule the street as investors lapped up stocks by taking positive cues from global markets. There could be bouts of volatility going ahead as concerns over rising inflation, higher interest rate scenario and increasing cases of Omicron variant would keep investors on the edge. The Nifty opened with a positive note and successfully cleared the key resistance level of 17700. Despite surging covid cases, investor sentiments remain positive globally as reports suggest lower impact of the new variant on economic recovery.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR TUESDAY 04 JAN 2022

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Bulls continued to rule the street as the Sensex rallied 929 points and the Nifty closed above 17600 levels, led by banks & financials. The Sensex closed the 3 Jan 2022 at 59183, and the Nifty jumped 271 points to close monday at 17625, while Banknifty was up 940 points at 36421. Indian markets opened on a positive note on the first trading day of the year despite mixed Asian market trade. During the afternoon session markets maintained their upward momentum and continued to trade in positive territory, following gains in auto, banking and realty stocks. Healthy buying was observed in blue-chip stocks. Sentiments were upbeat as Finance Ministry said that GST revenues grew 13% to over Rs 1.29 lakh crore in December 2021, as compared to Rs 1.15 lakh crore GST revenues in the same month last year, mainly due to pickup in economic activity and anti-evasion steps. However, traders overlooked report that India’s manufacturing activity lost some momentum in December easing to a three month low after hitting a 10 month high in November, amid fears that the rapidly spreading third wave of the Coronavirus pandemic may hit consumer sentiment and output.

The Nifty has go forward magnanimously and is all set to move up higher. As expected on Friday, we have achieved the target of 17600 & almost reached near to 17700 as well . We should now be headed to 17800 as the next level of resistance, Post that 17900-18000 would be the next possible targets for the Nifty. Since we are in positive terrain, any drop or intra-day dip can be utilized to accumulate buy positions for higher targets. The participation of the banking pack has changed the market mood of late while other things remain the same. However, the update on the COVID situation combined with the performance of the global markets would play a critical role ahead. Now, the next hurdle is at 17750 in Nifty. We reiterate our view to focus on the selection of stocks while keeping a check on the leveraged position

Resistance: 17750, 17820, 17955

Support: 17670, 17550, 17475

NIFTY WEEKLY OUTLOOK CHART & VIEW FOR 03 JAN 2022 TO 07 JAN 2022

WEEKLY RESISTANCE FOR NIFTY: 17500, 17600, 17700

PIVOT POINT: 17400

WEEKLY SUPPORT FOR NIFTY:  17300, 17200, 17100

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17450, 17550, 17650

PIVOT POINT: 17350

DAILY SUPPORT FOR NIFTY:  17250, 17150, 17050

DAILY CHART FOR NIFTY

We started the week on a nervous note as indicated by the SGX Nifty. The selloff aggravated mainly in the financial space which resulted in re-testing of sub-16850 levels. Fortunately the initial nerves settled down after half an hour of knee jerk reaction. This was followed by a sustained buying throughout the remaining part of the session to conclude with nearly half a percent gains by reclaiming the 17000 mark with some authority. Monday’s spectacular recovery was followed by a decent bump at the opening on Tuesday, citing to positive mood across the globe. The index extended its early lead a bit to surpass the 17200 mark and then slipped into a consolidation mode. All of a sudden at the stroke of the penultimate hour, market came off sharply on the back of some profit booking. Fortunately this tiny dip got bought into as Nifty went on to conclude the session around day’s high by reclaiming 17200. We had a muted start to Wednesday’s session in the absence of any major trigger on the global as well as domestic front. In the initial hour, we did move towards 17300 but this attempt eventually failed as we witnessed some profit booking at higher levels. Although, market saw a small dip towards the end, the Nifty managed to defend the 17200 mark on a closing basis. The expiry session started on a soft note and tested intraday support of 17150 in the opening trade itself. This small down tick was merely a formality as we saw Nifty recovering immediately to erase losses. During the remaining part of the session, index remained in a slender range with no clear direction. Indian shares were set on Friday for their best year since 2017, driven by an economic recovery from the pandemic-fueled slump and massive liquidity, even as a raging new COVID-19 variant and valuation concerns kept investors cautious towards the year-end. Global equities are closing out a strong year, driven by a U.S. surge while Asia lagged partly because of weakness in China on regulatory curbs and a slowing economy. Bond investors are nursing losses as many central banks move toward tighter monetary settings to fight inflation. How the coronavirus and those policy shifts shape economic reopening are key for the outlook. Sensex rose 459 points to close the year at 58253, while Nifty was up 150 points at 17354.

