Dalal Street Week Ahead: NiftyFuture Trend Decider For 2nd Week Of May

NiftyFuture last close: 14869.55

Indian equities was rebounded in the first week of May which was helped global cues, RBI’s further liquidity measures for Covid-19 and improved vaccination drives

The Nifty50 was climbed 190 points at 14823 while the Sensex was up 425 points to 49206 during the week

The broader markets Mid-cap index gained 1.45% and Small-cap index surged 2.55%

Overall the last week index was seen side-ways trade in 2 days and volatile trade seen in 3 days in week ended May 7.

On the sectoral front, Nifty Metal was seen outperformed other indices with a gain of more than 10% while Bank index was up 3% and Nifty IT added 2.3% during the week

FIIs net sold Rs 5092 crore worth of equities whereas DIIs net bought Rs 2135 crore

In the coming week will keep a close watch on Covid-19 spread, Earnings reports and global cues. Strict lock-down was announced in many states

On coming week many company will declare March quarter earnings likes Asianpaints, LT, Lupin, Drreddy, Upl, Siemens, Apollotyre, Tatapower, Voltas, Jindalstel, Indigo paints, Pidilitind, and Godrejcp

Indian equity traders worried about the Covid-19 and the country continues to report more than 4 lakhs infections for consecutive days with biggest single day rise deaths over 4000 mark on Saturday

The important macro economic data IIP and Inflation will release on Wednesday and Friday

The Indian stock market will remain closed on May 13 (Thursday) for Ramzan

Rest of four trading sessions NiftyFuture Trend Decider 15050 and 14450 for the 2nd week of May 2021.

NiftyFuture was formed a strong bullish candle on weekly basis while formed small bodied bullish candle in daily chart

NF is facing a weekly resistance 14970 and 15050 which was indicating a almost 2 months peak and very strong resistance

Once if breaks and manages above 15050, Bulls will be dominating and expect rally

NF can be considered as weekly supports as 14650, 14530 and 14450

Above 2nd and 3rd supports are major buying zone!!

Suppose if breaks 14450 and holds below the level NF will test 14300-14150

If there is any declines chances for fresh buying!!

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Updated: 10.47 am / 09th May 2021