Dalal Street Weak Ahead: #NiftyFuture Trend Decider For 4th Week Of April

NiftyFuture last close: 14645.70 

On last Monday index was fell more than 3.5% and bounced-back from around 100 DMA at 14280 and NF was closed at 14645 which was almost last Monday’s opened level

The market fell for the second consecutive week amid investors worries about over economic and many states increased restrictions to control the spread of Covid-19

The week ended, Sensex declined 760 points to close at 48832 and the Nifty50 dropped 217 points to 14617

More profit booking was seen smallcap and midcap index was fell 2.90% and 2.7% respectively

Buying action visible in pharma stocks only and other sectors was seen selling pressure

Banking stocks continues to seems under selling pressure

Major IT giant company has declared (INFY and TCS) below estimation earnings report and street was punished. However, WIPRO has declared handsome report

The market will first react to HDFCBANK’s March quarter earnings. The company announced report on April 17

The company reported an 18.2% YoY growth and its standalone profit at Rs 8186.5 crore for the ended March 2021 and GNPA up 1.32%. Profit came below expectation and NPA increased sharply. In my view the result is not good.

On coming week below companies will release their quarterly earnings. Hcltech, Nestle, Acc, Tataelxsi, M&MFin and Icicibank

FIIs have turned to net sellers in the month of April. They have net sold Rs 2598 crore worth of stocks this month so far

On other side, DIIs continued to be support to markets and they bought Rs 1736 crore

The Big worries is the second wave of Covid-19 cases. India reported more than 2.5 lakh new cases on April 17 for the last 24 hrs. Many states tighten the restrictions

Macrotech Developers (Lodha Developers) will list its equity shares on April 19. The issue price fixed at Rs 486 per share. In the grey market stock price traded more than 5% premium.

NiftyFuture Trend Decider For The April 4th Week at 14735 and 14340

This week also just 4 trading sessions are there. On 21st April holiday due to Ram Navami

The NiftyFuture has formed small bodied bullish candle on daily scale and formed doji kind of pattern in weekly scale which was indicated hammer kind of pattern (Like sell on rise)

On last week NF was took strong bounce back from 100 DMA around 14250 and closed at 14645

Now, NF is facing a weekly resistance at 14735. Once if breaks and closes above the level, further rally will be expected up to 14880 and 15030

On other hand, NF can be considered as weekly supports as 14340 which is placed at 100 DMA. If not closes below the level……….no problem for bulls

Suppose, If breaks and closes below 14340………..Expecting more weakness up to 14200 and 14000. But as per technical chart lesson in last 2 months “don’t sell at very lower levels”

I fell the volatility could continue in coming sessions and trade with technical!!

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Updated: 11.12 am / 18th April 2021