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

2021 has been a year of recovery, rehabilitation, and establishing a base for future growth. 2022 will be a little more volatile but will still be very good for equity investors in India. 2022 is very likely to be another year of good double-digit returns and continued wealth creation. Autos, Banks, and Capital goods, literally the A B C of equity markets, will be the most interesting sectors for 2022. On the technical front, overall structure looks positive for Nifty as it manages to sustain well above 17200 level on a closing basis for the last few sessions which is a positive sign for the index technically and we believe we can witness 17500 levels in near term. 17200 and 17500 are immediate support and resistance in Nifty. For Bank Nifty, 35000 and 36000 are immediate support and resistance.

TECHNICALLY SPEAKING

On the technical front, the index has been trading in falling channel formation and facing resistance from the upper band of formation crossing above the same can show upside rally in the counter. On the Four-Hourly Chart, the index has confirmed the bullish marubozu candle which suggests strength for an upcoming session. Moreover, the index has been trading above 21 & 50-HMA which suggests strength in the counter. However, A momentum indicator STOCHASTIC & MACD trading with a positive crossover on the daily time-frame.  At present, the index has support at 17150 levels, while resistance comes at 17450 levels, crossing above the same can show 17550-17700 levels. On the other hand, Bank Nifty has support at 34800 levels while resistance at 35800 levels.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 31 DEC 2021

December has been quite a volatile month for Nifty, wherein Nifty has bumpy ride between the level 16400 to 17600. Currently, it looks like Nifty is going to end 1-1.5% up for the month of December. On the monthly expiry Thursday of December f&o series market ended on a flat note today with Nifty at 17204 and Sensex at 57794. Investors preferred to stay on the sidelines. The year-end celebrative mood or hope of "Santa Claus rally" was missing with totality albeit with no conviction and limited breadth. In today’s choppy session, good buying interest is seen in selected IT and pharma stocks while some selling pressure is seen in metal and real estate names. Overall Global markets were mixed today as investors are uncertain about the consequences of surging Covid 19 cases in different parts of the world. 

The Nifty traded in a narrow range throughout the Thursday 30 December 2021 & ultimately posted a negative daily close. For the last couple of sessions it is trading in a range bound manner & has formed candles resembling Doji pattern on the daily chart. This shows exhaustion in the pullback. Formation of these candles below the junction of a falling trend line & the 40 DEMA suggests that the index is encountering a tough barrier on the higher side. In terms of the levels, 17250 is keeping the rise in check & can continue to pose as a key hurdle. Unless the level of 17250 gets taken out on a closing basis the Nifty is expected to take a dip in order to fill up a recent gap area of 17150 – 17125 with a potential to test 17000 on the downside. 

Resistance: 17250, 17350, 17450

Support: 17150, 17050, 16950

                                               

NIFTY OUTLOOK FOR 28 DEC 2021

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The bulls attempted to stretch their arms for yet another session however stumbled near the junction of a falling trendline & the 40 DEMA. The hourly momentum indicator, which was having negative divergence, didn’t support the bulls, thus dragging the index into the negative territory towards the end of the session. Market  ended lower in a choppy trading session today. Nifty closed -0.11% lower and Sensex closed -0.16% lower today. Strong buying is seen in selected pharma stocks while some selling pressure is seen in metal stocks today. At close, the Sensex was down 100 points at 57806, and the Nifty was down 19 points at 17213. On the technical front, overall structure looks positive for Nifty as it manages to sustain above 17210 level on a closing basis. 17100 and 17300 are immediate support and resistance in Nifty. For Bank Nifty, 34400 and 35400 are immediate support and resistance. 17235-17275 is the crucial level to look out for; this market can enter a bullish phase only if it closes above 17275. Until then the markets would be sideways and choppy.  17100 is good support for the index and a break of that will result in a re-entry into the medium-term bear market. It is a wait-and-watch situation: 16900 on the downside and 17400 on the upside.

