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The underlying short term uptrend remains intact and we are likely to see buying emerging in the coming sessions. Important lower supports to be watched at 14004 and the next upside resistance is at 14272 – 14303 levels.
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Dear Trader…
Indian equity markets maintained their upward momentum after a steady rally in Metal, Cement, IT stocks. In addition, with good progress in vaccine development in the wake of the Corona epidemic, the approval of two companies in India for vaccines has now led to the early stages of an improvement in the vaccination program.
Traders remain energized with World Trade Organization (WTO) stating that India has implemented several measures to facilitate trade, such as simplification of procedures and customs clearances for imports and exports.
Some support also came with private report stating that in the upcoming union budget for FY 2021-22, the government is likely to announce SWIFT - Special Window for Financial Investors Facilitation - for big foreign investors in India. SWIFT will cater to global financial investors with an investment proposal of more than Rs 5,000 crore.
The Index is witnessing a two-pronged move with caution ahead of the Union Budget 2021, Also, the services PMI stood at 53.7 in November, down from 53.3 in December, with the World Bank estimating India's current fiscal year GDP growth to be -9.6%. Moreover, after two days of gains in IT stocks, profit booking was seen and market breadth was seen to be generally negative after several days.
The economies of many countries are in crisis at a time when the world is in turmoil as a result of the Corona transition. While it is uncertain when it will be possible to recover from the epidemic, there are a number of challenges in getting the economy back on track. Amidst these challenges, the Government of India is currently taking a number of relief and incentive measures.
The FII and Local Funds are now watching the Union Budget to be presented by Finance Minister Nirmala Sitharaman in the coming days. As the world seeks to be free of the Corona epidemic, the new form of Corona has raised concerns, while lockdowns are being imposed in many countries, putting natural pressure on the world's economic recovery, so in this regard, we will now look at when the vaccination program will start in India along with vaccine development.
Now in the coming days, the companies' financial results for the end of the December quarter will be on the lookout for the season. Any decline with volatility could be a minor profit booking in the market at the new highs.
The underlying short term uptrend remains intact and we are likely to see buying emerging in the coming sessions. Important lower supports to be watched at 14004 and the next upside resistance is at 14272 – 14303 levels.
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Ø INDEX MOVEMENT - 08.01.2021
Nifty Future has resistance at 14233 – 14272 Point; above which other resistance levels are at 14303 – 14333 Point with highly Volatile Trend,
Nifty Future has Downside support levels are at 00000 – 00000 Point; below00000 Point, other support levels are at 00000 – 00000 Point.
I am positive for the next bullish trend only above @ 14303 Point but be with the trend. Let the market decide further moves.
As we are saying from many days, Buying is suggested in falls only...and it’s still a better strategy in the given Scenario...!!!
Regarding Long term positions, it is preferable to remain cautious now
If Nifty Future crosses @ 14272 Point, again then the upper side target is quite high and it may touch @ 14303 Point in the short term...!!!
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
Bank Nifty Future has resistance at 32132 – 32202 Point; above which other resistance levels are at 32272 – 32332 Point with highly Volatile Trend,
Bank Nifty Future has Downside support levels are at 31970 – 31909 Point; below31909 Point, other support levels are at 31787 – 31676 Point.
I am positive for the next bullish trend only above @ 32272 Point but be with the trend. Let the market decide further moves.
As we are saying from many days, Buying is suggested in falls only...and it’s still a better strategy in the given Scenario...!!!
Regarding Long term positions, it is preferable to remain cautious now.
If Bank Nifty Future crosses @ 32272 Point, again then the upper side target is quite high and it may touch @ 32332 Point in the short term.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
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