Nifty 50 Updates for next weekAfter consolidating for two weeks between 16,800-17,500 levels, Nifty 50 Index finally broke the range and continued to fall sharply, triggered mainly by surprise interest rate hike by the RBI, hawkish commentary from US Fed and mixed corporate results. The short-term trend has turned bearish and it is likely that markets can further slide lower. The volatility climbed above the 21 mark again, indicating that the trend may be in favour of bears.
Week ahead
The range break during previous week has triggered ABCD (as discussed in previous weeks analysis) and XABCD Patterns. Index has formed a doji candle on the daily charts, after a significant fall and the breakdown and retesting of PDL of 16,350 will fuel fresh down-move with targets (PRZs) of 16,200 and 16,000 (Key support) respectively. One can look for a reversal in shorter timeframe in this strong demand zone. Any pullback rally is possible only if 16,500 levels is sustained with resistances at 16,650 and 16,800 (Strong resistance). Pullbacks may be short-lived as we are currently in a ‘sell-on-rise markets’ and one should keep trailing profits or keep targets small on the long side. 16,000-16,800 is the likely range for the Index in the upcoming week and volatility is expected to remain high. Carrying unhedged positions may be risky because of the gap downs / ups and its advisable to keep the position size low.
On the news front, Markets will react to RIL results in early trade on Monday. US, China and domestic inflation numbers, Data on India's industrial output, and manufacturing output will keep Indian markets on edge. Follow us for real-time updates as the week progresses.
Niftynextweek
Market Outlook for 25th to 29th April. The candle indicates weakness in NIFTY. NIFTY is searching for the support but even after a dip of 1.27% today it did not find one. More mayhem could be awaiting us next week if Nifty does not find the support soon. The points where NIFTY can find support next week are 17150, 17025, 16978 and 16852. Below 16852 there can be a long march towards lower 16Ks or even lower than that. Let us hope that we find support at some point. In case we find a support and there is a bounce. The resistances will be near 17279, 17415 and 17562.
Nifty Round and path ahead for 28th March to 1st April 2022.As mentioned last week the resistance between 17206 and 17450 proved very difficult for Nifty to conquer. It was a mixed week with Crude trading in a volatile fashion Covid 19 cases picking up in China, South Korea, Europe and other places. The war is continuing relentlessly and I would say our market is doing extremely well to hold above 17078 which is the 50 days EMA. FIIs and DIIs were taking turns this week in buying and selling almost like playing hide and seek. Indian market are showing inherent strength. We are at cross roads any positive news can give a nice 200-300 point rally similarly any negative news will test the supports at 17078, 16988 and 16726. On the upper side resistance levels will be 17202, 17294, 17352, 17428 and finally 17628.
Nifty at a crossroad. Levels for next week 14th to 18th March 22Nifty did well to close above psychological level 16600. Immediate resistance is at 16692 and a strong one is around 16814. Crossing this level Nifty can go to 17028 and 17363. Supports on the down side are 16459, 16433, 16250, 15991 and a very strong support exists at 15674. Below 15674 the Nifty can fall to the levels of 15500 and 15465. We need a very positive news from conflict zone about de-escalation or war stopping to take us beyond 16814 and 17028+. FIIs returning to buy zone can also be helpful in pushing Nifty beyond 17028 levels.
Market Outlook For the Next Week 21st to 25th Feb 2022Market can move in either direction purely based on news related to and Geo-political events. Other important aspect that can give direction to the market US Fed taper and Local Election results in some important states in India. Important levels to watch for on the up side will be 17303, 17393 and 17433 which will act as resistances. Above these levels in case of some good news coming during the week related to Ukraine and Russia tussle can give wings to the market and take it to 17486, 17582, 17664 levels. Supports in case of some unwanted news can be at 17241, 17213, 17080 and 17026. Below these levels major support will be 16919 and 16807.
Extreme possibilities for the next week are:
Extreme upside would be : 17797
Extreme downside would be : 16425
US FED spoils the party. What will happen next week?Data from US and Hawkish Fed spoiled the rally started by DII and retail investors who were on a buying spree. The support levels to watch on Nifty in the coming week will be Friday low of 17303, 17214 and 17119. 17119 will be a major support below which we will see sheer weakness in the market where bears would come into play and take market to 16840 or 50 days EMA level of 16686. On the upper side resistance levels to watch for are 17461, 17524, 17639 which was peak of the week gone by.
Will Nifty Cross; 18K like a boss?Nifty was going well till it met resistance as expected near 17794 zone where it made this week’s high. In order to surpass the zone and go towards 18K+ Nifty needs to close above 17627 conclusively which is immediate resistance. Other important resistance being the zone near 17800 and 17903. Supports on the lower side will be 17257, 16838 major support on the down side will be 16348 which is 50 weeks EMA.
Market Outlook for Remaining days of January 2022. What we saw during most of last week starting from 18th Jan was an exhaustive selling rally lead by massive fall in IT index. On Friday Nifty formed a Green Doji indicating that further downside might be limited if NIFTY can sustain above 17707 which was high of Friday and more specifically above 17779 in the coming week. Resistances on the upper side if Nifty closes above 17779 will be 17950 and 18186. Supports on the lower side will be 17481, 17313 and 17070.