Resistance: 17250, 17350, 17450

Support: 17150, 17050, 16950  

NIFTY OUTLOOK FOR 28 DEC 2021

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Market ends in the green despite negative headwinds short-sellers seen getting squeezed. The positive takeaway from today’s trading session was that after a gap-down opening, index lacked follow-through on the sell-side and most importantly, recouped all its losses and finished with decent gains led by fresh buying in select pharma and private banking shares. IT stocks also logged notable gains. Market erased previous session losses and ended higher with Nifty closing near 17100. At close, the Sensex was up 334 points at 57459, and the Nifty was up 92 points at 17096. Morning volatility was primarily on the backdrop of RBL Bank stock which did hit a 52-week low at Rs 130 after the bank said that Vishwavir Ahuja, its managing director, and chief executive officer, had gone on leave and the RBI had appointed Yogesh K Dayal as an additional director of the bank Bottom-line: Bulls hold the rein despite FIIs selling, spiking inflation, a hawkish Fed, and overvaluation concerns. Technically, we are of the view that 17050 would be the key level for the trend following traders, above the same the uptrend formation is likely to continue till 17100-17200. On the other side, below 17050, the index could possibly see another round of correction wave up to 16950-16850 levels.

Resistance: 17100, 17200, 17300

Support: 17000, 16900, 16800

NIFTY PREDICTION FOR NEXT WEEK 27 DEC TO 31 DEC 2021

WEEKLY RESISTANCE FOR NIFTY: 17200, 17400, 17600

PIVOT POINT: 16900

WEEKLY SUPPORT FOR NIFTY:  16700, 16500, 16300

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17050, 17150, 17250

PIVOT POINT: 16950

DAILY SUPPORT FOR NIFTY:  16850, 16750, 16650

DAILY CHART FOR NIFTY

The moment global markets became nervous; we had a terrible start on Monday morning start of the week to breach the important support in opening trades only. As the day progressed, the selling aggrandized across the board to send Nifty towards the 16400 mark. At one point things looked extremely bleak, but fortunately for us there was no further damage done in the latter half. In fact due to modest recovery, Nifty managed to close tad above 16600.Monday’s session was terrible for equity markets across the globe; however Tuesday morning, the picture improved a bit. The Dow futures were trading with a decent up tick early in the morning which had a rub off effect on other Asian bourses as well. No brainer, our markets too started with a good bump up and then extended gains in the first half to even surpass the 16900 mark. However, post the mid-session,  we  witnessed  some  nervousness  at  higher  levels  which resulted into a sharp profit booking to erase some portion of gains. Wednesday morning, we started the day with yet another bullish gap; courtesy to spectacular  overnight  rally  in  US  bourses.  This was followed by a long consolidation in key indices. However individual themes kept moving on their own all this while. Towards the end, heavyweight stocks  gained  some  momentum  which  pushed  the market higher beyond Tuesday’s high. Eventually the Nifty ended the session tad above the 16950 mark. On Thursday For the third consecutive session, our markets witnessed a gap up opening by a fair margin, owing to favourable cues from the global peers. Although there was not much activity seen post the head-start, Nifty managed to maintain its positive posture throughout the session. Eventually, Nifty ended the weekly expiry well above the 17050 mark. With this, the bulls added another seven tenths of a percent to their kitty to recoup all Monday’s losses. On Friday market closed lower in choppy trade after rising for three sessions amid a global surge in the Omicron coronavirus variant expected to be less severe than the Delta variant. Heavy selling pressure was witnessed in banking, financial, power, metal and auto stocks. The Sensex fell 190 points, to close the day at 57124, and the Nifty shed 74 points to end at 16998.

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

Last three days’ recovery has been remarkable considering the nervousness we had early this week. Today’s close below 17000 is an indication that the bears have lost their steam; because we not only surpassed the downside gap area created on Monday but also went on to negate the breakdown. Now we are in a neutral zone from the bearish trend and if bulls have to regain the strength, 17300 – 17500 needs to be surpassed with some authority. This development will confirm the completion of recent corrective phase and the bulls would probably be back at a driver’s seat thereafter. If this has to happen, the banking needs to step up which is slightly lagging behind in the recovery. Let’s see how things pan out going ahead as we are inching closer to the calendar year end.

TECHNICALLY SPEAKING

It was probably the weakest week in recent months and with this, we are back to August month levels. If we take a glance at the weekly time frame chart, we can see Nifty precisely entering our mentioned target zone of 16700 – 16500. Since we were not so far away from the sheet anchor support of ‘200-day SMA’, we had some respite around it. But by saying this, we do not consider this as a bottom. If we have to arrive at such decision, we need to assess the situation throughout this week. The intermediate structure remains weak and now the resistance zone shifts lower from 17700 to 17500 – 17300. Till the time we do not reclaim the higher end of this range, the trend remains bearish. Before this, this week gap area of 17000 – 17100 to be seen as immediate hurdles. On the flipside, key supports are placed around 16700 – 16500.

