Dalal Street Week Ahead: #NiftyFuture Outlook For March 1st Week

NiftyFuture last close: 14578.45 (-3.5%)

Indian equity market witnessed strong profit booking in the second part of the week due to geopolitical tensions, rising bong yields, and rising Covid-19 virus cases

The Sensex fell 3.5% and Nifty50 declined 3% for the week ended Feb 26 while Small-cap index gained 1.4% and Midcap index dropped 0.3%

On 26th Feb game changer day and was seen all round selling pressure Nifty and Sensex dropped more than 3.5% while Bank index fell more than 4.5% in single day

Especially Financial stocks, Private banks, and PSU banks fell up to 5% on 26th Feb

The highest points declined in Indian indices since the 4th May 2020

On Friday after market hours came India’s GDP numbers which was slightly missed the expectations however, real estate and construction was seen strong growth on GDP data

Crude oil is also trading above $60 per barrel. If rise further price in crude it will impact more to Indian economy like automobile, aviation, logistics and paint company

Auto sales data will start in from 1st March and focus on auto stocks

On the macro economic data, Markit manufacturing PMI and export, import data will be scheduled on 1 March

Covid-19 cases rising in Maharastra, Kerala, Rajasthan and MP which is another trouble for market

FIIs huge unwinding of Rs 8295 crore value of stocks on 26 Feb however they bought Rs 42044 crore in Feb month (including block deal of Rs 30,000cr) so deduct block deal they contribute net Rs 12044 crore in Feb month

DIIs bought Rs 1499 crore on 26th Feb and they net sold Rs 16358 crore in Feb month

NiftyFuture Trend Decider For The 1st Week Of March: 14480 and 15000

NiftyFuture has formed a strong bearish candle on daily charts as well as weekly chart

NF has breached its recent swing low of 14640 on a closing basis

As per technical chart, NF facing a resistance 14750, 14870 and 15000, these last two resistance will act stiff hurdle on coming week

If comes above levels can unwind your positions and can do fresh shorts!!

On other hand, NF considering a supports is 14480 which was 2nd days of Budget low

NF if breaks and closed below the level (14480), expecting further non stop weakness up to 14200 and 13700

Next strong support around 13700 which was Budget day low

(Traders……… Don’t forget my point: Sell on rise, avoid fresh buying at higher levels, NF if breaks support expecting further weakness.)

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Updated: 10.22 am / 28th Feb 2021