NIFTY OUTLOOK FOR 24 DEC 2021

Market ended higher for the third straight session on December 23 with Nifty above 17000 supported by the positive global cues. At close, the Sensex was up 384 points at 57315, and the Nifty was up 117 points at 17072. Power Grid Corporation, IOC, ONGC, ITC and Cipla were among the top Nifty gainers. Losers were JSW Steel, Divis Labs, Bharti Airtel, Sun Pharma and UltraTech Cement.

17100-17200 is a resistance zone and we are shying away from those levels. Once we close above 17250, there will be renewed confidence in trading on the buy side.  Until then the bias continues to remain on the sell side. The support for the Nifty is at 16950-16850 and if that breaks, we will retest the recent lows.

Resistance: 17100, 17150, 17250

Support: 16950, 16850, 16750

NIFTY OUTLOOK FOR 23 DEC 2021

After opening on positive market continued to trade in a range but the bias remained on the positive side. Markets extended the rebound for the second consecutive session and gained over a percent, tracking firm global markets. Buying in select heavyweights from banking and energy space helped the index to close around the day’s high as well. Consequently, the Nifty ended around 16955 zone; up by 1.1%. 

Index managed to close a day above strong hurdle zone of 16900, now it will act as strong support zone followed by 16850 zone and trading above said levels one can expect a positive moment incoming session. So one can use buy on dip strategy near mentioned supports, the immediate hurdle is coming near 17000-17050 zone.

Resistance: 17000, 17100, 17200

Support: 16900, 16800, 16700

NIFTY OUTLOOK FOR 22 DEC 2021

Indian market is attempting to recover from yesterday’s heavy selloff, domestic indices staged a gap-up opening on bargain hunting supported by positive sentiments across global markets. Although concerns surrounding the impact of Omicron & FII selling still lingers, investors were trading cautiously and are optimistic. Gains in IT, commodities and metal stocks lifted the indices higher. Market broke the two-day losing streak and ended higher on December 21 with Nifty above 16700 level. At close, the Sensex was up 497 points at 56319, and the Nifty was up 156 points at 16770.

Index opened a day with a good gap but again we have witnessed profit booking from higher-end resulting index erased some of its gains & closed a day at 16770 with gains of one percent & formed a Doji candle on the daily chart which represents indecision in the markets. On the higher side index has a strong hurdle zone around 16800-16900 and any decisive break above mentioned zones can attract more bulls which can push the index to northwards but if continued to trade below said resistance then one can also witness profit booking towards immediate support zone of 16600-16500 zone.

Resistance: 16800, 16900, 17000

Support: 16700, 16600, 16500

NIFTY OUTLOOK FOR 21 DEC 2021

Markets started the new trading week on a feeble note and shed over 2% in continuation to the prevailing corrective phase. The bias was downbeat from the beginning citing the rising COVID cases globally due to the new variant. The benchmark remained under pressure in the first half as noticeable selling was witnessed across the board. However, rebound in the select index majors pared some losses in the latter half. Finally, Nifty settled around 16,614 levels; down by 371 points. All sectors traded in line with the index and ended lower wherein Markets started the week on a feeble note and shed over 2% in continuation to the prevailing corrective phase. The bias was downbeat from the beginning citing the rising COVID cases globally due to the new variant. All sectors traded in line with the index and ended lower wherein PSU, realty, media and metal were the top losers. The broader indices also traded under pressure and lost nearly 4% each.

NIFTY PREDICTION FOR NEXT WEEK 20 DEC TO 24 DEC 2021

WEEKLY RESISTANCE FOR NIFTY: 17100, 17300, 17500

PIVOT POINT: 16900

WEEKLY SUPPORT FOR NIFTY:  16700, 16500, 16300

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17050, 17100, 17150

PIVOT POINT: 17000

DAILY SUPPORT FOR NIFTY:  16950, 16900, 16850

DAILY CHART FOR NIFTYWe kick-started the week on a positive note as indicated by the SGX Nifty tad above 17600. During the first half, we witnessed some consolidation with some hint of profit booking. However, the selling aggravated as we stepped into the second half and as a result of this, market came off sharply to eventually close below the 17400 mark by shedding nearly eight tenths of a percent from the previous close. It was certainly a bright start to the week but as we entered into the corridor of uncertainty, market started to feel some heat. Due to reinforced selling, we not only erased morning gains but went on to close well inside the negative terrain. Monday’s sell off was followed by a weak opening on Tuesday morning on the back of nervous global cues. Thereafter, we witnessed some volatile swings in the first half but fortunately it was in a small band of 120 – 140 points as benchmark index kept oscillating on both ends of the range. Eventually, the bulls managed to defend the 17300 mark convincingly by restricting losses to merely one fourth of a percent. One day prior to the weekly expiry, we had a muted start on Wednesday. The bears dominated in the initial couple of hours of trade as we sneaked slightly below 17200. This was followed by a decent recovery to recoup major portion of the losses but final hour selling poured complete water on all the efforts to finally conclude the action packed day with a cut of more than half a percent. US markets had a remarkable rally overnight to close at day’s high post the Fed meeting. This brought some excitement across the globe Thursday morning and in line with this, our markets started the session with a good bump up well above 17300. However once again it failed to hold its early lead as we witnessed market not only erasing gains but also sliding in the negative terrain as the day progressed. Eventually Nifty concluded the weekly expiry marginally in the green; courtesy to some tail end recovery. After a day of hiatus, Maket were back on the losing track on Friday as surging Omicron cases in India and across the world spooked investors. Hawkish central banks in Europe also did not help the market. The Sensex declined 889 points to close at 57011 & Nifty fell 263 points.

NIFTY: A STRONG SUPPORT WILL BE @ 16800; STRONG RESISTANCE LEVEL SEEN @ 17800

On the index front, Nifty is likely to retest the previous swing lows and the 16,800-16600 zone would be critical. Participants should align their positions accordingly and prefer hedged bets.

TECHNICALLY SPEAKING

Emergence of a new COVID-19 variant- Omicron, inflation concerns and hawkish turn of global central bankers has led to an increase in volatility in equity markets worldwide including India. With inflation increasing in countries across the world, all eyes are on central bankers and the pace of liquidity normalization adopted by them. India has started seeing new cases of Omicron but the real impact would be known over the next month or so as was seen in previous waves of COVID-19. The pace of vaccinations in India continued to improve steadily. We expect that even while the structural drivers of the Indian equity markets are intact over the medium to long term, in the near term given the current valuations (both absolute and relative), Indian equity markets could witness some degree of volatility.  Market direction would be largely determined by 1) any third wave of COVID from new variant 2) flows from domestic investor as well as FIIs 3) demand trend over next few months and 4) movement in input cost inflation. RBI’s monetary policy and Union budget (to be presented in February) would be some of the other key events to watch out for.  On the way down, the index has broken the 61.8% retracement of the recent leg of the rise as well as lower end of the rising channel on the hourly chart. This shows that the short term range has shifted lower. 16700-17300 is expected to be the short term range going ahead. Overall structure shows that the fall in this week is a part of the base formation process & the index is likely to attract buying support near the recent low of 16750. 

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 17 DEC 2021

Market indices squeeze out small gains in a volatile trading session on Thursday as strength in global markets boosted sentiment here. Sensex & nifty managed to close in positive territory in the volatile session on December 16 led by the IT stocks. At close, the Sensex was up 113 points at 57901, and the Nifty was up 27 points at 17248. Amid all, the sectoral indices traded mixed wherein IT, Consumer Durables and Oil & Gas ended with gains, while auto, banking and capital goods ended with losses. The broader markets also witnessed selling pressure as both Midcap and Smallcap ended with 0.6% and 0.8% losses, respectively.

As all the major events are over now, we feel the performance of the global markets would be critical in days to come. At the same time, we expect the buzz to continue in the primary market. Among the sectors, only the IT pack looks decisive to us while others are witnessing mixed trends. Participants should plan accordingly. On intraday charts, the Nifty has maintained a lower top formation as it once against witnessed selling pressure near 17375, which is broadly negative for the market. However, in this week so far, the index corrected over 450 points and now it is trading near the important retracement support level. Markets managed to end marginally higher amid volatility, taking a breather after the recent fall. After the initial uptick, the benchmark drifted lower and retested the previous session’s low. However, recovery in the select index majors in the final hours helped the index to pare losses and end in the green. While the short term texture of the market is still weak, a quick pullback rally is not ruled out, if the Nifty succeeds to trade above 17375. However, if it trades below 17375, a correction wave could continue up to 17150-17050. For the bulls, 17375 would be the intraday breakout level and above the same, the reversal formation will persist up to 17425-17475.

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Resistance: 17350, 17450, 17550

Support: 17250, 17150, 17050